April 7, 2021, 5:40AM EDT
• 7 min read

Alchemix: a new (popular?) structure for DeFi lending

Quick Take

  • Alchemix is a new lending protocol that allows users to borrow alUSD (a stablecoin) against DAI (and other stablecoins in the future)
  • The alUSD supply has grown to 242 million and the protocol has a total of $882 million in locked collateral — driven heavily by ALCX incentives — since its February 2021 launch
  • Alchemix is limited to only stablecoin denominated debt but offers users a new type of lending interaction without liquidations that some may prefer

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