Alchemix is a DeFi protocol that allows the creation of synthetic tokens representing the future earnings of deposits. The platform offers flexible instant loans that self-repay over time, addressing the risk of leveraged positions being liquidated.

ALCX is the native functional and governance token of the project. Current use cases for ALCX include:
Liquidity Mining: Users can contribute liquidity to collateral pools on Alchemix to earn liquidity rewards and a share of trading fees.
Minting Synthetic Tokens: Users can deposit assets (e.g., ETH) as collateral to mint 1:1 synthetic tokens (e.g., alETH) on Alchemix.
Governance: ALCX token holders can participate in voting through on-chain governance.

The project consists of the following main components:
Vaults: Vaults act as hubs for generating yield-earning advances, sharing many similarities with lending platforms like MakerDAO and AAVE.
Users deposit collateral to mint corresponding synthetic tokens (loans), tokenizing their future earnings.
The earnings from users collateral automatically repay their loans.
Collateral Pools: Collateral pools provide liquidity pairs for tokens within the Alchemix ecosystem and reward users for contributing liquidity.
Transmuter: The Transmuter enables users to stake their synthetic assets and convert them into their base assets over time.
Alchemix DAO: Alchemix will be governed by a DAO. The DAO will focus on funding projects that contribute to the development of the Alchemix ecosystem and the Ethereum community.