Alchemix USD
ALUSD
Evaluation Score
Overall rating on a scale of 0-10
Dimension Breakdown
AI Analysis
Comprehensive evaluation of the token
ALUSD (Alchemix USD) is the synthetic stablecoin debt asset of the Alchemix Finance lending protocol. Active development remains strong (7.5/10), demonstrated by the rollout of Alchemix v3 mainnet, cross-chain bridge v3 upgrades, and integration of the Chronicle Oracle in mid-2026. Governance and community engagement (6.0/10 and 6.5/10) maintain healthy participatory cadences through DAO voting and migration proposals, managed by an established pseudonymous team. Security is sound (7.0/10) with CertiK ratings, active bug bounties, and effective pre-emptive threat mitigation, though tempered by past 2021 alETH vault issues and findings from recent Cantina audits. However, ALUSD faces noticeable headwinds in Tokenomics (5.5/10) and Market/Use Case (4.0/10), characterized by a persistent trading discount below the $1.00 peg ($0.82–$0.95), low secondary liquidity, limited external adoption beyond the Alchemix ecosystem, and aggregator circulating supply discrepancies. No qualifying red-flag events requiring score caps were identified.
Development Activity
Code updates and developer engagement
Community Support
Social media presence and community engagement
Tokenomics
Supply, distribution, and utility
Market & Use Case
Value proposition and competitive landscape
Team & Governance
Team background and project governance
Security & Audits
Security history and audit status
About Alchemix USD (ALUSD)
Alchemix USD (ALUSD) is a synthetic stablecoin and debt token native to Alchemix Finance, a self-repaying lending protocol launched on the Ethereum blockchain in February 2021. ALUSD is issued through a debt-based mint and burn model when users deposit collateral into the protocol to take out loans. The asset relies on protocol mechanisms, such as the Transmuter and decentralized liquidity pools, to maintain price parity. Governance over the protocol is managed by the Alchemix DAO via the ALCX token, working alongside a pseudonymous core team led by Scoopy Troopes.
Protocol development has included the rollout of Alchemix v3, upgrades to its cross-chain bridge system, and the integration of the Chronicle Oracle. Security monitoring for the protocol includes bug bounties through Immunefi, a CertiK security evaluation, and audits such as a Cantina review that identified three vulnerabilities during the v3 development phase. Additionally, the protocol successfully mitigated exposure to the external DolaSavings exploit by pre-emptively pausing smart contracts and withdrawing treasury assets.
ALUSD faces ongoing market and structural challenges, notably trading at a persistent discount below its $1.00 peg, with observed prices ranging between $0.82 and $0.95 amid low trading liquidity and compressed market capitalization. Significant discrepancies also exist across market data aggregators regarding its circulating supply. In addition, while ALUSD has not suffered a direct token-level exploit, the broader Alchemix protocol experienced a major security incident in 2021 when an alETH vault exploit resulted in the loss of over 2,200 ETH, which the team partially mitigated through an ALCX and NFT recovery campaign.