Alchemix - $ALCX
Code Review - 03/30/2021
Marcus Kelly avatar
Written by Marcus Kelly
Updated over a week ago

Alchemix Finance is a future-yield-backed synthetic asset platform and community DAO. The platform gives you advances on your yield farming via a synthetic token that represents a fungible claim on any underlying collateral in the Alchemix protocol. The DAO will focus on funding projects that will help the Alchemix ecosystem grow, as well as the greater Ethereum community. The only collateral currently available on the platform is DAI but other stablecoins should be available to deposit in the near future.

Alchemix is a new protocol allowing a vast range of new use cases. Showing promising opportunities it has already been adopted by DeFi users with more than $60M in DAI currently locked. The smart contracts are open sourced, but the development team made the choice to remain anonymous as they are using empty github profiles. However, Alchemix recently completed a $4.9 million funding round led by CMS, Alameda Research and Immutable Capital. Still, as the solution is still young and the smart contracts unaudited, we advise to be cautious when using such protocol. The governance token ALCX is currently trading on Sushiswap.

Did this answer your question?