Alchemix · interactive mechanism simulation

Deposits go into the Alchemist vault, which mints alETH debt up to an LTV cap and routes the collateral to a yield strategy. Yield streams back to erode the debt — a self-repaying loan with no liquidation. Holders redeem alETH 1:1 at the Transmuter, or sell it on the Curve pool, where arbitrage keeps it near peg.
Depositor collateral in, alETH out stakes or sells alETH Alchemist Vault LTV cap: 50% debt: 0.0 alETH Yield strategy Yearn/Aave · 8% APY credits yield → repays debt Curve pool alETH/ETH · $1.000 liquidity: 9000 ETH Transmuter redeems alETH 1:1 0.0 alETH redeemed
Deposits simulated
0
Collateral locked (TVL)
0.0 ETH
Debt outstanding
0.0 alETH
alETH supply
0.0
Curve peg price
$1.000
Parameters — edit me
50%
8%
0.6/s
40%
4×
Controls
No incidents simulated yet.

Illustrative simulation. Mirrors the researched Alchemix mechanism (Alchemist vault mints alETH up to an LTV cap, yield from a routed strategy erodes debt with no liquidation, and the Transmuter plus Curve-pool arbitrage defend the alETH peg), but deposit sizes, timing and yield are randomized/rescaled for visualization — not live onchain data. The "trigger exploit" button illustrates the July 2023 Curve/Vyper reentrancy incident and its unusual voluntary fund return; exact figures are simplified. Drag the sliders to explore the flywheel. Part of The Onchain Experiment Atlas.