Alchemix Changes Zones: Green Over Red This Week

The Alchemix price is currently $385.50 in real-time. It has a 24-hour trading volume of $106,684,198. With Alchemix, users are able to create yield-backed tokens that can be used in exchange for any other token on the chain. The team is working on a project called alUSD, which will be a token that will be mintable from different kinds of stablecoins. Its protocol will reinforce only DAI. The Alchemix dApp harvests the deposits made in the system. The collected yield is used to convert the deposited tokens into base assets.

When a user claims his new tokens, the same sum of alUSD is to be burned. For example, if a user holds 400 DAI and 1200 alUSD staked, they will have 400 alUSD and 800 DAI respectively. In other words, if a user has a large amount of alUSD in the transmuter, it will convert into its base asset at a higher rate than its yield. This idea works by allowing users to force-transmute an alUSD position. If a user achieves this feat, they will have the excess DAI that they would otherwise have if they did not force-transmute.