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 Yearn.finance.
Excited to announce we've led a $3M strategic round into @AlchemixFi with @Delphi_Digital @nascentxyz @cmsholdings @Maven11Capital @genesisblockhk and others. The first anonymous team we've placed a venture bet in.https://t.co/ZbfpH3eaIy — Jason Choi (@mrjasonchoi) March 18, 2021
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.
I met an anon online last week via memes, arranged an investment round via Telegram, without meeting a single person in the process. There’s no way I’m going back to my old job lol. — Jason Choi (@mrjasonchoi) March 16, 2021
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.