Alchemix Announced Integration With Chainlink
Future-yield backed synthetic asset platform, Alchemix, is thrilled to announced its integration with Chainlink.
Alchemix Mainnet has already been integrated to the DAI/USD Chainlink Price Feed, and will expand the service to include the use and support of Chainlink Price Feeds for ALCX, alBTC, alUSD, and alETH. These decentralised price oracles will be referenced on-chain during for minting, liquidation, and/or payback processes of lending and borrowing by Alchemix and/or other DeFi protocols such as Cream Finance, who are looking to add support for Alchemix synthetic tokens.
Through this collaboration, users can deposit DAI into Alchemix in order to mint an equivalent amount of Alchemix’s native stablecoin, alUSD, which has a minimum collateralisation ratio of 200%.
Key Factors Why Alchemix Choose Chainlink
- High-Quality Data
- Secure Node Operators
- Decentralised Network
- Economy of Scale
By using these Chainlink Price Feeds directly within the Alchemix protocol, other DeFi protocols can leverage them to support the use of Alchemix synthetic tokens within their own markets
ABOUT Alchemix
Alchemix Finance is a future-yield backed synthetic asset platform and community DAO, managing over $1 billion of value. The platform gives you advances on your yield via a synthetic token that represents a fungible claim on any underlying collateral in the Alchemix protocol.
ABOUT Chainlink
Chainlink is the most widely used and secure way to power universally connected smart contracts. With Chainlink, developers can connect any blockchain with high-quality data sources from other blockchains as well as real-world data
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