THELOGICALINDIAN - Newcomer to the arena Alchemix has aloof aloft about 49 actor from some of the best acclaimed VCs in the crypto space
Newcomer to the scene, Alchemix has already aloft $4.9 actor from some of the best acclaimed VCs in the crypto space.
Alchemix Hits $80 Million in Two Weeks
Alchemix is bound architecture a name for itself. The agreement was alone announced on Feb. 22 but has back taken the crypto amplitude by storm.
Alchemix appear Sunday on their Discord a actual acknowledged annular of allotment from some of the better names in crypto. The latest annular was led by CMS Holdings, eGirl Capital, and Alameda Research, who is beginning off addition $20 actor investment in Reef Finance.
Other investors include Immutable Capital, Nascent, Protoscale Capital, LedgerPrime, Fisher8 Capital, and Orthogonal Trading.
Alchemix additionally appear that these investors could buy tokens at the amount of $700, beneath than half its accepted price.
While itself congenital on top of Yearn Finance, it aims to become a DeFi archaic for both individuals and approaching projects. Users drop DAI in the arrangement and accept a assertive bulk of alUSD, up to 50% of the deposited DAI. This alUSD is a stablecoin.
Alchemix again uses the deposited DAI to acquire crop in Yearn vaults, and this crop eventually reimburses the alUSD – at which point the user can alleviate their DAI.
“We see both deals as a huge win, adjustment the team’s objectives and our adeptness to serve the DeFi Nation with accessible innovations that will abide to accomplish after-effects in the space.” added the Alchemix amount team on Discord.
Disclaimer: The columnist captivated BTC, ETH, and several added cryptocurrencies at the time of writing. Andre Cronje, the architect of Yearn Finance, is additionally an disinterestedness holder in Crypto Briefing.
