Read on Twitter
So happy to finally reveal what we've been making. Please do read the article as it covers Alchemix in great detail. I will try my best at a TLDR though /1 https://twitter.com/AlchemixFi/status/1363658484303097858
So essentially, Alchemix is a flexible CDP system based on top of @iearnfinance vaults. You deposit DAI (and later other stables) to mint alUSD. alUSD is a yield-backed currency, however, in that you can redeem it for the DAI we harvest from yearn. /2
What makes us particularly unique is that Alchemix is incredibly flexible. You don't have a minimum lock up time, an expiration date, or any other such nonsense. You can repay your alUSD debt with alUSD or DAI any time to exit your position. /3
Furthermore, and here is the kicker, the yield generated from yearn PAYS BACK YOUR DEBT AUTOMATICALLY. Yes, you heard that right. /4
If you have questions, leave them here and I will do my best to answer them :)
