When was Alchemix launched?

The platform's innovative minting mechanism allowed users to generate synthetic alUSD tokens by depositing Dai as collateral. This feature offered a unique opportunity for users to unlock liquidity without selling their assets.

To safeguard against potential risks and maintain the stability of the system, Alchemix imposed a strict collateralization ratio minimum of 200%. This measure ensured that borrowers had sufficient collateral to cover their loans, even in volatile market conditions.

Alchemix, a groundbreaking project in the decentralized finance space, embarked on its journey in February 2021. The brainchild of pseudonymous developers, with Scoopy Trooples at the helm, the platform introduced a novel approach to lending and borrowing.

The implementation of such a high collateralization ratio demonstrated Alchemix's dedication to risk management and its commitment to protecting users' funds. It also aligned with the broader trend of DeFi projects prioritizing security and transparency.

At its inception, Alchemix imposed a specific collateral requirement for users to participate in its ecosystem. The sole acceptable collateral was Dai, a stablecoin pegged to the US Dollar, renowned for its stability and wide acceptance.