Alchemist - Alchemists act as the smart contract hub to generate yield and yield advances, and share many similarities to collateralized lending platforms such as MakerDAO and AAVE. The currently accepted collateral types are ETH, DAI, USDC, and USDT as well as their respective yield-bearing tokens for each strategy. Users take loans in the synthetic assets alETH (for ETH yield token deposits) and alUSD (For DAI, USDC, and USDT yield token deposits). Alchemix takes 10% of all generated yield as a fee that is sent to the DAO treasury.
Transmuter - Alchemix incentivizes liquidity pools for the synthetic assets, so that users may swap their synthetic assets for the underlying asset immediately upon receipt. If the liquidity pool exchange rate value of the synthetic asset is significantly below the value of the underlying, the Transmuter allows users to stake their synthetic assets and have them be converted into their base asset over time. For this reason, the Transmuter is considered a backstop to the redeemability of synthetic assets, and not the preferred route for users to swap synthetic assets. Liquidity for instant swaps of alAssets can be found on Curve Finance, as well as other decentralized exchanges / AMMs.
alAssets - alAssets are the synthetic debt assets that represent a user's future yield. Users must be able to sell alAssets to utilize them for on-chain and real-world purchases. Users may wish to buy alAssets to repay a loan early, or to convert to the underlying over time via the transmuter. For these reasons, alAssets are typically expected to have a market price at some discount from the underlying (ie, 1 alETH will typically be worth less than 1 ETH). This discount can be viewed as the cost for depositors to access future yield early. The Transmuter, Elixir AMO, and DAO Treasury all work to minimize the discount for each alAsset through governance defined frameworks.
Elixir AMO -The Transmuter has a set amount of alAssets that are allowed to be converted to the underlying collateral. This creates a surplus of assets in the Transmuter. These surplus assets are used to provide liquidity for their corresponding alAssets, through the Elixir AMO. Elixir deposits to the liquidity pools increase the price of the alAsset, earn yield, and can be withdrawn single-sided as alAssets in order to mimic the effect of the Transmuter.
Alchemix DAO - The governance of Alchemix Finance is managed by the DAO with the liquid governance token, ALCX.
ALCX Token - The Alchemix governance token (ALCX) initial supply and emissions are split among the developers, the DAO itself, and the community.