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How to buy Alchemix USD (ALUSD)

Learn how to buy Alchemix USD (ALUSD) in our step-by-step guide.

Where to buy Alchemix USD

It looks like ALUSD may not be available to purchase on an exchange in the US.

You can still purchase ALUSD by using a decentralized exchange (DEX) instead. Decentralized exchanges are web applications that run on blockchains like Ethereum and allow users to trade any asset directly with one another.

Decentralized exchanges (DEX) are unregulated and run using autonomous pieces of code known as smart contracts. To use a DEX you must interact with the blockchain directly, which is not recommended for novice users. Please learn about decentralized exchanges first if you're unfamiliar.

How to purchase ALUSD using a decentralized exchange.
  1. Find ALUSD on a decentralized exchange and make sure Alchemix USD can be traded for ETH which is the native asset of Ethereum. Popular DEXs include Uniswap, SushiSwap and 1INCH.
  2. Buy ETH to trade for ALUSD using an exchange like Gemini. You will need to purchase enough ETH to swap for ALUSD as well as ETH to pay for transaction fees on the Ethereum network (known as gas). You can use a service like Etherscan to get an idea of how much gas fees currently cost.
  3. Transfer the ETH into a web 3.0 wallet like MetaMask to connect to the DEX.
  4. Trade ETH for ALUSD on the DEX of your choice, following the instructions on screen. Make sure to leave enough ETH in your wallet to pay for gas.
  5. Wait for the transaction to finalize and the ALUSD tokens will arrive in your wallet.
  6. You may now keep the tokens in your web 3.0 wallet or transfer them somewhere more secure like a hardware wallet.

You can follow the same process when you want to sell your tokens, or come back to this page to see if they can now be traded on an exchange in the US.

Best Alchemix USD wallets to store your ALUSD

You can keep your ALUSD on the exchange you purchased it on, or move it to a personal wallet:

  • Some people like to use their own wallets to guarantee total ownership over their assets, or to use them with other applications like DeFi services.
  • Hardware wallets are typically considered to be the safest type of cryptocurrency wallet, as they use a physical device to enhance security in a number of ways. You can take a look at some of our top hardware wallet picks for self-custody of your ALUSD below.
Read more

Ledger Nano X Wallet
★★★★★ 4.6

Price (USD)
$149
Supported assets
5,500+
Go to site

Trezor Model T Wallet
★★★★★ 4

Price (USD)
$219
Supported assets
1,456+
Go to site

SafePal S1 Wallet
★★★★★

Price (USD)
$49.99
Supported assets
30,000+
Go to site

Disclaimer: This page is not financial advice or an endorsement of digital assets, providers or services. Digital assets are volatile and risky, and past performance is no guarantee of future results. Potential regulations or policies can affect their availability and services provided. Talk with a financial professional before making a decision. Finder or the author may own cryptocurrency discussed on this page.

Is Alchemix USD a good investment?

Cryptocurrencies are highly volatile assets. It is, therefore, extremely important to evaluate both the token and the associated protocol. Here are a few important considerations to assess before investing in alUSD:

  • Stablecoin utility: alUSD is a US dollar stablecoin and is, therefore, pegged to the value of the US dollar. As such, alUSD should not be invested in with the expectation of capital gains. Stablecoins are primarily used to shelter from the high volatility of the cryptocurrency markets.
  • Platform governance: The Alchemix protocol is managed by the community through a decentralized autonomous organisation (DAO), composed of all native ALCX token holders. ALCX enables holders to vote on all proposals and manage its treasury. Proposals may include any changes to the application of the native alUSD token.
  • Minting alUSD: alUSD can only be generated by depositing the stablecoin DAI into the Alchemix Finance protocol. Vaults enable users to deposit DAI stablecoins as collateral to mint new alUSD. Due to the 200% collateralisation ratio implemented by the application, users can only mint up to 50% of the deposited DAI amount. Users can then utilise alUSD within other DeFi applications such as SushiSwap or Curve Finance. When a user wants to redeem the DAI that was originally deposited, alUSD tokens will need to be burned within Alchemix.
  • Reliance on DAI: alUSD is backed by the algorithmically-pegged stablecoin DAI, which is associated within the MakerDAO protocol. As a result, the value of alUSD is tied directly to the stability of DAI and the continued operation of the MakerDAO protocol. Those interested in utilising alUSD should make sure they are familiar with MakerDAO and the DAI stablecoin.
    • Read more

    Today's Alchemix USD price versus ATH

    Compare today's price of Alchemix USD ($0.996809 USD) against its all-time high (ATH) price of $2.13 on March 21, 2021. The closer the bar is to 100%, the closer ALUSD is to reaching its ATH again.

    Current price: $0.996809
    All time high: $2.13
    47%
    53%

    Similar assets

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    1. Data by CoinGecko

    Disclaimer: Cryptocurrencies are speculative, complex and involve significant risks – they are highly volatile and sensitive to secondary activity. Performance is unpredictable and past performance is no guarantee of future performance. Consider your own circumstances, and obtain your own advice, before relying on this information. You should also verify the nature of any product or service (including its legal status and relevant regulatory requirements) and consult the relevant Regulators' websites before making any decision. Finder, or the author, may have holdings in the cryptocurrencies discussed.

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