Alchemix V3

Alchemix V3 is the third version of the protocol that pioneered “self-repaying loans.” Users deposit yield-bearing collateral and mint synthetic tokens (alUSD, alETH) against it; the underlying yield is automatically used to pay down the debt over time.

The model means borrowers face no liquidation risk on principal — the loan repays itself as long as collateral yield is positive. ALCX is the governance token.