Many DeFi protocols have come and gone since 2021. Alchemix never quit.
Scoopy Trooples is the pseudonymous founder of Alchemix, one of the more beloved and original protocols from the DeFi Summer cycle. The idea was simple and magical: deposit yield-bearing collateral, borrow against it, and watch the loan repay itself over time. No liquidation risk from price. No interest. Just yield doing the work.
V3 is the long awaited redesign, implementing improvements upon V1/V2 and unlocking a new fixed-yield primitive.
In a new Edge Podcast, Scoopy gives us an exclusive first look at the V3 protocol just opening up full access in the last 24 hours. On April 21st, the core team announced temporarily holding off on the planned V3 cap raises given the ongoing KelpDAO/LayerZero issues. But now, it appears they’re ready!
Scoopy walks through the three pillars of V3, the first being Mix-Yield Tokens (MYTs) with up to 15 yield strategies under one roof, including Morpho, Yearn, Aave, and Fluid across, targeting 5-7% on stablecoins and 4-5% on ETH. MYTs like vaults, give users a single diversified yield-bearing asset to borrow against.
The second pillar is synthetic borrowing at 90% LTV with zero interest enabling looping up to 10x against your collateral base. This means more capital efficiency than anything Alchemix has offered before.
Third, Alchemix introduces fixed-term redemptions, creating an entirely new fixed-yield primitive for DeFi. If ALUSD is at 98 cents and the redemption window is two months, that's a 2% arbitrage annualizing to 12%. Scoopy compares it to Pendle’s PTs but built natively into Alchemix itself.
Scoopy briefly mentioned the new ALCX tokenomics design being equally ambitious: a recursive DAO system that ties revenue sharing directly into the protocol, designed to fix the governance failures Scoopy watched play out across DeFi during the bear market.
If you’re reading this, we hope Alchemix V3 access should now be fully open, if not very near. Listen to the latest Edge Podcast to get the full breakdown to learn more!
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🔗 Guest Links 🔗
► Alchemix website: alchemix.fi
► Alchemix on X: x.com/alchemixfi
► Scoopy Trooples on X: x.com/scupytrooples
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