The Alchemist is the primary way users interact with Alchemix. This smart contract accepts DAI deposits from users and issues debt in alUSD. It also allows users to repay their outstanding loans, either with alUSD, DAI, or their existing collateral.

There is no interest on the alUSD loan. There are no liquidations.

Deposited DAI is put to work earning yield in the Yearn v2 DAI vault. The earned yield pays off your alUSD debt.

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alUSD is the stablecoin that is minted when users take out a loan using Alchemix. It can be traded for other stable coins using a dedicated stable swap pool on crv.to, or "transmuted" to DAI over time using the Alchemix transmuter.

It can also be staked to earn ALCX tokens in the alUSD pool.

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The Transmuter completes the life cycle of alUSD. It backstops the peg by guaranteeing that all outstanding alUSD can be converted 1:1 to DAI.

When alUSD is staked in the transmuter, it is converted to DAI over time via the proceeds from loan repayments. When DAI is evenutally claimed, the staked alUSD is burned.

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How long will it take for a loan to repay itself? Use the sliders below to simulate loan durations for various combinations of parameters.

To bootstrap liquidity for alUSD, Alchemix launched with incentivized staking pools, where users can deposit capital and earn ALCX tokens as a reward. APY information and reward allocation can be found at vfat.tools.

Note: This chart may lag real time by a few hours.

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ALCX is the governance token for the Alchemix protocol. Its supply increases when users claim new tokens they've earned by staking liquidity in the various pools above.

The total supply will continue to increase over time, in line with the emissions schedule.

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