Proposal to add the new alETH-wETH pool the Gauge Controller.
Documentation: Getting started - User docs
Github: Alchemix · GitHub
Other useful link: https://alchemix-stats.com
Alchemix is a future-yield-backed synthetic asset protocol that gives users advances on various yield strategies via a synthetic token. Alchemix loans are self-repaying, interest-free and non-liquidating. Today, Alchemix offers various strategies to borrow against select USD-pegged stablecoins (alUSD) and ETH (alETH).
The original alETH-wETH pool was affected by the Curve pool exploit on July 30th and the gauge was subsequently disabled. Now that the redistribution of funds has started - at least for alETH and wETH, vested CRV is still pending a governance vote - and rebacking of alETH is underway, Alchemix would also like to proceed with the creation of a new alETH-wETH pool and gauge to replace the old one.
Alchemix has a long relationship with Curve and has historically hosted large alUSD and alETH pools on Curve. The Alchemix DAO also holds a significant position in sdCRV and CVX as well and plans to continue to incentivize/bribe the new alETH pool once the redistribution has started and the gauge has been activated.
- Governance is conducted via forum posts and Snapshot voting.
- There are two multisigs on Ethereum Mainnet: The protocol treasury timelocked multisig, and an operational (developer) multisig that is used to pay for expenses and execute transactions, and that holds LP positions and strategic assets.
- The core protocol does not rely on oracles.
- Alchemix v2 has been audited by Runtime Verification as well as a public audit via code4rena. The protocol also offers a bug bounty programme via Immunifi.
- More details can be found here.
- Centralization vectors:
- No centralization vectors exist in the core protocol besides the multisigs described above.
- Market History:
- alETH has been live for over 2.5 years and is a soft-pegged asset to ETH. Historically, the pool has seen high TVL in the Curve pool and has - before the Curve pool exploit - maintained a relatively close peg to ETH (for more information please see here).