[AIP-122] v3 Launch Proposal and Initial Parameters

V3 Launch Proposal and Initial Parameters

(see link below for more detailed version of the proposal)

The time for Alchemix v3 has come. V3 introduces sophisticated mechanics to improve fairness (Trooples, S. Introducing Alchemix v3. Aug 5, 2025. https://alchemixfi.medium.com/introducing-alchemix-v3-d55f86d35b49).

V2's alAsset prices deviate from backing collateral, making LP expensive and realized LTV lower than the nominal 50%. V3 revamps Transmuters, vaults, and self-repayment mechanics.

Transmuters Maintain alAsset prices via 1:1 conversion to underlying. V2's unpredictable repayment events make conversion periods lengthen when most needed. V3 introduces timeToTransmute for fixed-duration redemptions, creating predictable fixed-rate yield. Initial 12-week period, then gradually shortened until prices reach ≥0.99. Claims denominated in MYT tokens.

Vaults & Self-Repaying Loans V3 consolidates vaults into MYTs (one mixETH + one mixUSD per chain). No yield harvests—MYT value grows over time. Debt portions are earmarked for redemptions, sending MYT to Transmuter and reducing debt proportionally to user's debt share and duration. Earmarked tokens continue earning yield until redeemed. LTV increases from 50% to 90%.

MYTs Composite of multiple yield strategies on Morpho V2 (ERC-4626). Initially DAO Multisig managed, later fully on-chain governed.

Liquidations Added to protect solvency at 90% LTV. Users liquidated only if strategy losses push collateral past 95% LTV. Example: 10 WETH deposit + 9 alETH debt → liquidated if MYT loses ≥5%.

Governance Goal: fully on-chain governance. Interim: DAO ops team via snapshot. Post-launch: fortnightly MYT weight votes.

Fee Parameters Redemption fees • Yield fees on Morpho • Early exit transmutation fees • Transmutation completion fees

Alchemist v3 Parameters All vaults: protocolFee=0.5%, depositCap=1.5×migratedDeposits, yieldToken/tokenAdapter/Transmuter TBD

Chain     Token  Admin/FeeReceiver                           debtToken                                   underlyingToken
Mainnet   alETH  0x9e2b6378ee8ad2A4A95Fe481d63CAba8FB0EBBF9  0x0100546F2cD4C9D97f798fFC9755E47865FF7Ee6  WETH 0xC02aaA39b223FE8D0A0e5C4F27eAD9083C756Cc2
Mainnet   alUSD  0x9e2b6378ee8ad2A4A95Fe481d63CAba8FB0EBBF9  0xBC6DA0FE9aD5f3b0d58160288917AA56653660E9  USDC 0xA0b86991c6218b36c1d19D4a2e9Eb0cE3606eB48
Optimism  alETH  0xC224bf25Dcc99236F00843c7D8C4194abE8AA94a  0x3E29D3A9316dAB217754d13b28646B76607c5f04  wETH 0x4200000000000000000000000000000000000006
Optimism  alUSD  0xC224bf25Dcc99236F00843c7D8C4194abE8AA94a  0xb2c22A9fb4FC02eb9D1d337655Ce079a04a526C7  USDC 0x0b2C639c533813f4Aa9D7837CAf62653d097Ff85
Arbitrum  alETH  0x7e108711771DfdB10743F016D46d75A9379cA043  0x17573150d67d820542EFb24210371545a4868B03  wETH 0x82aF49447D8a07e3bd95BD0d56f35241523fBab1
Arbitrum  alUSD  0x7e108711771DfdB10743F016D46d75A9379cA043  0xCB8FA9a76b8e203D8C3797bF438d8FB81Ea3326A  USDC 0xaf88d065e77c8cC2239327C5EDb3A432268e5831

Contracts TBD: AlchemistFeeVault, AbstractFeeVault, AlchemistTokenVault, AlchemistETHVault, PermissionedProxy, AlchemistAllocator, AlchemistCurator

MYT Risk Classification Criteria: Wrap/Unwrap (Contract vs Dex), Pricing (Fundamental vs External Oracle), Duration Risk (None/Util/Async/MultiWeek), Other Factors (can only increase risk)

Level  Max Indiv  Max Total
Low    None       None
Med    25%        25%
High   10%        10%

MYT Launch Strategies

Chain     MYT      Strategy              Weight  Risk  Link
Mainnet   mixETH   Euler wETH            75%     Low   https://app.euler.finance/vault/0xD8b27CF359b7D15710a5BE299AF6e7Bf904984C2?network=ethereum
Mainnet   mixETH   Yearn OGwETH Morpho   10%     Med   https://app.morpho.org/ethereum/vault/0xE89371eAaAC6D46d4C3ED23453241987916224FC/yearn-og-weth
Mainnet   mixETH   Tokemak autoETH       15%     Med   https://app.tokemak.xyz/pools/autoETH?breakdown=pools
Mainnet   mixUSD   Euler USDC            70%     Low   https://app.euler.finance/vault/0xe0a80d35bB6618CBA260120b279d357978c42BCE?network=ethereum
Mainnet   mixUSD   Peapods USDC          5%      High  https://peapods.finance/lending/1/0x3717e340140D30F3A077Dd21fAc39A86ACe873AA
Mainnet   mixUSD   autoUSD               25%     Med   https://app.tokemak.xyz/pools/autoUSD
Optimism  mixETH   Moonwell ETH          90%     Low   https://moonwell.fi/markets/supply/optimism/eth
Optimism  mixETH   Stargate ETH          10%     High  https://stargate.finance/pool/optimism:0xe8CDF27AcD73a434D661C84887215F7598e7d0d3
Optimism  mixUSD   Moonwell USDC         50%     Low   https://moonwell.fi/markets/supply/optimism/usdc
Optimism  mixUSD   AAVE USDC             50%     Low   https://app.aave.com/reserve-overview/?underlyingAsset=0x0b2c639c533813f4aa9d7837caf62653d097ff85&marketName=proto_optimism_v3
Arbitrum  mixETH   Euler ETH             50%     Low   https://app.euler.finance/vault/0x78E3E051D32157AACD550fBB78458762d8f7edFF?network=arbitrumone
Arbitrum  mixETH   AAVE ETH              50%     Low   https://app.aave.com/reserve-overview/?underlyingAsset=0x82af49447d8a07e3bd95bd0d56f35241523fbab1&marketName=proto_arbitrum_v3
Arbitrum  mixUSD   Euler USDC            40%     Low   https://app.euler.finance/vault/0x0a1eCC5Fe8C9be3C809844fcBe615B46A869b899?network=arbitrumone
Arbitrum  mixUSD   AAVE USDC             40%     Low   https://app.aave.com/reserve-overview/?underlyingAsset=0xaf88d065e77c8cc2239327c5edb3a432268e5831&marketName=proto_arbitrum_v3
Arbitrum  mixUSD   Fluid USDC            20%     Med   https://fluid.io/lending/42161/USDC

Transmuter Parameters 12-week easing-in period with ¼ debt deposit cap. All: transmutationFee=0, exitFee=0.5%, depositCap=totalDebt×0.25

Chain     Token  syntheticToken                              Admin/FeeReceiver                           timeToTransmute
Mainnet   alETH  0x0100546F2cD4C9D97f798fFC9755E47865FF7Ee6  0x9e2b6378ee8ad2A4A95Fe481d63CAba8FB0EBBF9  604,800 (12wk)
Mainnet   alUSD  0xBC6DA0FE9aD5f3b0d58160288917AA56653660E9  0x9e2b6378ee8ad2A4A95Fe481d63CAba8FB0EBBF9  604,800 (12wk)
Optimism  alETH  0x3E29D3A9316dAB217754d13b28646B76607c5f04  0xC224bf25Dcc99236F00843c7D8C4194abE8AA94a  3,628,800 (12wk)
Optimism  alUSD  0xCB8FA9a76b8e203D8C3797bF438d8FB81Ea3326A  0xC224bf25Dcc99236F00843c7D8C4194abE8AA94a  3,628,800 (12wk)
Arbitrum  alETH  0x17573150d67d820542EFb24210371545a4868B03  0x7e108711771DfdB10743F016D46d75A9379cA043  29,030,400 (12wk)
Arbitrum  alUSD  0xCB8FA9a76b8e203D8C3797bF438d8FB81Ea3326A  0x7e108711771DfdB10743F016D46d75A9379cA043  29,030,400 (12wk)

This proposal authorizes the Alchemix dev team to implement v3 with the parameters above.

Vote: ✅ Approve | ❌ Deny | ⏸️ Abstain