ALUSD, issued by the Alchemix Protocol smart contracts under the governance of ALCX tokenholders, is a synthetic dollar-pegged stablecoin that represents an overcollateralized claim on future yield, soft-pegged 1:1 to the U.S. dollar (USD). [S1][S2]

Holders receive a synthetic token tracking a 1:1 USD peg rather than a coupon. ALUSD is minted as a loan against stablecoin collateral including DAI, USDC and USDT, deployed non-custodially into third-party yield sources such as Yearn, Aave, Euler and Lido, whose harvested yield automatically repays the borrower's debt as self-repaying loans bearing 0% interest with no monthly payments. Protocol income flows to the Alchemix DAO treasury. [S1][S3][S2][S4]

ALUSD is issued by Alchemix Protocol smart contracts (Alchemists) and is not issued by a single incorporated corporate entity; it is governed as a community DAO by ALCX tokenholders. The holder's claim is a protocol-native synthetic asset backed by future yield and overcollateralized at 200% or more. Access is permissionless via a connected wallet. ALUSD is redeemable for its underlying via the Transmuter at a slippage-free 1:1 rate, gradual and rate-limited by a governance-set per-second flow rate, with secondary markets such as Curve available for immediate exit. The system is non-custodial, with users retaining control of deposited collateral. [S1][S5][S6][S2][S4]

ALUSD is an ERC-20 token issued natively on Ethereum Mainnet, with deployments on Optimism and Arbitrum as bridged xalAssets via the xERC20 and Lockbox standard. Minting occurs by depositing collateral into an Alchemist and borrowing up to the maximum loan-to-value. Settlement is mechanical 1:1 pegging supported by the Transmuter and the Elixir AMO. [S3][S2][S4]

<Sources
  retrievedAt="2026-06-22"
  items={[
    { id: "S1", url: "https://docs.alchemix.fi/alchemix-ecosystem/overview" },
    { id: "S2", url: "https://docs.alchemix.fi/alchemix-ecosystem/alchemix-on-l2" },
    { id: "S3", url: "https://docs.alchemix.fi/resources/guides/the-amo-the-elixir" },
    { id: "S4", url: "https://docs.alchemix.fi/alchemix-ecosystem/transmuter" },
    { id: "S5", url: "https://alchemix.fi/" },
    { id: "S6", url: "https://docs.alchemix.fi/alchemix-dao/the-alchemix-dao" },
  ]}
/>


# DEX trading volume methodology

## 1. Overview

DEX trading volume is the total value of trades involving a specific asset executed on decentralized exchanges, broken out by the exchange and product where the trade was executed (venue). Integrated venues include Uniswap, Aerodrome, PancakeSwap, and Fluid, among others, with coverage expanding as more are added.

## 2. Data sources

- **EVM chain events**: Swap and trade events from decentralized exchange contracts, covering EVM-compatible chains (Ethereum, Arbitrum, Base, Polygon, Optimism, and others)
- **Solana instructions**: Swap and trade instructions from decentralized exchange programs, covering Solana
- **Hyperliquid native spot**: Spot trading data from Hyperliquid
- **Asset metadata**: Token addresses and decimal precision
- **External data**: End-of-day price feeds

## 3. Step-by-step calculation

### Component A: Extract trade events and instructions

- **Purpose**: Retrieve raw trade data from decentralized exchange contracts, programs, and native spot feeds.
- **Logic**: On EVM-compatible chains, swap and trade events are parsed from decentralized exchange contracts. On Solana, swap and trade instructions are parsed from decentralized exchange programs. For each trade, the raw amounts of both traded tokens (the token sold and the token bought) are extracted along with the pool address, chain, and product identifier. For Hyperliquid, native spot trading volume is retrieved directly.
- **Key fields**: `amount_0` (raw quantity of first token), `amount_1` (raw quantity of second token), `token_address_0` (address of first token), `token_address_1` (address of second token), `timestamp` (block timestamp), `trading_volume` (raw trading volume for native spot)

### Component B: Normalize amounts and apply valuation

- **Purpose**: Normalize token quantities and calculate the USD value of the trade.
- **Logic**: Raw token amounts are normalized by decimal precision retrieved from asset metadata. Normalized amounts are multiplied by end-of-day price feeds from the price pipeline. To mitigate wash trading and mispricing, a conservative valuation is typically applied where the total trading volume of the trade is determined by taking the lesser USD value of the two legs (the token sold and the token bought). However, for trades involving exactly one tokenized stock, the valuation is determined solely by the tokenized-stock leg to prevent mispricing from unpriced counterparties. Hyperliquid native spot trading volume is retrieved pre-valued and is not subject to this valuation logic.
- **Key fields**: `trading_volume` (calculated USD value of the trade), `token_address_0` (address of first token), `token_address_1` (address of second token)

### Component C: Resolve trade legs and final aggregation

- **Purpose**: Attribute trading volume to each individual asset and aggregate by venue.
- **Logic**: Each trade is typically split into two distinct legs to represent both sides of the transaction, where one leg is categorized as a sell for the token sold by the trader, and the other leg is categorized as a buy for the token bought by the trader. Hyperliquid native spot trading volume is excluded from this split as it is retrieved pre-split by trade direction. The trading volume is then aggregated by summing the USD values across trade directions, assets, chains, and venues.
- **Key fields**: `trade_direction` (direction of the trade leg), `token_address` (resolved token address), `trading_volume` (aggregated USD volume)

*This methodology was automatically generated by Token Terminal's methodology analyzer.*

Value of trades involving the asset on decentralized exchanges, counted on both sides of each trade, broken out per venue.

DEX trading volume

Stablecoins

Overcollateralized borrowers deposit funds into Alchemix and receive alUSD & a return on investment (supply-side fees).

Alchemix is a non-custodial lending & asset management protocol built on Ethereum. Alchemix was founded by pseudonymous Scoopy Trooples, etc., and launched in 2021.

ALCX tokenholders own and govern the protocol. They currently take a cut of the total return on investment (revenue). Alchemix’s investors include Alameda Research, CMS Holdings, Immutable Capital, etc.

github

twitter

discord

etherscan

website

Asset management

Alchemix Finance

Alchemix USD (ALUSD) is a U.S. dollar stablecoin issued by Alchemix Finance.

Each token is redeemable one-for-one for U.S. dollars and is a collateral-backed contractual exposure rather than a direct claim on the issuer.

Retail investors, professional investors, accredited investors, qualified investors, qualified purchasers, and institutions can mint and redeem directly with Alchemix Finance in USDC, and holders have a contractual right to redeem at par.

ALUSD has been issued on Ethereum as an ERC-20 token since February 2021, with a bridged version on one more network.

Alchemix USDALUSD