Please note: like most trading venues, we display the current mid-market rates in our price charts. When you trade, you get the current bid or ask price depending on whether you are buying or selling. There is always a slight difference between the mid-market and the current bid or ask prices. This is a natural result of how Exchange order books work.
Digital currencies are very high risk. Do not invest money you can’t afford to lose. Please consider the suitability of crypto for your individual position before trading.
What is Alchemix (ALCX) and how does it work?
Alchemix describes itself as the first autonomously operated same-asset loan protocol, or what’s known in the decentralized finance (DeFi) realm as a “self-repaying loan.”
ALCX is the governance token for the Alchemix protocol, according to CoinGecko. It’s a governance token granting holders the right to vote on future changes to the protocol. ALCX can also be staked to the protocol to earn additional tokens.
Governance on Alchemix is fully decentralized and led by a community-run decentralized autonomous organization (DAO).
Messari has described the protocol as crypto’s equivalent of a “cash advance.”
A loan that pays back itself might seem like a form of alchemy but there is at least ostensibly an actual methodology beyond magical thinking underpinning the project: step one, users deposit a supported asset (collateral) on to the protocol where it earns yield (via Yearn Finance vaults); then users get a loan, in the form of synthetic tokens; the borrowed synthetic assets are backed by the yield, automatically collected and used to repay to the original loan. These synthetic tokens maintain a 1:1 peg to the original asset, allowing users to seamlessly swap between the underlying and the derivative, according to Messari.
Users can withdraw the initial deposit at any point provided that the outstanding loan balance is repaid in the form of the original asset or its synthetic equivalent. Like many of its decentralized peers Alchemix is currently secured via mechanisms most aptly described as “over-collateralization,” meaning that liquidity providers can only procure a loan worth up to 50% of the value of their initial deposit.
How to buy Alchemix (ALCX)
With Uphold, you can buy digital currencies in just 11 clicks - even if you don’t have an account yet.
Nothing could be easier.
Here’s how fast it is to get started:
1. Go to Uphold.com and click sign up.
2. Enter your email address and personal details.
3. Click the link we send you and create a password
… and you’re off to the races!
Just start trading.
Get more coin for your coin
0% withdrawal fees