The Calm Before the Storm
December Alchemix Update
Dear Alchemix Friends,
We return to provide all the latest news and updates on the Alchemix protocol.
With v2 shipped to auditors there has been a brief pause in activity as the core team has taken a moment to cool down after months of hard work. However, DeFi never sleeps and the rest of the ecosystem has been busy preparing for an explosion in Alchemix activity in 2022.
The core team have now turned their focus to scaling Alchemix by deploying to L2s, sidechains and competing L1 blockchains. This is an important factor for users, many of whom have provided feedback that they are priced out of the Ethereum mainnet.
As always, we remind you that we are interested in your feedback, ideas, articles, art, and anything else you want to offer, for inclusion in the newsletter. Your support will not go unrecognized and the tip bot has been loaded up.
Community artwork in this issue is courtesy of community member Jacob.
Alchemix Protocol Stats
Total Value Locked (TVL) $1,470,000,000
DAI Vault TVL $428,410,629
DAI Vault APY 6.114%
ETH Vault TVL ETH 67,522 ($273,464,100)
ETH Vault APY 4.83%
Protocol owned liquidity via bonding 2.6% ($4,369,101)
Twitter Followers 51,700
Discord Members 9,020
News & Announcements
NFTs for the Alchemix Community
Alchemix is pleased to announce an Alchemix-themed collection of animated NFTs!
A while ago the Alchemix team quietly commissioned a collection of 12 Alchemix-themed animated gifs, to be produced by a talented artist who collaborates with Alchemix on marketing artwork. Over 200 hours have since been spent on this project, with the artist painstakingly creating each animation frame by frame.
Each of the 12 images will be issued as an NFT with varying attributes and scarcities, and will be made available to the community on the basis of historical activity and contributions. Specific details about the release, including the exact eligibility criteria and release timing, are still TBD…so stay tuned for future updates!
CEXes <3 $ALCX
The $ALCX token has recently been listed on three additional Central Exchanges: Binance, Coinbase and OKEx. This in addition to existing exchanges Gemini, AEX, FTX, LBank, Hotbit, and gate.io. These additional listings help to ensure that even more people can gain exposure to the future success of Alchemix via the $ALCX token.
Get You Some Great Alchemech
During the Tokemak C.o.R.E event back in October, Alchemix announced that everyone who directed their TOKE votes to Alchemix would be eligible for an NFT. The Alchemech has now been released and can be minted from the Claim page.
Tokemak Liquidity Director Voting is Live
TOKE stakers are now able to vote to direct liquidity to the Alchemix reactor. The reactor isn’t live yet, but a vote for the Alchemix reactor will ultimately help to boost liquidity for the ALCX token, thereby improving price stability. Voting is gasless and votes can be re-cast at any time. Note however that voting is now necessary to continue to receive TOKE rewards, so get your vote in today!
alAsset Peg Insurance
DeFi insurance protocol Risk Harbor has announced that it will offer de-peg insurance for users of alUSD. The insurance product is backed by a Chainlink Price Feed oracle, which also means that the previously hinted alUSD Price Feed is now in place.
Friday Fireside Chat
As a reminder to all, the Alchemix Fireside chat is held every Friday in the Discord, starting at 12:00 UTC. Alchemix users, community members, interested parties and avid chook/bee enthusiasts are all encouraged to participate.
Community Contributions
Have you produced content about Alchemix? Please get in touch and let us know! The Alchemix Journal is a community effort and is always open for new contributions. We are especially interested in the following types of content:
Descriptions of creative or unusual uses of the Alchemix vaults.
Examples of how Alchemix is being integrated into a personal finance strategy.
Helpful/accessible onboarding guides or tutorials.
Media coverage in mainstream outlets.
Quality contributions may result in a tip from the project.
Alchemix v2 Status
Alchemix v2 has captured a lot of interest amongst the community, and users are regularly asking when it will be launched. The audit process by Runtime Verification was formally commenced on the 1st of November, meaning it is now approximately half-way through the planned 6 - 8 week timeframe.
So far there have been no major findings or conclusions, and the audit is proceeding uneventfully. Even though 4 weeks without any update may seem like a lifetime in DeFi, in this instance it’s a case of “no news is good news”. Rest assured that the team will deliver further updates as soon as they are available.
In the meantime, the team has turned its attention to scaling Alchemix v2 by deploying beyond Ethereum mainnet. Candidate chains for Alchemix deployment were previously identified in the Alchemix v2 roadmap, including L2 rollups, L1 sidechains and competing L1s.
The plan for v2 deployments is still being finalised and the community is actively debating future deployments, so feel free to drop by the Alchemix Discord to participate in the discussion.
Announcing the Alchemix DAO Game
If you have been hanging around in the Alchemix Discord, you may have seen shadowy super coder/community member Biddls appear in the chat, upon where he pastes some obscure Solidity code, mumbles something about a game with an :eyes: emoji, and then disappears as suddenly as he arrived. Today, we’d like to share some details about what he has been working on, as well as an update on the progress made!
Biddls recognized that in the current Alchemix DAO vision of a character with inventory slots for NFTs, there will likely be a surplus of the more common NFTs - so he sought to create a game that would address this potential glut. The problem inspired the vision for a fully on-chain, layer 2, time-delayed strategy game that will burn/use “unwanted” NFTs, lock up ALCX tokens, and give users another way to obtain materia shards.
The game is played on a constantly expanding grid. Land tiles are claimed by burning Alchemix DAO NFTs. Users attack adjacent lands with NFTs matching the NFT type used to create the land. Defeated tiles are scorched (no longer owned or claimable) and NFTs used for battle are burned or auctioned off for ALCX tokens. The game stakes all owned ALCX and distributes materia shards to users based on the strength of their kingdom. Some additional ideas include constructing buildings, utility for buildings such as attack modifications, capturing (rather than destroying) tiles, and partnering with other kingdoms.
Biddls has written much of the Solidity required for claiming land and executing standard attack/defense maneuvers. The next step is to build a Web3 front end so that interested community members can test the game out in order to contribute ideas and feedback in order to help improve and balance the game!
Biddls has also recently been revealed as the shadowy super coder behind another Alchemix project. We won’t be dropping any details just yet, but let’s just say that the STREAM of information coming from this newsletter is something that you might want to PAY attention to in the future.
Community & Media
Announcing the Alchemix Community Landing Page
Ov3rkoalafied here! A while back I made a Notion page featuring frequently asked questions and answers to a lot of the repeat messages we get from newer community members. Some of us used the page to be able to quickly answer questions by simply sharing the link and pointing to a specific question number. I had a vision to develop this page into a full-blown landing page for new users, but never got around to it.
Thankfully, community member Del Boy decided he wanted to do it! He built out a concept, showed it to me, and I told my Notion FAQ Boss (aka me) that he sucks and I’m quitting to go work for Del Boy. We migrated content from the old FAQ, gave it a refresh, and added some new content. So without further ado, here is the brand new Community Landing Page.
Please take it for a spin, look at what questions we answer, and link new users to it when it would be helpful. The next step is to archive all the old media links into this page, and consolidate the Alchemix Discord #media channel into a curated list of the most applicable and relevant articles.
Alchemix is already seeing a large uptake in new vault users and token holders, and V2 will only accelerate this, so it’s important to make the onboarding process as streamlined as possible! Luckily we have an amazing community that answers questions faster than any other Discord community I’ve seen (except maybe the dev support yunts) - including Dixie and 0xRanger, who have volunteered to help keep the Community Landing Page up to date.
Alchemix has the potential to be one of the best DeFi products for non-crypto-natives to use to improve their lives, but it also takes time to wrap one’s head around it, due to it being a very novel concept. Continued improvement of how we make Alchemix accessible to new crypto entrants will be very important as we continue to grow.
NFT Stew
NFT Artist Valkyr-e was busy dropping teasers for the Alchemix community on twitter in the final week of November. Ashe, the Alchemix Valkyrie, was finally released as a limited run of 40 NFTs on Monday 1st of December. Get yours before they sell out!
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.com/invite/alchemix
dApp: https://app.alchemix.fi
Medium: https://alchemixfi.medium.com
Hi Guys, I'm reading projects whitepaper, blog, medium and so on and the project looks promissing. One thing that i missed is the team behind the project :). Is it possible to put in the website including yours background and last experiences? IMO, it gives also more credibility to what can be an amazing project.