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.