Alchemix Finance Raises $ 3.1 M Led By Crypto Investment Firms

   2021-03-19 09:03

Alchemix Finance, a new Defi finance project has raised a $ 3.1M round led by crypto investment firms namely Spartan Capital, Delphi Ventures, Nascent, CMS Holdings, Maven 11, Genesis Block Ventures including general partner at The Spartan Group. Jason Choi.

Recently, Alchemix happened to raise $4.9 million in a token sale deal led by CMS Holdings and Alameda Research. The Alchemix project is underway constructing a new DeFi primitive, that will combine yield generation with a lending platform that will give the opportunity to users to draw loans based on future income. Initially, users have to deposit Dai to draw alDai for up to 50% of the deposit value. Now, there is a possibility of converting AlDai one-to-one to Dai through decentralized exchanges.

At back-end, Alchemix will be sending the deposited funds to yield generating protocols like

Alchemix, for now targets a 200% collateralization ratio, equal to the initial 50% loan-to-value ratio. After meeting the threshold of targeting a collaterization ratio of 200% which is equivalent to loan-to-value ratio of 50%, users will be able to withdraw more alDai along with a part of their original Dai.

Alchemix gives the opportunity to its users to use a portion of their future yield on the assets, which allows users to pay for sudden expenses without losing their capital in the long run. Even though Alchemix is supporting Dai at the moment, the whitepaper states that with crypto-assets that will bear yield generation, more such opportunities can be added.

Alchemix’s team led by a developer named Scoopy Trooples, while the remaining members are in anonymity.

Getting all thrilled on the Alchemix’s no-liquidation loans, Choi said:

Alchemix is building a new DeFi protocol that enables users to tokenize their yield in a no-liquidation manner. We’re excited to see this evolve into a new primitive in DeFi as yield opportunities continue to mature.

Source: Cointelegraph | Image: |


Crypto News Point a news platform of Digital Notice Media Labs is primarily a regular publication of information, commentary and articles focused extensively on fintech, blockchain technology, cryptocurrency, blockchain-based tokens, cryptocurrency market trends, and trading strategies. We do not provide individually tailored investment advice and does not take a subscriber’s or anyone’s circumstances into consideration when discussing investments, nor is Crypto News Point registered as an investment adviser or broker-dealer in any jurisdiction. Information contained herein is not an offer or solicitation to buy, hold, or sell any digital assets.

Affiliate Disclosure: To help support the work we do here at CNP, we often link to products and deals from around the web. Should you buy some of these, we may get a portion of the sale.

We in generally gather content from the major websites. In every article there is always a clear link and attribution to the source publication. If you have any issue with any of our published content taken from your site, kindly let us know so that we can take appropriate action. In any case, the content of the pages of this website is for your general information and use only. It is subject to change without notice.

Original Source

CryptoCurrencyUSDChange 1hChange 24hChange 7d
Bitcoin59,379 0.83 % 2.03 % 0.54 %
Ethereum2,120.1 1.06 % 2.32 % 0.66 %
Binance Coin478.07 1.56 % 7.55 % 41.88 %
XRP1.320 3.31 % 25.19 % 118.75 %
Tether1.000 0.07 % 0.24 % 0.10 %
Polkadot40.99 1.16 % 0.28 % 0.11 %
Cardano1.220 1.06 % 0.65 % 2.14 %
Litecoin249.08 3.01 % 11.66 % 17.57 %
Uniswap29.79 1.03 % 0.66 % 0.95 %
Chainlink31.54 0.48 % 0.35 % 2.52 %
Stellar0.5556 1.34 % 11.57 % 25.51 %
Bitcoin Cash670.77 1.45 % 4.98 % 15.30 %
Theta Network12.31 1.17 % 3.91 % 5.62 %
Filecoin178.21 1.80 % 4.97 % 4.09 %
USD Coin1.000 0.50 % 0.33 % 0.34 %
VeChain0.1472 2.38 % 11.82 % 55.65 %
TRON0.1218 0.30 % 3.98 % 32.03 %
Wrapped Bitcoin59,274 0.69 % 1.71 % 0.30 %
Dogecoin0.06367 0.52 % 3.03 % 10.02 %
Solana26.70 1.22 % 5.01 % 35.25 %