Binance listed a ALCX token. What about OGS, LDG, and CLVX?

Binance announced that it would list Alchemix (ALCX) token on its platform. The exchange also opened trading for ALCX/BUSD, ALCX/BTC, and ALCX/USDT trading pairs on November 30, 2021. Alchemix is a relatively new Defi protocol. It enables investors to create synthetic tokens that represent the future yield of a deposit. The company launched its own native token, ALCX. Customers can use it for protocol governance, as well as liquidity mining.

Thanks to Alchemix, Defi users can easily create various yield-backed synthetic tokens. However, the platform has one requirement if the customers want to create a new synthetic token. They must already own any other token, such as ERC20s or stablecoins, which would have a yield generating mechanism on-chain.

The Alchemix team plans to target stablecoins for their first synthetic token. It will call the latter alUSD (short of the al denoting the Alchemix platform). According to the company, alUSD will be mintable from several stablecoins. However, the protocol will initially support only DAI. Furthermore, Alchemix has its own dApp, which contains the following components: Transmuter, Vaults, Farming, and Treasury.

What advantages does Alchemix offer?

This platform brings an entirely new financial premise to Defi. It also expands the utility of existing yield-earning dApps such as Yearn. The team has recently announced that Alchemix would begin a new integration with Chainlink Keepers, automating the entire process. The company is actively moving towards true decentralization. It will use Chainlink Keepers and their leading oracle solution to achieve that.

The team has also sponsored the launch of a new Chainlink Price Feed for ALCX token to support its adoption as collateral across the Defi ecosystem. The company stated that the launch of a Chainlink Price would enable ALCX to become easily integrated by any Defi protocol in a reliable and secure manner. That integration will actually be an extension of Alchemix’s previous integration of Chainlink Price Feeds. The company uses it to issue loans at fair market prices, as well as ensure that the peg of minted tokens is maintained.

The post Binance listed a ALCX token. What about OGS, LDG, and CLVX? appeared first on FinanceBrokerage.