Buy Alchemix (ALCX)
What is Alchemix?
Alchemix is a decentralised finance (DeFi) lending protocol that offers self-repaying loans without the risk of forced liquidations. It allows users to deposit assets to generate yield, which is subsequently used to repay the loan. Alchemix is built on the Ethereum blockchain and uses a unique mechanism to offer financial services to its users while leveraging smart contracts for automation.
How does Alchemix work?
Alchemix operates by allowing users to deposit cryptocurrency as collateral in exchange for synthetic assets, known as alAssets. The deposited assets generate yield through integration with external DeFi protocols like Yearn Finance. This yield is then used to automatically repay the user's loan over time. The protocol eliminates the risk of liquidation by ensuring that loans gradually repay themselves, making the platform user-friendly and efficient. Governance within Alchemix is managed using the ALCX token, which allows holders to vote on protocol upgrades and decisions.
What are the potential use cases for Alchemix?
Alchemix offers several use cases within the DeFi ecosystem:
- DeFi Lending: Users can take out self-repaying loans, which resolve liquidation risks, making it a capital-efficient lending solution.
- Yield Farming: The platform allows users to stake ALCX tokens to earn more tokens and participate in various yield farming strategies.
- Synthetic Assets: Alchemix creates yield-backed synthetic tokens like alUSD, which users obtain by locking assets in the vaults.
- Governance: ALCX tokens are used for governance, enabling holders to vote on changes to protocol parameters and features.
What is the history of Alchemix?
Alchemix was launched in February 2021 by a pseudonymous team led by an individual under the alias "Scoopy Trooples". Since its inception, Alchemix has reached several significant milestones, such as achieving over $600 million in total value locked (TVL) and launching the second version of its protocol, Alchemix v2, which introduced new yield strategies and collateral types. The platform has also integrated Layer 2 solutions to enhance its efficiency and has gained a strong market presence, exemplifying significant growth and technological evolution in the DeFi space.
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Frequently Asked Questions (FAQs)
What is the current price of Alchemix (ALCX)?
The Alchemix price is $32.34 AUD, representing a +2.71% from the day prior.
Where is the best place to buy Alchemix (ALCX) in Australia?
The best place to buy Alchemix (ALCX) in Australia is right here! Coinstash is one of Australia's leading and most trusted cryptocurrency exchanges. Built by investors, for investors - Coinstash offers a secure and user-friendly platform to buy and sell Alchemix (ALCX) and over 1,000 other cryptocurrencies. Enjoy low fees, excellent customer support and access to an array of powerful trading tools and investing features.
What is the daily trading volume of Alchemix (ALCX)?
The trading volume of Alchemix (ALCX) is $10.2M AUD in the last 24hrs, representing a +2.71% from the day prior.
How can I buy Alchemix (ALCX)?
Alchemix (ALCX) can be purchased on Coinstash with AUD or by trading other cryptocurrencies for it. Coinstash offers various AUD deposit methods including bank transfers, POLi and PayID.
What is the market cap of Alchemix (ALCX)?
The current market cap of Alchemix (ALCX) is $75.7M AUD.
Can I convert Alchemix (ALCX) to cash?
Yes - With Coinstash you can convert your Alchemix (ALCX) to AUD instantly. You can also withdraw AUD to your Australian bank account instantly and for free with no withdrawal fees.
How many Alchemix (ALCX) are there?
The current circulating supply of Alchemix (ALCX) is 2.4M.
Is Coinstash a safe place to buy Alchemix (ALCX) in Australia?
Yes - Coinstash is one of Australia's safest and most trusted platforms for buying and selling Alchemix (ALCX) and other cryptocurrencies. Coinstash's industry-leading security practices provide the highest level of protection for your investments. Coinstash is licensed, compliant and AUSTRAC registered in Australia. You can learn more about our security practices.