Mix-Yield Token (MYT) gives you passive exposure to a curated set of yield strategies without needing to manage positions yourself. Each token represents a share of assets that the Alchemix DAO allocates across multiple protocols.
Explore technical documentation for MYT →
What is the MYT?
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Open-source core – MYT is a Morpho Vaults V2 vault (ERC-4626) with Alchemix's own curator, allocator, and strategy adapters around it. It holds deposits of ETH or USDC and routes them into several yield sources.
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DAO-managed allocation – The Alchemix DAO selects strategies, sets target weights, and rebalances as markets shift. Allocation is currently executed by the Alchemix DAO Multisig and is transitioning to full on-chain DAO governance.
Why use the MYT?
Each deposit gives you diversified yield without manual re-staking.
DAO oversight and strategy diversification reduce single-protocol exposure.
Choose the chain and bundle that suit your goals, redeem at any time.
Depositing and earning
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Select the MYT that matches your base asset and preferred chain.
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Deposit ETH or USDC, and the vault will mint MYT at the current exchange rate. As yield accrues, each MYT represents an increasing claim on the underlying asset.
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Hold MYT. As strategies earn yield, the redemption value of each token increases.
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Redeem at any time for your share of the vault at the current exchange rate, which reflects accumulated yield and any strategy losses.
There are no lock-ups on MYT itself, and yield compounds continuously. Large withdrawals can depend on the liquidity available in the vault’s strategies. You can also use your MYT as collateral in an Alchemix vault to borrow up to 90% LTV against it while it keeps earning underneath.
Per-chain variants
There is one ETH-denominated and one USDC-denominated MYT on Ethereum, Optimism, and Arbitrum (on Mainnet these are branded mixETH and mixUSD). Base has a single USDC-denominated MYT, shown in the app as Risk-adjusted Mix USDC, which backs alUSDb. The strategies inside each MYT differ by chain, and the DAO can revote strategy weights at any time.
The exact strategies, weights, and allocations inside each MYT are a point-in-time configuration. Always check the live composition, risk tiers, and allocations on the Mixed Yield page →, under Earn → Variable Rate
How strategies are classified
Each MYT is governed by risk classifications. Before a strategy can be added to an MYT its adapter code must be covered by an independent audit, and the strategy is assigned one of three classifications:
- Conservative – enters and exits through the strategy contract directly, is priced by a fundamental oracle that measures backing against outstanding shares, and carries no meaningful withdrawal delay.
- Moderate – depends on a DEX to enter or exit, or on an externally priced oracle, or can lock withdrawals for a period.
- Aggressive – meets the Moderate criteria and carries an added risk factor, such as a newer or less proven strategy.
Classification is driven by four inputs: how you enter and exit (contract or DEX), how the strategy is priced (fundamental or external oracle), withdrawal duration risk, and other factors such as the age of the strategy or confidence in the team. Other factors can only raise a classification, never lower it. See MYT Launch Strategies for the full methodology.
The audit covering each live strategy is listed on the Security & Audits page.
Risk caps
Each classification caps how much of an MYT a strategy can occupy, both on its own and across all strategies of that tier. These caps let you set an LTV that limits liquidation risk from higher-risk strategies. Caps are checked when the DAO allocates. Because they are relative to vault size, user withdrawals can leave an existing allocation above its cap until the DAO rebalances.
| Classification | Max Individual Strategy | Max All Strategies* |
|---|---|---|
| Conservative | None | None |
| Moderate | 40% | 60% |
| Aggressive | 20% | 20% |
* Max All Strategies is inclusive of that risk level and all riskier levels. The Conservative cap covers Conservative, Moderate, and Aggressive strategies together. The Moderate cap covers Moderate and Aggressive, and the Aggressive cap covers Aggressive only.