Have high transaction fees restricted you from harnessing the power of an Alchemix Self-Repaying Loan? You’re not alone.
One of the most sought after features of the Alchemix protocol has been layer 2 and multi-chain support. We’ve been developing our multi-chain rollout concurrently with the v2 launch.
Initial multi-chain support consists of two phases:
1) token bridging;
2) app deployment.
The first phase is to let people bridge their mainnet ALCX and alAsset tokens onto other chains, and the second phase is to launch the Alchemix protocol natively on other chains, letting people create CDP positions on other platforms such as Fantom. This makes the synthetic alAsset tokens generated fully interoperable with alAsset tokens bridged elsewhere. However, each CDP position will be contained on one chain; you wouldn’t be able use your mainnet collateral to take out Fantom debt. We may revisit this as cross-chain messaging primitives improve.
The emergence of other chains offers faster, cheaper transactions with potentially higher yields. However, these chains also introduce novel attack vectors through bridge technology and reliability of yield providers. We’ll be taking a hybrid approach with a liquidity pool bridge. This ensures that mainnet security is not compromised by our expansion efforts, while simultaneously giving us faster deployment and experimentation speed elsewhere.
As each new chain is considered safe to deploy both alAssets and loan contracts, we’ll be looking to branch out enough to cover the expanding DeFi ecosystem.
Working exclusively on EVM (Ethereum Virtual Machine) compatible chains allows us to use the same trusted contracts with the same high level security audits that protect our users on the Ethereum chain.
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