In this article, we would like to introduce Alchemix (ALCX) – a synthetic asset lending platform. We’ll be covering the following topics:
- What is Alchemix? What are Alchemix’s features?
- XVS Tokenomic and how to buy, store ALCX tokens.
- Roadmap & Team members, Investors, and Strategic partners
- Finally, Is ALCX a good investment?
What is Alchemix?
Alchemix is a platform creating yield-backed synthetic tokens that users can acquire in exchange for locking collateral in the Alchemix system.
How does Alchemix work?
The below diagram shows how Alchemix works. Traders/ users generally:
- Make a deposit (collateral) into the Alchemix ecosystem.
- Up to 50 percent of the deposit or collateral’s value will be available as loans.
- The deposit earns interest over time that automatically repays the loan.
What are Alchemix’s features?
Vaults: Alchemix offers Vault that acts as a hub for depositing and lending assets. This feature is also similar to the other lending platforms such as AAVE and MakerDAO. The Vault accepts DAI and ETH as the collateral type.
Transmuter: which follows a primary pegging mechanism for their synthetic tokens. The Transmuter ensures that all participants get a 1:1 redemption of the alUSD for DAI tokens.
Farming: Alchemix offers yield farming and farmers will be rewarded ALCX tokens, which will have governance voting rights in the ecosystem.
Why is Alchemix (ALCX) unique?
Repaying crypto debts automatically: Every DAI/ ETH deposited in the Alchemix smart contract is routed to the Yearn vault from which users start earning yield immediately. Alchemix utilizes yields earned from deposits from lenders to pay back their users’ debts. The longer traders keep their deposits, the greater yields they will earn, and subsequently, the greater amount of loans will be paid back.
Detailed information about ALCX token
ALCX Price Today
Users can check ALCX price on Coin98 Markets.
Coin98 Markets is a price-tracking website for crypto assets in the rapidly growing cryptocurrency space. More specifically, you can view the detailed information of a Token Metric from any project, as well as access the home page or the community page of a project, or filter the coins/tokens by Market Cap, Trading Volume, etc.
Key metrics ALCX
- Token name: Alchemix
- Ticker: ALCX
- Blockchain: Ethereum
- Token Standard: ERC-20
- Contract: 0xdbdb4d16eda451d0503b854cf79d55697f90c8df
- Token use cases: Utility, Governance
- Circulating Supply: 699,917
- Total Supply: 1,414,266
- Max Supply: 2,393,060
ALCX Token Allocation
ALCX DAO: 20%.
- 15% of the supply to be controlled by the community
- 5% of the supply reserved for bug bounties
Yield farming participants: 60%
Development team: 20%
ALCX Token release schedule
Alchemix token release schedule is as follows:
- an initial first-week distribution of 22,344 ALCX tokens, then an amount of 130 ALCX tokens weekly for the next three years.
- After 3 years, a flat emission of 2200 ALCX tokens per week will commence supporting ongoing needs for incentivizing ecosystem behaviors.
ALCX Token Sale
Alchemix has no plan to launch a token sale
ALCX Token use cases
ALCX tokens are expected to be used in the following ways:
Utility: ALCX holders can stake ALCX to earn additional ALCX tokens.
Governance: ALCX tokens are expected to be used as governance tokens. From the moment users stake ALCX into Alchemix DAO, they will begin accruing Voting Points (VP). The longer users stake, and the more ALCX they have staked, the more VP they will accrue. When there is a vote, users can choose to use any amount of their voting points that they desire.
How to store ALCX Tokens
You can store, send, receive ALCX Tokens on Coin98 Wallet with a few single steps. The guides on how to make transactions with ALCX on Coin98 Wallet are as follows:
Step 1: Open Coin98 Wallet & click Receive on the home screen.
Step 2: Search ALCX Token.
Step 3: Click on the correct result, copy the wallet address and send ALCX to this address.
How to buy ALCX Tokens
You can use Coin98 Exchange to swap other tokens for ALCX following these simple steps on: https://exchange.coin98.com
Step 1: Connect Coin98 Extension Wallet.
Step 2: Choose coins/tokens for trading:
- Choose Uniswap at the top of the trading screen
- Search ALCX.
- If the token is not shown, insert the token address: 0xdBdb4d16EdA451D0503b854CF79D55697F90c8DF
Step 3: Adjust the amount you want to swap.
Step 4: Adjust the gas fee, then click Swap.
Beside Coin98 Exchange, users can also trade XVZ token on other exchanges, such as: Crypto.com, FTX, Gate.io, SushiSwap, etc.
Roadmap & Updates
The team has not disclosed many details about the roadmap. We will update promptly when there is further information.
Is Alchemix (ALCX) a good investment?
Below are some highlights for your consideration:
- In June, the project revealed that their contracts were under continuous audit with Runtime Verification; they have not disclosed any further details yet. Details on the audit can be found here.
- alETH contracts are based on the original Alchemist and Transmuter contracts which are audited by Certik.
- Alchemix introduced tasty pools: alUSD3CRV and alETH CRV. In addition to ALCX, farmers will receive extra rewards in the form of SUSHI and CRV tokens
- Within September 2021, the TVL locked in both USD and ETH doubled, showing surging interest from users to Alchemix.
ALCX holders can compare the project with similar projects such as AAVE and MakerDAO, etc., to have some price forecasts.
Team, Investors, and Strategic Partners
In March 2021, Alchemix completed a $4.9 million funding round led by CMS, Alameda Research, and Immutable Capital. Other investors include Nascent, Protoscale Capital, LedgerPrime, eGirl Capital, Fisher8 Capital, Orthogonal Capital.
- Chainlink (LINK): With Chainlink, developers can connect any blockchain with high-quality data sources from other blockchains as well as real-world data.
- Saddle Finance: an AMM optimized for trading between pegged value crypto assets.
Similar projects to compare
- Aave (AAVE).
- MakerDAO (DAI).
This article has included the most critical and detailed information on the Alchemix (ALCX) Token. Please leave any questions you have below, and we will get back to you as soon as we can!
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