Alchemix (ALCX)
A DeFi Protocol for Self-Repaying Loans on Ethereum.- Alchemix is a DeFi protocol that allows for the creation of synthetic tokens that represent the future yield of a deposit. The platform provides flexible instant loans that repay themselves over time. It solves the risk of getting liquidated for leveraging your position.
- ALCX is the native utility and governance token of the project, the current use cases includes:
- Liquidity mining: Users can contribute liquidity to staking pools on Alchemix to earn liquidity rewards and a share of the transaction fees.
- Minting synthetic tokens: Users can deposit assets (i.e ETH) as collateral to mint 1:1 synthetic tokens on Alchemix (i.e. alETH).
- Governance: ALCX token holders can participate in voting through on-chain governance.
- The project consists of the following major components working in conjunction:
- Creators: Vaults act as the hub to generating yield advances, and share many similarities to lending platforms such as MakerDAO and AAVE.
- Users deposit collateral to mint the corresponding synthetic tokens (loans) that tokenizes their future yield.
- The yield earned by the user's collateral will automatically repay their loans.
- Staking Pools: Staking pools provide liquidity pairs for tokens in the Alchemix ecosystem and in return rewards users for contributing liquidity.
- Transmuter: The Transmuter allows users to stake their synthetic assets and have them be converted into their base assets over time.
- Alchemix DAO: Alchemix will be governed by a DAO. The DAO will focus on funding projects that will help the Alchemix ecosystem and Ethereum community grow.
- Creators: Vaults act as the hub to generating yield advances, and share many similarities to lending platforms such as MakerDAO and AAVE.
- As at November 30th 2021, the total and maximum token supply of ALCX are 1,108,403 and 1,562,945 respectively. The current circulating supply is 866,124 (~55.42% of the maximum token supply).
- Learn more about the token distribution of ALCX here.