About Alchemix (ALCX)
Alchemix Finance is an Ethereum-based decentralized finance protocol that provides users advances on yield-farming rewards. The system uses synthetic tokens — for example, alUSD — to represent collateral deposited to the Alchemix platform. Its native token, ALCX, extends governance rights to members of the Alchemix decentralized autonomous organization.
The Alchemix platform uses a series of vaults to facilitate what its documentation describes as "self-repaying loans." Meanwhile, voting with ALCX enables community members to determine the recipients of treasury capital, with the overarching goal of increasing Alchemix utility and strengthening Ethereum's DeFi ecosystem through the Alchemix DAO.
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