Alchemix

The protocol has temporarily paused planned v3 cap raises while addressing an ongoing issue between KelpDAO and LayerZero. **Key Points:** - Cap raises on hold until security concerns are fully resolved - Team prioritizing thorough resolution over speed - Update expected soon The decision reflects the protocol's commitment to ensuring all systems are secure before scaling operations. This follows previous statements about v3 being designed to handle evolving DeFi challenges and unknown future scenarios. The team emphasized wanting "everything airtight" before proceeding with expansion plans.

Alchemix has officially launched **V3** with a new user interface and completed migration of all positions from V2. **Key Details:** - New UI is now live at [alchemix.fi](http://www.alchemix.fi) - All V2 positions have been fully migrated - **Limited deposit caps** currently in place as safety measure - Caps will be lifted Monday for full public launch The phased rollout allows the team to verify system stability before opening deposits to all users. This follows the previously announced migration timeline from February.

A major protocol upgrade has successfully concluded, moving user funds from v2 to v3 contracts across three blockchain networks. **Migration Statistics:** - 6,413 user positions transferred - $4.87M in stablecoins migrated - 12,107 ETH moved to new contracts - Nearly 20,000 transactions executed - 7 signers coordinated the process The week-long migration process, which began in early February, required the protocol to go offline while the team snapshotted all accounts and recreated positions in the updated v3 infrastructure.

**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)

**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.

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 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.

**Security experts to examine DeFi's potential** as a legitimate financial system in upcoming discussion. - @Ov3rKoalafied and Mitchell Amador from @immunefi will host X Spaces session - **Focus on history, security, and future** of decentralized finance - Discussion coincides with completion of v3 audit contest reports **Event Details:** - Date: December 16th - Time: 2PM UTC - Platform: X Spaces The conversation aims to address whether DeFi can evolve beyond experimental protocols into robust financial infrastructure. Security remains a critical factor in mainstream adoption. [Set reminder here](https://x.com/i/spaces/1DXxyWakAjYGM?s=20)

**Alchemix delivered solid Q2 2025 results** with global deposits reaching over $45 million, marking 12.9% quarterly growth. **Key achievements include:** - Secured 100,000 OP token grant for user incentives - Enhanced security through partnerships with Cantina & SEAL - Launched Holyheld Debit Card beta program - Maintained growth momentum ahead of v3 launch The DeFi protocol continues building despite market volatility, following Q1's resilient performance during ETH's 45% decline. [Read the summary](https://alchemixfi.medium.com/alchemix-q2-2025-report-summary-d31ec98cc4a9) | [Full report](https://docs.alchemix.fi/resources/audits-and-reports/financial-reports)

**Community-driven win for Safe Harbor adoption** We secured the @_SEAL_Org Adopter award thanks to strong community engagement and support. **Key highlights:** - Award recognizes Safe Harbor adoption efforts - Community participation was crucial for the victory - Organizations can still adopt Safe Harbor protocols **What's next:** If your organization hasn't explored Safe Harbor yet, now's the time to check out their offerings. *Thanks to everyone who engaged and made this win possible.*