🔍 Immunefi Audit Competition

Alchemix has announced significant changes to its Transmuter product in response to high demand: **Key Updates:** - Fixed term extended to **9 months** across all chains - Early exit fee increased to **3%** - Exit fees only apply to non-matured portions, scaling down as maturity approaches - New deposit capacity opening from **July 23rd** as Phase One redemptions clear The protocol reserves the right to modify caps, fees, and terms, with major changes announced via social channels. These adjustments aim to accommodate more users while encouraging positions held to maturity rather than early exits.

Alchemix is working toward an **uncapped Transmuter** with **shorter duration transmutations** as its end goal. - The team expects this change will help the peg trade **much closer to par** - Trading range should be **significantly tighter** than current levels - This follows a May re-evaluation of Transmuter caps and durations The upgrade aims to make immediate transmutation more attractive than waiting, improving overall peg stability for the protocol.

Alchemix v3 is transitioning from Phase One to **Phase Two**, marking a shift toward sustainable growth. **Key Focus Areas:** - Increasing supply flow through the Transmuter - Steadily raising Total Value Locked (TVL) - Boosting the churn rate that v3 was designed to optimize The first major Transmuter cycle is wrapping up as the protocol moves beyond its initial launch phase. Phase Two aims to build on the foundation established during Phase One, focusing on long-term sustainability rather than rapid expansion.

Alchemix has released a comprehensive update to its v3 documentation platform. **Key improvements include:** - Restructured navigation for easier browsing - Content accuracy review across nearly all pages - Addition of deployed contract addresses - New glossary term highlights and reading progress indicators - Refreshed visual design The documentation is available at [docs.alchemix.fi](https://docs.alchemix.fi). This update builds on previous documentation efforts from earlier this year, providing developers and users with more reliable technical resources for the protocol's self-repaying loan platform.

**The v3 Transmuter** is Alchemix's peg stability mechanism that converts discounted alAssets into their underlying assets at a 1:1 ratio. **How it works:** - When alAssets trade below peg, users can deposit them into the Transmuter - The protocol burns these alAssets and locks in today's discount - Users receive the underlying asset 1:1 at a predetermined maturity date - This creates a fixed-rate yield opportunity while supporting the peg Alchemix v3 launched with comprehensive audits from Spearbit, Cantina, Nethermind, yAudit, Immunefi, and independent researchers. The upgrade introduces 90% LTV vaults, new Mix-Yield Tokens, and the Fixed-Duration Transmuter. Liquidity providers benefit from tighter pegs, more reliable fees, and reduced volatility risk. [Read the full article](https://alchemixfi.medium.com/introducing-alchemix-v3-037a2ed26ab6)