Alchemix
Empowering you with Self-Repaying, interest-free, and non-liquidating loans
Empowering you with Self-Repaying, interest-free, and non-liquidating loans
Alchemix is now live on Base with its v3 protocol — described as its fastest deployment yet and the only chain where v3 runs unrestricted, featuring four-week Transmuter terms and no caps on vaults or Transmuters. The deployment is fully siloed with no legacy positions and includes a Base-specific alUSDb; the team also shipped a rare Base theme for the app's front-end, selectable from the logo dropdown menu.
To support the deployment, Alchemix launched two new alUSDb/USDC pools — Basic and Concentrated — on Aerodrome, with deposit links live.
The launch comes after Alchemix shipped v3 in April, marking five years since the protocol introduced the Self-Repaying Loan.
Alchemix has launched its bug bounty program on CertiK Hunt, with a $150,000 maximum reward, inviting security researchers to review the protocol's scope and submit findings. The Alchemix team said it is "excited to trial this new approach to bug bounties," pointing to the new listing on hunt.certik.com/explore/alchemix. Researchers can hunt across the listed scope, with payouts capped at $150K depending on severity.
Alchemix's fixed-rate Transmuter yield on mainnet now pays 13% APR on ETH, with users able to lock in via the fixed-yield page (alchemix.fi/fixed-yield). The rate follows the protocol's earlier reduction of Transmuter term lengths, which lets holders lock alAssets at the current fixed rate and receive 1:1 underlying at maturity.
Alchemix' Optimism Grants Council grant is now live, rewarding alETH and alUSDC borrowers with OP boosts via @merkl_xyz for the next 6 months. Borrowers don't need to take any extra action beyond borrowing to accumulate the boost rewards.
The announcement confirms the boost program is now distributing, following the grant being awarded earlier.
Alchemix has distributed 10,000 ALCX as rewards to users who migrated to v3 during the Mana program. Allocations were based on Mana earned, and funds were sent directly on-chain — no claim action is required by recipients.
The team teases "exciting plans for the future of ALCX" without further detail, signaling that additional utility or incentives may be in development.
Alchemix has committed 8 weeks of incentives on Votemarket, with a single deposit covering 4 full reward rounds through the platform. The commitment amounts to 21,000 units of the reward token (address 0xdbdb4d1… on Ethereum), stacking on top of the vault's existing yield as an additional incentive layer.
Alchemix added the Re7 Labs-curated Morpho WETH market as a yield source for its MYT on Optimism. The actively managed ETH lending strategy lends against wstETH and Re7ETH, Re7's flagship ETH fund, and is classified as a moderate risk strategy in the Optimism MYT allocation (risk classifications and caps are in the docs).
An OP incentive campaign is now live and distributing rewards to the vault, stacking on top of the existing lending rate — MYT depositors capture that boost automatically in their yield.
Alchemix highlighted a tool from @WalletChan_ that enables single-transaction vault deposits, removing an extra step from the deposit flow. The exact mechanics are short on detail, but the tool is framed as a convenience improvement for entering Alchemix vaults.
Alchemix raised its Transmuter caps on Ethereum Mainnet, opening more room to lock in fixed-rate yields. Current fixed rates are USDC at 13.5% APR and ETH at 5% APR. Locking alAssets at today's rate returns 1:1 underlying at maturity, so the raise lets more users lock the prevailing rate before it moves.
Alchemix is running Transmutation Edition #26, a limited NFT art mint by @ohnehals. The mint stays open until the end of August, after which the edition will no longer be available.
Alchemix announced v3, introducing the Transmuter's fixed-duration redemptions (for alAsset peg stability), up to 90% LTV borrowing, and a DAO-managed Mix-Yield Token (MYT) built on Morpho V2.
The attacker began returning stolen assets to the affected protocols, ultimately returning approximately $8.9 million (roughly 15% of the total taken), rather than being prompted by apprehension.
An exploit of Vyper compiler reentrancy bugs hit multiple Curve pools; Alchemix was among the affected protocols, losing roughly $13.6 million.
After an R&D, audit, and testing period, v2 was opened to the public, adding multiple collateral types (USDC, USDT) for alUSD and new al-assets such as alETH and alBTC.
A bug on the newly launched alETH vault let borrowers withdraw their ETH collateral without repaying their alETH loans, releasing roughly 2,000 ETH (about $4.8M) prematurely — so-called 'free money.' The team ran a recovery campaign (NFT/ALCX rewards) that returned a large share of the funds.
The protocol went live on Ethereum mainnet with the alUSD vault (DAI collateral earning yield via Yearn), pioneering 'self-repaying loans,' and held the ALCX token generation event the same month. ALCX launched without presales or external funding.
1030 followers · 13 stories