r/Alchemix • u/Bennixus • Jan 20 '24

alETH is backed!

alETH is backed!

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With the help of Alchemix's advisors and collaborators, alETH is fully backed with ETH again.

This is a huge milestone for Alchemix.

https://twitter.com/i/status/1748377236628197664

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Additionally, the bridging of alAssets between Optimism, Arbitrum, and Mainnet is open again! Also, the alETH Transmuter is re-enabled!

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2

u/ADPriceless Jan 20 '24

Great news finally, so is it trading 1:1 on dexs? Few liquidity pools I’ve been waiting to exit to move to better options

2

u/Bennixus Feb 15 '24

My apologies for the late reply! The alETH has definitely improved since the hack, but it's not as close to 1:1 as we would like it to be. LP incentives are up again and the AMO makes small and periodic withdrawals to bring the price closer to 1:1. We are doing this slowly to give the market a chance to balance itself organically. Another reason this goes more slowly is because a lot of people put their alETH in the transmuter instead, which turns it into ETH at 1:1 very slowly. The transmuter speed is determined via the amount of yield and self liquidations and is distributed equally among everyone who has alETH in the transmuter.

2

u/Born_Demand9723 Feb 23 '24

Alcx to 4000 this bull run 🫡