About this explorer

The Rails Alchemix explorer shows every self-repaying Alchemix V3 loan on Base, on the alUSDb line, and the history of each one. It also shows the Transmuter, where deposits convert into collateral and repay those loans.

How it works

A line pairs a synthetic token with its collateral, the asset locked to back a loan. A loan on a line lets you borrow that token against the collateral, and it repays itself over time with no payments from the borrower. The repayment comes from the Transmuter, where any holder of the token can deposit it to exchange it for collateral.
As deposits convert, the matching debt is set aside across every open loan, so each borrower shares the repayment in proportion to what they owe. When a depositor claims, a redemption swaps the depositor's tokens for collateral taken from the loans, which repays debt on all of them.
A loan has three parts, shown here on the alUSDb line:
- Collateral: mixUSDC (this line's MYT token) deposited in the Alchemist.
- Loan: alUSDb (the synthetic) created against the collateral. You can borrow up to 90% of the deposit's value, the loan-to-value limit.
- Repayment: redemptions over time, or the holder paying back alUSDb or mixUSDC at any time.
The loan charges no interest. Its debt changes only when the holder borrows more or repays, or when a redemption clears part of it.
Each redemption also charges a protocol fee of 0.1% of the collateral that pays off the debt, taken from the borrowers' collateral and sent to Alchemix's fee receiver.

Glossary

Line: : A line is one synthetic together with its collateral, and it has its own Alchemist and Transmuter. This explorer covers the alUSDb line. Docs: Self-repaying loans
Transmuter: : The Transmuter is the contract where any holder of the synthetic can deposit that token to exchange it for MYT. A deposit converts a little every block, the chain's unit of time, until its term ends. Docs: The Transmuter
Set aside for repayment: : Set-aside debt is the part of the debt that converting Transmuter deposits have repaid, shared across every open loan in proportion to what each owes. Docs: The Transmuter, What repays the debt
Redemption: : A redemption is a depositor's claim in the Transmuter. It swaps the depositor's tokens for MYT taken from the collateral of the line's open loans, which repays the set-aside debt on all of them. Docs: Self-repaying loans, The Transmuter
MYT: : An MYT is a token that stands for a share of a pool of one asset, which a Morpho vault lends out to earn a return (mixUSDC holds USDC). It is the collateral of a loan, and each line has its own. Its value rises as the pool earns and falls if the pool loses money. Docs: The MYT
Alchemist: : The Alchemist is the contract that holds a line's loans. Each loan is an NFT, so it can be transferred, and the wallet holding it may not be the one that opened it. Docs: Take a loan
Synthetic: : A synthetic is the token a loan creates when it is opened, one for each unit of its debt: alUSDb against USDC. It tracks the dollar. alUSDb is Base's synthetic dollar, a separate token from alUSD on Ethereum. Docs: alAssets, alUSDb on Base
Collateralisation: : Collateralisation is the collateral's value in the asset underneath, divided by the debt. If a falling share price takes it below the minimum the line requires, anyone can liquidate the loan, which takes enough of the holder's collateral to bring the loan back under its maximum. The rest of the collateral stays. Docs: Liquidations

Listing

Alchemist positions are the loans. Each loan has one row, with the debt and collateral the Alchemist states at a block, the chain's unit of time.
Transmuter positions list the deposits that repay the loans. Each deposit has one row, with its amount, the block at which it finishes converting (its term ends) and what its claim paid. Claiming earlier pays out only the part converted so far, returns the unconverted tokens and charges an early exit fee.

Position page

The card shows the loan's figures, read from the chain. The timeline lists each of its events, including every redemption that changed it.

Lines page

This page shows how many redemptions each line has had. A redemption changes every open loan of the line at once, so after a line's first redemption the explorer reads each loan's figures from the contract, because after a redemption a loan's own events no longer add up to its figures.See the lines to check how many redemptions each has had.

You can search by wallet address, ENS name or loan id. Each tab has its own filters and sorts.

Tap the (i) beside any figure to see where it comes from. Inside, the ? explains that kind of event in general.

Alchemix on other chains isn't covered here.See what Rails covers on each Base explorer

Official documentation: Alchemix documentation