Alchemix USD (ALUSD)

According to them, Alchemix is a platform to create yield-backed synthetic tokens. The requirement for creating a synthetic token is that any existing token, such as stablecoins or ERC20s, must already have a yield generating mechanism on-chain. This could be lending markets, such as Compound or AAVE, or vault-like products, such as the yvDAI Vault, or aLINK Vault. The Alchemix team is targeting stablecoins for their first synthetic token, which will be called alUSD (the al denoting the Alchemix platform). The plan is for alUSD to be mintable from several stablecoins, but the protocol will initially only support DAI. The examples in the following sections for alUSD will apply to other al-Tokens in a near-identical way. The dApp contains Vaults, Transmuter, Farming, and Treasury.