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Fellow Alchemists, welcome to the Alchemix v2 user interface.
This guide will help you familiarize yourself with the platform.
First and foremost the v2 website is a place where you’ll be able to setup and manage your Alchemix loans, farm with your tokens, use the transmuter and vote on governance proposals. The first time you arrive at the site, you’ll see the introduction page that tells you about the product and shows you what base assets are supported along with their current loan to values. This list will grow continuously as new assets are added. If you ever want to return here just click on the Alchemix logo at the top left of the page or the Intro button in the footer.
First you’ll need to connect your wallet. Click the ‘Connect wallet’ button and follow the prompts to select your wallet provider.
Connect wallet button
Once you’ve connected to your chosen wallet, you’ll be taken to the Vaults page that’s associated with your connected address.
alAssets are a fundamental concept to understand when using Alchemix. Whenever you take out a loan against your deposit it will always be issued in the form of an alAsset. For example alUSD is the asset you’d borrow against all stable coin assets you’ve deposited as collateral. alAssets are always pegged 1:1 to the assets you deposit. The stable coin collateral you’ve deposited could be made of a variety of stable coins, for example you may have deposited a mixture of Dai, USDC and Tether. Since these are all dollar pegged assets you’ll only need to borrow one asset, alUSD.
Let’s take a look at the vaults page.
Whether you have an existing loan or not the vaults page will display the current available strategies. You can take advantage of any of these, they cover the full range of assets that we currently support. This list will grow longer over time. To help manage what’s visible, you can use the toggles to filter for the alAssets you’re most interested in.
Each vault listed will show the collateral assets you can deposit and the current APY.
Moving on, let’s check out the Transmuter page. This is where you can swap your alAssets at a guaranteed 1:1 ratio for equal value tokens. Unlike the open market where pegged assets can fluctuate in value by small amounts, the transmuter ensures you won’t suffer any loss or slippage. The drawback however is that it takes time to swap your assets. So if you need to exchange immediately we recommend you use other exchanges. We’ve linked a few external swap providers at the top of the page.
Next, let's look at the Farms page. Here you can stake LP tokens and single sided ALCX to earn rewards. You can also wrap your ALCX into gALCX which automagically stakes your ALCX into the single sided pool and auto-compounding rewards. gALCX can also be used cross chain and on layer 2 networks as we roll out our multi-chain strategy.
Moving on to Governance. Here you can see a list of all the previous and active Alchemix improvement proposals or AIPs. Holders of ALCX are eligible to vote on any active proposal.
One last thing to draw your attention to. The website will store some user preferences on your computer’s local storage, should you wish to set your preferred display currency, gas defaults and language. You can set them either at the top of any page or navigate to the settings page.
In the next guide, we'll look at how to deposit funds.