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Alchemix (ALCX) is the 513rd largest cryptocurrency in the world by market cap, valued at $32,692,689. The current price of Alchemix is $21.15, which is 0.332% higher than yesterday. Prices have ranged between $21.96 and $20.68 over the past 24 hours. All prices are listed in US dollars and accurate as of March 25, 2023 10:03 UTC.
ALCX is the governance and utility token of Alchemix Finance, an Ethereum-based decentralized finance (DeFi) application. Alchemix Finance offers users the opportunity to generate crypto-backed loans.
However, unlike other DeFi lending and borrowing protocols, the application offers loans that automatically repay themselves. By automating the loan repayment process Alchemix aims to remove the risk of liquidation and, therefore, encourage the use of the DeFi sector.
According to the project’s website, the application allows for the novel generation of DeFi derivatives with yield rather than debt. Users are required to deposit either the algorithmically-backed stablecoin DAI or ETH into the protocol. DAI is then swapped at a 1:1 ratio for Alchemix’s native alUSD stablecoin and ETH is swapped at a 1:1 ratio for Alchemix’s alETH token. The deposited DAI and ETH are then used to generate yield within yield.finance vaults. All yield generated is used towards repaying any outstanding loans. While yield is generated within yield.finance, users are then free to use the synthetic alUSD or alETH tokens within other DeFi applications - amplifying a user's liquidity.
Alchemix Finance is governed and operated by a decentralized autonomous organisation (DAO). The DAO is composed of ALCX token holders, who have the right to create or vote on proposals that affect the protocol - such as the allocation of treasury funds. The native ALCX token also serves as the platform’s reward token for yield farming and bug bounty programs.
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