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Description
Intro
Alchemix is a new DeFi protocol which allows for the creation of synthetic tokens representing future yield of a deposit. Essentially, a user can deposit DAI to mint alUSD, with the underlying DAI being invested in a yield-generating Yearn vault. ALCX is used to incentivize users who stake certain assets on their platform. For example, users who stake alUSD-3CRV Curve metapool tokens are rewarded with ALCX.
Alchemix has expressed a desire for Pickle to develop a symbiotic PickleJar for them. This is advantageous to Pickle for the cross-promotion opportunities and the high farming yields from which Pickle can earn fees.
Requirements
There are 2 Jars that we want developed for farming on top of Alchemix:
- ALCX/ETH compounding LP Jar
- alUSD-3CRV symbiotic Jar
1. ALCX/ETH
This one is straightforward - a user deposits ALCX/ETH Sushiswap LP tokens and we sell the earned ALCX rewards to increase the LP position in the Jar. An example strategy is the MIR-UST strategy here or in this PR #34.
2. alUSD-3CRV
This one is a bit more interesting in that it departs from our typical Jar strategy. The Jar strategy should work as follows:
- accept deposits of alUSD-3CRV LP tokens
- stake in Alchemix farm - this is an adaptation of masterchef
- harvest ALCX rewards (from both the alUSD-3CRV and ALCX farms)
- stake ALCX rewards (in the same farm contract above but with a different poolID). For reference, Yearn has developed their own ALCX staking strategy, but this doesn't need to be followed.
When users withdraw, they should receive their pro-rata share of alUSD-3CRV and ALCX tokens per their pToken balance.
Frontend
A new Jar and Farm should be added for both of these Jars on the frontend. Multiple examples can be found in our frontend repo.