Two new decentralized finance (DeFi) cryptoassets have gone up by huge amounts in the past two weeks while Bitcoin and Ethereum prices slowly move up to their previous all-time highs.
A report by The Daily Hodl published on March 8 points out the successes of Alchemix (ALCX) and Inverse Finance (INV).
Alchemix calls itself “The future yield tokenization protocol.” Here is what the Achemix team says about this protocol in the project’s white paper:
“Alchemix is a platform for the creation of yield-backed synthetic tokens that users can acquire for no cost in exchange for locking collateral in the Alchemix system. It gives users the ability to get an advance on their future yield immediately. These Alchemical Synthetic Tokens are a powerful DeFi primitive and a new way to make derivatives based on yield instead of debt.“
Since February 27, ALCX, the governance token of Alchemix, has gone from $310.62 to $873.93, i.e. a gain of 181.35% vs USD.
As for Inverse Finance, here is what their team says about it:
“Inverse Finance is a protocol that generates yield on stablecoins and continuously invests the yield in a target token e.g. ETH. When you deposit a stablecoin, you receive a vault token at a 1:1 ratio. As long as you hold that token, you continue to receive ETH. When you withdraw your stablecoin, the vault token is burned and you receive the deposited stablecoins back.“
INV is the governance token for Inverse Finance. Since March 5, INV has gone from $576.55 to $1169.97, where it is currently (as of 23:46 UTC on March 10), which means a gain of 102.75% vs USD.
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