Top trader Randall Trzaska unveils with his subscribers the next massive potential 100x altcoin named Alchemix (ALCX) – an innovative, hybrid DeFi application.
Alchemix (ALCX) Overview
Alchemix is an innovative, hybrid DeFi application that allows for the creation of yield-backed synthetic assets. With its unique ability to provide collateral that can also generate yield, Alchemix can offer a self-paying loan that has effectively no risk of liquidation.
“Alchemix presents a new way of paying back debt. It uses the yield earned from the deposit to amortize the users’ debt. The longer you leave your deposit, the more yield you can earn and consequently have more of your loan paid back. ”
According to the trader, this product, “Vaults”, is the centerpiece of the Alchemix ecosystem and uses Yearn.finance as a building block for yield on underlying assets like DAI, with support for ETH and others coming soon.
ALCX token is an ERC-20 token used to govern and incentivize liquidity for the Alchemix protocol. Its primary use cases are governing the Alchemix decentralized autonomous organization (DAO) and rewarding network participants for providing liquidity.
Price Analysis
At the time of the video, ALCS was trading at $284.61, ranking at 317 on Coinmarketcap. With a marketcap at just around 80 million dollar, Trzaska believes there are so much room to grow for this project:
“If this gets to be something as big as like Compound or Aave, we’re looking a 30 to 40x on that alone if they’re at the same level where they are right now. If the whole market goes up in addition, you’re looking at potentially 100x,”
Moreover, the analyst highlights that during the bull run in March 2021, the price hit its all-time high at $2,000, which means that the current price is trading at 90% discount.