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Overview & Value Proposition

What Alchemix v3 Delivers​

Alchemix V3 turns a single deposit of ETH or USDC into two complementary positions. First, the funds are wrapped into a Meta-Yield Token (MYT) that earns yield across a diversified set of strategies curated by the Alchemix DAO. That same collateral unlocks a credit line, allowing users to mint synthetic alAssets, alETH or alUSD, worth up to ninety percent of the deposit.

The redesigned Transmuted accepts these alAssets and, on a fixed schedule, returns MYT one-for-one. This mechanism keeps alAssets close to price parity with their underlying assets and created predictable, bond-like yield opportunities for anyone who accumulated alAssets below face value.

Where the Platform Fits​

  • DAO Treasuries – Raise operating capital without liquidating long-term holdings. DAO’s can mint alAssets, exchange them for their required spending currency, and let the vault yield repay their debt over time.

  • Yield Strategists – Loop assets for higher leverage. These users can recycle borrowed alAssets back into their vault positions, compounding exposure as high as practical leverage allows, all without facing variable interest rates.

  • Liquidity Providers – LPs can pair alAssets with another token that tracks the same price (for example, alETH with frxETH) and eliminate impermanent-loss risk as both sides of the pool move in tandem.

Core Features​

FeaturePurpose
Alchemist Vault (ERC-4626)Aggregated yield for each base asset on every supported chain
Meta-Yield Token (MYT)Tokenised basket of yield strategies, which can be unwrapped for the underlying assets at any time
TransmuterFixed-duration redemptions that stabilise alAsset prices and create predictable return opportunties
Self-repaying CDPDebt is automatically retired by vault yield and scheduled redemptions

Why Integrate​

Integrators gain a capital efficient way to unlock liquidity, a single-token gateway to competitive ETH and USD yields, and access to a growing synthetic-asset economy. Projects that integrate MYT or accept alAssets as collateral benefit from higher total value locked, simplified liquidity-pool management thanks to the absence of impermanent loss on like-for-like pairs, and joint marketing across the Alchemix ecosystem.

Who Benefits Most​

End users seeking passive yield, money-market protocols in search of high-quality collateral, vault curators adding new strategies, DAO treasuries managing runway, leverage-oriented yield farmers, and liquidity providers who want prices on both sides of a pool to move together.