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NewsDeFi Lending Protocol Alchemix Expanded onto the Fantom Network

DeFi Lending Protocol Alchemix Expanded onto the Fantom Network

May 05,2022,08:15
DeFi lending protocol Alchemix announced that it has expanded onto the Fantom network. and plans to launch on Arbitrum, Optimism or Polygon in the future. Initially, $DAI, $USDC, and $fUSDT are available as collateral types, all of which hook into yearn finance vaults. Users can deposit either/both the bare token or wrapped vault tokens into Alchemix to start borrowing $alUSD on Fantom. The LTV for borrowing $alUSD on Fantom will be the same as it is on mainnet, both at 50%. In addition, governance will remain on the Ethereum mainnet. In addition, Alchemix will initially work with AMM protocols Beethoven X, SpookySwap and SpiritSwap on Fantom, which will assist in providing incentives. The exact budget for eight weeks of collaborative incentives is 5056 $gALCX (approx 5250 $ALCX), with the 60% going to the $alUSD/$USDC boosted pool on Beethoven X, 25% going to SpookySwap $gALCX/$FTM pool, and the remainder going to SpiritSwap $gALCX/$FRM pool.
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