Alchemix Resumes Operations After KelpDAO Incident Resolution
Alchemix Resumes Operations After KelpDAO Incident Resolution
馃敁 Back Online
Alchemix is resuming normal operations following the KelpDAO incident that temporarily halted their v3 cap raises.
Key Updates:
- alETH borrowing has been re-enabled
- MYTs (Meta Yield Tokens) are now earning yield
- aWETH reopening is in progress, enabling v3 operations
Next Steps: The team plans to raise Transmuter and Vault deposit caps to complete the full v3 launch.
The protocol had previously paused planned capacity increases while addressing the KelpDAO/LayerZero issue, prioritizing security before scaling.
Status update: We are moving forward following the KelpDAO incident. alETH borrowing is now enabled, and MYTs are earning yield. aWETH is in the process of reopening, which allows v3 to operate. Next steps: Raise Transmuter and Vault deposit caps for full launch. See you soon.
We're temporarily holding the planned v3 cap raises while we work to find the best resolution to the ongoing KelpDAO/LayerZero issue. We want everything airtight before we scale. Update coming soon.
Alchemix v3 Launch Imminent After Week-Long Migration from v2
**Alchemix v3 is set to launch in approximately one week** following the completion of a major protocol migration. **Key Updates:** - v2 contracts have been frozen as the migration process begins - All existing positions are being transitioned to v3 over the next week - The protocol will return online with the v3 launch **Major v3 Features:** - **90% loan-to-value ratio** (up from previous limits) - New Transmuter system - MYT (Manage Your Transmuter) vaults - Complete architectural upgrade **Migration Details:** The team has published a comprehensive migration guide explaining the transition process and new features. Users are encouraged to review the documentation to understand how their positions will be affected. Full migration details: [The Great Alchemix v3 Migration](https://alchemixfi.medium.com/the-great-alchemix-v3-migration-df1c4d77ccdb)
Smol v3 Audit Progress Update
**Audit Milestone Reached** Smol v3 development continues with key security progress: - yAudit DAO system-wide audit began last week - All additional testing completed - Further updates coming soon This follows the previously announced Immunefi audit scheduled for October 6th. The protocol offers self-repaying, interest-free, and non-liquidating loans.
Alchemix Treasure Hunt Wraps Up with Four Winners
The Alchemix Treasure Hunt has officially concluded with four winners claiming prizes. **Winners:** - Three participants found physical envelopes hidden around Denver, Colorado: @smashleybelle, @jason_mart99993, and @alej14and14ro - One winner (@nextblock_eth) won through an online draw The treasure hunt involved physical locations in Denver marked by specific GPS coordinates and What3Words addresses. Winners who haven't submitted their wallet addresses are being asked to DM the Alchemix team. This community engagement event combined real-world scavenger hunting with digital rewards.
Alchemix v3 Migration: Auto-Transfer or Opt-Out by Feb 6th
Alchemix is migrating user funds from v2 to v3 contracts starting **February 6th, 2026**. The protocol will be offline for approximately one week during this transition. **Two options for users:** - **Automatic migration**: Leave funds in v2 and let the protocol handle the transfer. Treasury covers slippage over 0.25%, plus users earn Mana (share of 10k ALCX) - **Manual opt-out**: Withdraw funds before Feb 6th and redeposit after v3 launches During migration, the team will snapshot all accounts, secure funds in a migration multisig, and recreate positions in v3 contracts.