React-ivated
Issue #19
Intro
Scorching heatwaves. The Olympics. Cybertrucks everywhere. A lot has happened since our last Newsletter and this summer has been…interesting so far. With under half of the summer remaining, our siesta has ended and it is time for the next Newsletter edition!
Protocol Statistics
We also have an additional fun fact - since the inception of gALCX, over 53,000 ALCX have been automatically compounded for gALCX holders!
Leveling Up
We're excited to announce a major overhaul of the Alchemix user interface! The UI transition to React and new integrated tools from wevm and Rainbow will make Alchemix faster, clearer, and easier to use. Expect lightning-fast load times, real-time balance updates, and helpful alerts to keep you informed. We've also made it easier to report and resolve UI/UX bugs in our Discord support channel by replicating the issues, so let us know what you think! This is just the beginning. Stay tuned for more UI improvements coming soon.
News & Announcements
The Alchemix team has been hard at work all throughout the bear market and utilized the downtime to position the protocol for growth when the bull returns. Here is some of what the team has been working on since the last Newsletter.
Alchemix is Growing!
Since the last edition, Alchemix hired several new people, including:
Junior and senior solidity developer
New Engineering Manager
Part time contributor focused on liquidity for alAsset pools
Part time senior solidity developer
Part time marketing/communications contributor
Setting new standards
Alchemix made the switch from ERC-20 tokens to xERC20 for all alAssets, providing cross-chain flexibility for our users. You can read more on this token type through the Connext technical documents.
Self Sustainability
The DAO has positioned itself to indefinitely sustain alAsset yield due to a diverse and healthy treasury and sustainable practices. It’s like magic or something!
We've had one quest, yes. But what about a second?
Back in June, Alchemix kicked off an Optimism quest with Layer3 and the results are in! Three quests were offered with a chance to complete a fourth and a shot at $12.5k worth of ALCX. We are happy to announce that over 11,000 participants were part of this event and we hope to have similar participation for the next event, an Arbitrum quest!
Double the deposit. Double the degen.
Deposit caps on boosted Optimism vaults have been doubled!
Boost me up, Scotty!
Give us all the yield and then some! Look at those boosted APR numbers that are hard at work, getting Alchemix increased incentives on Velodrome and Ramses. We love a good boost, and you should too; keep up with latest APRs on Twitter.
A New Quarter, A New Report
As is now customary, we have released our Q1 2024 Financial Report.
Dig in to learn more about what makes Alchemix tick and how well the protocol performed. The full report is available for download in the Alchemix GitBook and the summary on Medium.
The Learning Corner
Alchemix DAO contributor Ov3rKoalafied wrote a detailed case study on how to evaluate alAsset risk, the inner workings of the Transmuter, and how a liquidity providing position can affect your risk profile. The article, titled Demystifying alAsset Transmuting and Liquidity Provisioning is an excellent read for those new to the protocol and also for those that need a good refresher. Don’t forget that the broader Alchemix community is always available to answer any questions about the protocol and aims to foster a culture of learning and improvement. Head over to our Discord channel and join us!
ICYMI
Catch up on all the governance updates and new articles since the last edition.
AIP-110 - Donate to Roman Storm & Alexey Pertsev’s legal defense fund
Results of AIP-109
AIP-111 - Alchemix Sustainability Framework
Results of AIP-110
Community & Media
Arbitrum, Alchemix, AMA
Arbitrum hosted an AMA with Alchemix to chat about the protocol’s latest developments and the future vision of DeFi loans.
Fighting the power
Alchemix DAO donated 15 ETH to the legal defense fund of Alexey Pertsev and Roman Storm. Both were developers who contributed to Tornado Cash and were arrested following the OFAC sanctions in 2022. This case is a defining moment in the broader crypto industry and affects developers worldwide.
Degens adopt free money with Alchemix strategies!
As Alchemix continues to gain awareness in the DeFi space, we are seeing more strategies use the self repaying loans as a launchpad for more degeneracy!
Resources
Stay safe online! When using Alchemix, always be sure that you are interacting with the official resources:
Website: https://alchemix.fi
Twitter: @AlchemixFi
Discord: https://discord.gg/alchemix
Medium: https://alchemixfi.medium.com
Disclaimer
This Newsletter is provided for informational purposes only and does not constitute any kind of advice. Use cryptocurrencies and Decentralized Finance (DeFi) at your own risk.
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