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Alchemix is your unified platform for saving, borrowing, and earning fixed-term fixed-yield opportunities all in one place. Built on years of iteration since launching the original self-repaying loan in 2021, Alchemix v3 brings all three pillars together with a smarter, more flexible design. The protocol currently secures — in total value locked, with ALCX priced at — and alETH trading at —.

01Earn Competitive Risk-Adjusted Yield

Deposit ETH or USDC and earn yield across a mix of strategies chosen and rebalanced by the DAO. No lock-ups, withdraw at any time.

02Borrow up to 90%, Interest Free

Borrow against your deposit while it keeps earning yield. Scheduled redemptions chip away at your debt over time. No interest, no price-based liquidations.

03Unlock Fixed Yield Opportunities

Deposit alETH or alUSD into the Transmuter and redeem the underlying asset after a fixed term. The rate is locked when you deposit.

Explore the Quick Start guide →

1. Grow savings with vaults​

Deposit ETH or USDC into a vault to receive Mix-Yield Tokens (MYT). Each MYT represents a share of a portfolio of yield strategies chosen by the Alchemix DAO and is rebalanced over time. Yield accrues continuously and is reflected in the redemption value of MYT.

Asset typesETH, USDC
StrategyDiversified, tuned for risk-adjusted returns
Lock-upNone, withdraw at any time

Learn more about Vaults and MYT →

2. Access credit with self-repaying loans​

Need liquidity but don’t want to sell your assets? Borrow Alchemix’s synthetic counterpart of your deposit and let your future yield repay the balance.

Borrowable assetalETH or alUSD
Maximum LTV90% of collateral
LiquidationsStrategy loss only, not price swings
Early repaymentOptional at any time

Learn more about Self-Repaying Loans →

3. Lock in fixed returns with the Transmuter​

Deposit alETH or alUSD and, after a fixed term, redeem an equivalent amount of the underlying asset. The rate is locked at deposit. If alUSD trades at 0.98 USDC with a three-month term, the annualized return is roughly 8%.

Deposit assetalETH or alUSD
ReturnsFixed rate, locked at time of deposit
Peg stabilityArbitrage keeps alAssets near parity

Learn more about the Transmuter and Redemptions →

Next steps​

  1. Visit https://alchemix.fi/.
  2. Read the FAQ →.
  3. Follow along with our Tutorials →.
  4. Learn more with our Key Concepts →.
V3 vs V2

This documentation covers Alchemix V3. If you are looking for information regarding legacy V2 contracts, please visit the Legacy Docs.