What is ALCX?
Alchemix is a DeFi lending and yield platform which allows a user to collateralise their stablecoins, and use them to borrow a “self-repaying” loan. To do so, Alchemix automatically deposits collateral in yield bearing protocols such as Yean Finance, and uses the income generated from that collateral to pay off your loan. In addition to the yield generated from collateral, and the user-earned yield from their borrowed assets, Alchemix users are rewarded for their participation in the network, and can farm Alchemix’s native token ALCX. In addition to being a yield and rewards mechanism, ALCX can be used to vote on governance proposals and grants denoted in ALCX are given out to developers who want to build on the Alchemix network.