Thread by @crypto_klay

1/ $FTM fam, it's threadooor time! If you're like me, you may have noticed a recent trend:

Ethereum giants are coming to $FTM 📈

Now, @AlchemixFi V2 is nearly here!

Let's breakdown 🧵:

- What they do
- Why they're choosing $FTM
- What they'll bring
- Launch & Big Picture

2/ For those unfamiliar with $ALCX:

@scupytrooples is the founder, a web3 legend & DeFi 2.0 pioneer of the space. Yet another great Dev comes to $FTM

Importantly: Alchemix offers Self-Repaying Loans that allow you to leverage a range of tokens without risk of liquidation...

3/ By borrowing a synthetic version of the asset you deposit you'll avoid the risk of liquidation. Using your collateral they earn yield on your behalf to pay off your loan.

This concept has made them a giant in DeFi...

They currently have $713MM in TVL on Ethereum!

4/ There are a ridiculous # of use cases for how @AlchemixFi could be used IRL...

Yes, making magic internet money delivering real world value - can you imagine? 😂

@b05crypto put together a compelling POV on ways you degens could benefit from $ALCX:

https://twitter.com/b05crypto/status/1459655468389912581

5/ So, why did they choose $FTM over other L1's?

Here's what @AlchemixFi listed:

- $FTM has a robust DeFi ecosystem #1
- It has every primitive Alchemix needs: Uni v2 AMMs, Balancer V2 AMMs, Curve, forks of Curve, Lending protocols, & most importantly, Yearn Finance

6/ Reasons for $FTM cont.

- @iearnfinance has been the backbone of Alchemix
- Yearn = Yield as a Service (YaaS) provider for Alchemix
- Yearn full deployed on Fantom equals necessary ingredients for a robust implementation on #Fantom

...Thank you Andre.

7/ Reasons for $FTM cont.

- $FTM has significant TVL (8.33BB), this is a new source of growth for Alchemix
- Depth of $FTM DeFi = fertile ground for integrations
- #Fantom is among the cheapest to transact (gas fees are consistently low)

8/ Reasons for $FTM cont.

- Onboarding transaction fees will be recouped virtually instantly by the user
- Operational expenses on Fantom will essentially be negligible
- This means more frequent harvests for our yield providers and hence ourselves too, resulting in better UX

9/ Even with Yearn being a large factor..this is a freaking why $FTM playbook 👆

Other protocol in the Ethereum ecosystem could likely relate, it's hard to argue with this logic...

People ask me why $FTM...@AlchemixFi just said:

10/ So, what can we expect upon arrival?

Upon launch, the alchemix specific assets ("al" assets), Ex. $alUSD will come to #Fantom

A user can deposit $1000 $DAI as collateral into an Alchemix vault and receive $500 $alUSD in exchange...

The same concept applies for $alETH...

11/ The LTV for borrowing alUSD on #Fantom will be the same as it is on $ETH mainnet, 50%, meaning a $1000 deposit allows for a 500 alUSD loan.

The convertible cap will be set to $5m over a 1 hour period, MaximumLoss parameter will mirror mainnet at 0.05%

12/ Initially, there will be 3 choices of accepted collateral types:

Standard: $DAI, $USDC, $USDT
Yearn: $yvDAI, $yvUSDC, $yvUSDT

There are other possibilities with Yearn on Fantom, including $FRAX, $MIM, and $DOLA...these will be evaluated post launch (+ pending Yearn vaults)

13/ With their multichain architecture, alAssets will essentially have unlimited liquidity between sidechains...

Thus, Alchemix really only needs to have 1-2 robust marketplaces for their token outside of $ETH mainnet...

Lucky for us, $FTM is the 1st sidechain...

14/ Okay, lucky how?

Well, since we're the 1st sidechain, it makes sense to build one of their primary multichain markets on $FTM

Bringing a primary marketplace means our DEXES get:

- Robust integrations
- Higher Volume
- Deeper liquidity
- More Swap fees
- Healthy growth

15/ Looking at the token...

Alchemix governance token got an upgrade in the form of the $gALCX contract

$gALCX is a token wrapper for $ALCX, where it takes the deposited $ALCX and stakes it into the single-sided $ALCX pool for $ALCX and auto-compounds it

$gALCX is our token!

16/ When the $gALCX is paired in a LP position, it is getting $ALCX rewards and trading fees – in addition to any other farming incentives on top...

Initially, @AlchemixFi will look towards liquidity mining incentives to bootstrap the markets on Fantom.

Farmers rejoice...🧑‍🌾

17/ That like also likely means $ALCX emissions can be directed to the Fantom deployment and increase $alUSD and $alETH bribes...

But will bribes come to $FTM soon?

Right now it's only bribes for @ConvexFinance...let's see how it plays out!

18/ Launch Partners:

@AlchemixFi has chosen to focus on @beethoven_x for alUSD

Here's why:

- They offer both volatile and stable swap AMM pools
- Through the use of the Boosted Pool technology, the $USDC in this pool can be deployed to Yearn, which gives LP’s additional yield

19/ Other interesting details for @beethoven_x:

The new LP pool would receive 2.5% of total emissions (approximately 300 gALCX/week)...This is the largest emission distribution of any partner at launch...

@beethoven_x will be their major liquidity hub in the multi chain eco:

20/ Next DEX will be @SpookySwap for FTM/gALCX LPs

They expect this to make a market approximately $2-3MM in liquidity for gALCX on Fantom...

Approximately 0.85% of the emissions (800 gALCX total, or 100 gALCX/week) will be directed to the FTM/gALCX pair on Spookyswap.

21/ Finally, @Spirit_Swap will be the 3rd DEX..

They expect it to attract $2MM in liquidity for gALCX/FTM

We propose spending 0.66% of emissions, approximately 80 ALCX/week on their bribing system for the gALCX/FTM pair

Thus, bribed gauges are in play here!

22/ The final emission tally looks like this:

- @beethoven_x $alUSD/ $USDC Boosted Pool 2.5%
-@SpookySwap $gALCX/ $FTM LP 0.83%
- @Spirit_Swap $gALCX/ $FTM LP Gauge Bribe 0.66%

23/ Wrapping this up with some key points of focus:

- $FTM is not dying, kill the FUD, it's looking healthier than ever
- Giants are coming from $ETH bringing $ETH user with them
- @AlchemixFi is a trusted name in DeFi & an incredible add to $FTM

24/ I couldn't be more excited to welcome this protocol to the best alt L1 in crypto...

Quickly they will realize they inherited the best community in $FTM as well 🙌

We look forward @AlchemixFi V2 deployment and send a warm WELCOME!

Until next time $FTM fam! Looking forward to seeing you out there...

Tune into #FantomUnchained every Thursday for major weekly $FTM updates!

For any newcomers or perspective $FTM users:

You're not too late - there's still plenty of room on the $FTM...

Post Script:

Here's a breakdown of NEW features for @AlchemixFi V2:

https://twitter.com/scupytrooples/status/1503751703019110410