The users of Alchemix will now be able to withdraw the loans of no-liquidation along with the support from the future income. Alchemix Finance is a new project on decentralized finance that has successfully managed to raise a whopping $3.1 million strategic round.
They raised this amount from some of the most reputed and popular cryptocurrency angels as well as funds. This round was mainly driven by Spartan Capital which is the investment sector of the cryptocurrency consulting firm of Spartan Group.
The other participants who helped in raising the round were Delphi Ventures, CMS Holdings, Genesis Ventures, Maven 11, and Nascent. The angel who invested included Jason Choi, Spartan Group’s general partner.
New DeFi Project, Alchemix Makes First Big Step
The sale of the over-the-counter token has raised a massive $4.9 million deal for Alchemix encouraged by Alameda Research along with CMS Holdings.
This project is in the process of building a new primitive of DeFi with the help of the combination of yield generation and lending platform which enables extracting loans according to the future income.
During the preliminary iteration, the users were allowed to deposit Dai in order to withdraw alDai till 50% valuation of the deposit. In addition, alDai could be converted to Dai with the help of decentralized exchanges or protocols.
Ultimately, Alchemix sends this deposited fund towards the yield-producing protocols including Yearn.Finance. They have the collateralization ratio objective of 200% that is equivalent to a 50% ratio of loan to value. After they exceed this target, the users will be allowed to withdraw some part of their initial Dai or more alDai.
The team is headed by Scoopy Trooples and remains anonymous.
