A major network update is taking place today on Base, accelerating block times by a factor of ten. Because Alchemix v3 calculates Transmuter durations on a per-block basis, this network adjustment directly impacts users with positions on Base.
As a consequence of this change, current Transmuter positions will process ten times faster, and redemption speeds against vault holdings will likewise see a tenfold increase. In response, vault participants will experience speedier deleveraging, which leaves less opportunity for leveraged returns to overcome upfront borrowing expenses.
To support our community through this transition, Alchemix is taking several proactive measures:
First, a substantial vault position carrying a 65% loan-to-value ratio is being created to absorb the heightened pace of redemptions.
Second, the redemption fee typically applied to borrowers has been eliminated.
Third, the Alchemix treasury is contributing a deposit directly into the Base USDC MYT.
Users with vault positions are currently able to re-leverage, as the MYT contribution will offset the associated expense.
Meanwhile, incoming Transmuter deposits on Base have been temporarily suspended while smart contracts are configured for the updated block speeds. These deposits are scheduled to resume as soon as the Denim network upgrade concludes.
Please note that these adjustments apply exclusively to Base; Ethereum Mainnet and all other deployments remain entirely unaffected.
As a consequence of this change, current Transmuter positions will process ten times faster, and redemption speeds against vault holdings will likewise see a tenfold increase. In response, vault participants will experience speedier deleveraging, which leaves less opportunity for leveraged returns to overcome upfront borrowing expenses.
To support our community through this transition, Alchemix is taking several proactive measures:
First, a substantial vault position carrying a 65% loan-to-value ratio is being created to absorb the heightened pace of redemptions.
Second, the redemption fee typically applied to borrowers has been eliminated.
Third, the Alchemix treasury is contributing a deposit directly into the Base USDC MYT.
Users with vault positions are currently able to re-leverage, as the MYT contribution will offset the associated expense.
Meanwhile, incoming Transmuter deposits on Base have been temporarily suspended while smart contracts are configured for the updated block speeds. These deposits are scheduled to resume as soon as the Denim network upgrade concludes.
Please note that these adjustments apply exclusively to Base; Ethereum Mainnet and all other deployments remain entirely unaffected.