Alchemix

Description sourced from DeFiLlama's protocol metadata; teams submit their own copy when listing.

Alchemix's governance or utility token carries a market capitalisation of $12.8M based on circulating supply at the latest DeFiLlama snapshot. The token's market cap ($12.8M) is small relative to deposits secured by the protocol ($33.4M); a mcap/TVL multiple of 0.38× is sometimes read as a discount, though it can also reflect minimal fee accrual to the token. A further $1.4M sits in the protocol's native staking modules — these deposits are typically locked, vote-bonded, or earning a share of fees, and they reduce the freely circulating float that can hit the market.

Market cap and supply figures are sourced from DeFiLlama's price feed (which reconciles CoinGecko, CoinMarketCap, and on-chain DEX prices). Treasury and staking values reflect on-chain balances controlled by the protocol at last sync.

Alchemix is a Synthetics protocol where traders open leveraged, perpetual, or option positions priced off oracle feeds and settled in collateral held by the contract. It is deployed across 4 chains, including Ethereum, Optimism, Arbitrum, Fantom. The codebase has been independently audited (1 report on file).

Alchemix operates on 4 networks (Ethereum, Optimism, Arbitrum, Fantom), keeping its surface area narrower than chain-agnostic peers. Roughly 95% of its on-chain value sits on just three networks (Ethereum, Optimism, Ethereum-staking), so a fault on any one of them would affect a large slice of users. Only one audit report is currently listed; users should weigh that against the protocol's TVL before depositing significant amounts. Token market cap ($12.8M) and TVL ($33.4M) trade at a ratio of 0.38, in the range generally considered normal for an established DeFi protocol.

Verified external resources for Alchemix — use these to read the source code, follow governance discussions, or cross-check on-chain data against the original team's channels.

Alchemix is one of 7 Synthetics protocols Mantapex tracks in this category. Direct peers ranked by total value locked include Metronome Synth, Youves, Usual ETH0, and 3 more. These peer protocols collectively secure $59.5M in deposits, giving you a frame of reference for whether Alchemix's own TVL is at the top, middle, or tail of the category.

Metronome Synth

TVL $27.3M · 24h +0.12%

Youves

TVL $22.9M · 24h +0.38%

Usual ETH0

TVL $5.6M · 24h -0.52%

Rumpel Labs

TVL $2.2M · 24h +0.54%

Outcome Finance

TVL $983K · 24h +0.50%

Wrap Protocol

TVL $524.7K · 24h +0.32%