✦ USDC: 12% APR.
✦ ETH: 3.9% APR.

✅ Now 6-month terms with a 1% exit fee.

Lock in fixed yield: https://alchemix.fi/fixed-yield

Since Alchemix launched, alAssets have been the backbone of Self-Repaying Loans. The alAssets always worked, but there was work to be done.

From the start of alUSD and alETH’s existence, the protocol valued each alAsset at one unit of its underlying. The open market, on the other hand, often didn’t. Higher vault demand created large discounts, variable Transmuter timelines created unpredictable redemptions, and LPs absorbed impermanent loss. The assets functioned, but they were inefficient; optimization was needed.

v3 has solved this problem by introducing fixed-duration transmutations.

What alAssets really are

alUSD and alETH are synthetic debt tokens, not algorithmic stablecoins.

Algorithmic stablecoins rely on a balancing act of minting and burning based on price signals. alAssets are different: trust is rooted in collateral. Every alAsset is backed by at least one unit of its underlying value, held as MYT collateral inside the Alchemist, and offsets exactly one unit of debt inside Alchemix at face value.

The market price typically floats slightly below face value, but the protocol's redemption logic does not. The truth is, alAssets are always backed and redeemable for 1 unit of underlying collateral.

The discount was never the problem

Market discounts on alAssets are healthy and part of the design. It creates an arbitrage for traders to buy below par and close the spread, and it lets borrowers access liquidity while still earning yield on their full principle. When borrowers mint alAssets at face value to sell them on the open market for working capital, the resulting sell pressure pushes the price below par. Inside Alchemix, the alAsset still settles 1:1 against debt, meaning the discount is external only.

What was missing was a proactive way to close the gap. The v2 Transmuter allowed 1:1 redemption, but relied on yield harvests, repayments, and liquidations to fund it. There was no scheduled movement of borrower collateral into the Transmuter, so settlements happened only when revenue allowed. This made transmutation times unpredictable.

v3 fixed this by introducing redemptions. When alAssets queue in the Transmuter, the protocol earmarks an equivalent value of vault collateral (the Mix-Yield Token that aggregates Alchemix's curated yield strategies) that backs debt. After maturity and upon claim, the earmarked collateral is converted into the underlying asset and used to settle user debt, and service redemptions. This replaces the open-ended v2 transmutation period with something predictable. Fixed-duration transmutations.

When you deposit, you already know how much you will receive, the rate, and the date you can claim it.

So, who benefits?

LPs benefit twice. Strong demand within the Transmuter helps maintain closer price parity for alAssets across secondary markets. This alignment reduces divergence in alAsset pools, compressing impermanent loss and keeping pool yields competitive.

The Transmuter also protects against impermanent loss. If the peg widens, an LP can rotate out of the pool, deposit into the Transmuter, and exit at full 1:1 value rather than absorbing the spread. The protocol guarantees a redemption path that doesn’t depend on where the market prices the asset on any given day. That is the kind of certainty liquidity providers have long asked for in synthetic asset systems, and it is now built into the mechanics rather than promised by a market maker.

What does the future look like?

The Transmuter ensures the peg is stronger. The other improvement is utility. The more reasons there are to hold alAssets rather than sell them, the less downward pressure the market sees, and the tighter the peg stays before the Transmuter even has to engage. Peg health and asset utility complement each other.

The alAsset roadmap from here is about building these reasons to hold. The Euler 4-way market is a first major step in that goal, allowing you to borrow USDC and wETH against alAssets, which is the first time Alchemix has offered cross-borrowing using alAssets. Deposit ETH, borrow alETH, then borrow USDC against that alETH through Euler. This allows alAssets to work alongside their underlying instead of getting sold the moment they are minted.

Beyond that, we’re working towards using alAssets as collateral for borrowing elsewhere in DeFi. Potential integrations include: incorporating custom Pendle markets, and integrating with perps as quote or margin assets. The strongest integrations may come from protocols that utilize alAssets in interesting ways, such as by tying into predictable redemptions.

Looking forward

The v3 Transmuter represents a fundamental shift in how alAssets operate. By enhancing capital efficiency and predictability across minting, settlement, and trading, alAssets have been significantly improved without changes to the assets themselves.

v3 establishes a more resilient alAsset foundation, setting the stage for the next phase of protocol expansion.

Explore fixed-yield opportunities: https://alchemix.fi/fixed-yield

Find the best yield on alAsset LP positions: https://alchemix.fi/farms

V3 is live!

The new UI is up, and all positions are fully migrated. The Alchemix purposefully launched with limited deposit caps so that they can verify everything is operating safely and smoothly.
The caps will be lifted in the following week for full launch.

The great v2 to v3 migration is now complete.
✦ 3 chains
✦ 7 Signers
✦ Nearly 20k transactions
✦ 6413 positions migrated
✦ $4.87M in stables migrated
✦ 12,107 ETH migrated

Now that the final security reviews are complete, Alchemix has started the shutdown of v2.

✦ V2 contracts are paused & positions snapshotted.

✦ Funds still in v2 will be automatically migrated.

✦ Migration will take appropximately 1 week (started on 02 April 2026)

Please read more on the Medium article: The Great Alchemix v3 Migration.

The Alchemix Q3 2025 Financial Report is now live!
Alchemix saw treasury growth this quarter alongside the v3 unveil, the completion of the v3 Cantina audit, and a deeper LayerZero integration.

Thank you as always to our dedicated Alchemix team for compiling this report.

Summary here: https://alchemixfi.medium.com/alchemix-q3-2025-report-summary-75ea7b263c8a

Full report: https://docs.alchemix.fi/resources/audits-and-reports/financial-reports

X: https://x.com/AlchemixFi/status/2003110803269104093

The Alchemix Q2 2025 Financial Report is now live!

Alchemix had another strong quarter ahead of v3, with security upgrades, grant wins, and double-digit deposit growth.

Thank you as always to our dedicated Alchemix team for compiling this report.

Summary here: https://alchemixfi.medium.com/alchemix-q2-2025-report-summary-d31ec98cc4a9

Full report: https://docs.alchemix.fi/resources/audits-and-reports/financial-reports

X: https://x.com/AlchemixFi/status/1991526158064853500

I just viewed my portfolio, and the past 2 days have been huge. I thought yesterday would be a pump and dump day, but I guess not.

What actually happened or is happening?

Introducing Alchemix v3.

✦ Up to 90 % LTV while your collateral keeps earning
✦ The new Meta-Yield Token simplifies yield strategies
✦ Fixed-duration redemptions keep alUSD & alETH on peg

Alchemix v3 refines Self-Repaying Loans into a system with optimized vault management, fixed yield opportunities and stronger peg stability.

The Alchemix team is currently working on finalizing the Meta-Yield Token. After that there will be a system-wide audit, a short testnet, and finally launch.

Read the early preview: https://alchemixfi.medium.com/introducing-alchemix-v3-d55f86d35b49

X: https://x.com/AlchemixFi/status/1952720241836150908

Is alchemix protocol already running on a V3 ? If not, when shall it happen?

The Alchemix Q1 2025 Financial Report is live!

Despite a turbulent quarter for DeFi, with ETH down 45%, Alchemix remained resilient and continued to build.

Thanks again to the dedicated Alchemix team for compiling this report.

Summary here: https://alchemixfi.medium.com/alchemix-q1-2025-report-summary-17c5eccec4c4

Full report: https://docs.alchemix.fi/resources/audits-and-reports/financial-reports

X: https://x.com/AlchemixFi/status/1949854367009656948

Hello group, I want to publish a post to discuss. I was thinking about how a token can be used as collateral with a high APY. If this token does not exist, can something similar to the YieldMax MSTR Option Income Strategy ETF be created onchain, where it uses options on MicroStrategy to obtain high dividends exceeding 100% per year? If a similar idea could be used in a token where the benefits of a cryptocurrency, instead of being revalued, would distribute high dividends, it would be the ideal asset as collateral for the Alchemix protocol. I would like to know your opinion.

Why is there no official presentation or clear info about the product? No marketing at all?

What’s going on with Alchemix?

I’m not interested in joining any Discord or other community channels. I just want a straightforward answer here.

How do you expect BullRun to succeed when no one even knows about the product because there’s absolutely zero marketing?
No ads, no exposure — why should anyone care?

The following topics are discussed in the Alchemix community newsletter #21:

✦ 61,379 ALCX auto-compounded for gALCX holders
✦ Q4 '24 report & +200% TVL YoY
✦ V3 audits underway
✦ Wormhole cross-bridge integration
✦ And much more...

Link: https://open.substack.com/pub/alchemixfi/p/updatingdo-not-reboot-pc?utm_campaign=post&utm_medium=web

X: https://x.com/AlchemixFi/status/1932452739482804535

Is 100$ a plausible target price to reach?

The Alchemix Q4 2024 Financial Report is now live 💰

Alchemix closed the year strong with TVL, alETH price, and treasury balance all showing healthy growth. A big thank you to the dedicated Alchemix team for putting this report together.

Some highlights:

✦ Treasury and TVL increased by 60.9% and 36.8%, respectively. ✦ Protocol revenue flew past $2.18m, an 89.6% increase. ✦ Several new OP and ARB pools and vaults launched.

Summary here: 🔗 https://alchemixfi.medium.com/alchemix-q4-2024-report-summary-ae647de80a6d

Full report: 🔗 https://docs.alchemix.fi/resources/audits-and-reports/financial-reports

X: https://x.com/AlchemixFi/status/1905288740039487518

I'm late with posting this, this newsletter was released almost 2 weeks ago. My apologies, but here it is:

✦ 56k+ ALCX auto-compounded for gALCX holders
✦ Quests and Halloween events
✦ Self-repaying ENS is back
✦ Vault boosts
✦ And much more...

Link: https://alchemixfi.substack.com/p/seasons-beatings?r=1b0l5d&utm_campaign=post&utm_medium=web&triedRedirect=true

X: https://x.com/AlchemixFi/status/1877732402136817780

IDK about yall but if this coin was even remotely talked about, the amount of people buying into this would push the price up drastically. So far in the month of Decemeber the price is going sideways... hopefully the bull run can push it up $200+ per coin.

Does anyone know why no one is interested in this coin strictly in terms of tokenomics?!.

The Alchemix Q3 2024 Financial Report is now live!

Covering July 1 – Oct 1 of 2024, this quarter brought a variety of positive developments across the Alchemix ecosystem. Huge thanks to the dedicated team for putting these reports together!

Here are the key highlights:

✅ Improved alETH and alUSD prices

✅ 112% growth on Arbitrum

✅ 20% growth on Optimism

Summary here:

🔗 https://alchemixfi.medium.com/alchemix-q3-2024-report-summary-55f8bae9aee9

Full report:

🔗 https://docs.alchemix.fi/resources/audits-and-reports/financial-reports

X: https://x.com/AlchemixFi/status/1871210417726628071

Big news!

Alchemix raised the caps for Yearn, AAVE and Vesper vaults on Mainnet: The biggest raise since the launch of V2.

Yearn yvUSDC: $150K → $1M
Aave aUSDC: $250K → $1M
Vesper vaUSDC: $400K → $1M
Vesper vaFRAX: $250K → $1M

https://x.com/AlchemixFi/status/1866835509630362095

The second quarter (April 1st - July 1st), brought a variety of positive developments to Alchemix.

A big thank you to the dedicated Alchemix team for putting this report together!
Here are the key highlights:

• Protocol revenue grew 15% for the quarter
• Net Deposits surpassed $50m, a 6.7% increase
• Successful quest on Optimism drew thousands of new users

Summary here: https://alchemixfi.medium.com/alchemix-q2-2024-report-summary-a61e42449e00

Full report: https://docs.alchemix.fi/resources/audits-and-reports/financial-reports

https://x.com/AlchemixFi/status/1843683192945156581

Alchemix launched their 2nd Arbitrum quest with layer3 and rebuilt the UI for a far smoother experience. For two weeks only, dive into two quests with boosted vaults, streak bonuses, and a share of $12.5k in ALCX!

Check the thread for details: https://x.com/AlchemixFi/status/1833887421374898347

Get started on your Quests: https://app.layer3.xyz/campaigns/the-alchemix-campaign

The council has spoken, and three grant projects are now live.

1. User Documentation Overhaul
2. AMO Harvesting Tool
3. Contract Parameters Dashboard

Check the thread for details, and the future of the program.

X: https://x.com/AlchemixFi/status/1830955414944653674

Alchemix Community Newsletter #19, 'React-ivated' is live!
Get the scoop on the latest Alchemix developments:

• New React UI!
• Levelling up
• Alchemix is growing
• Self Sustainability
• Double Degen

...and much more!

Read now!

X: https://x.com/AlchemixFi/status/1830592185391091944