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The Great Alchemix v3 Migration

Alchemix Finance
Jan 16, 2026
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It feels like we’ve been building toward this moment for an eternity. After years of theorizing, iterating, and building, the time for Alchemix V3 is finally upon us.

As we’ve spent the past few months preparing for launch, we faced a difficult architectural reality. Alchemix v2 and v3 work in fundamentally different ways. The new systems introduce 90% LTV, a completely reworked Transmuter, and the Mix-Yield Token (MYT) as the backbone of our vaults. If we were to let v2 continue alongside v3, it would degrade the experience for all users. Debt originating in v2 would effectively cannibalize positions in v3, leaving v3 users exposed to increased redemption pressure while v2 users remain unaffected.

For v3 to live, v2 must die.

To achieve this, we are moving forward with a comprehensive migration plan for all existing positions.
Full Protocol Migration

Rather than asking thousands of users to withdraw manually, wind down positions, swap and redeposit, we’ve developed a process to migrate everyone automatically.

We estimate that this entire process will take approximately one week.

During this estimated one-week migration period, the Alchemix protocol will be effectively offline, with all functionality on existing contracts paused. Unless you choose to unwind your position before migration begins, you will not have access to your funds during this window. Rest assured that funds are safe.
How It Will Work

As of January 16th, 2026, AIP-123 “The Great v2 to v3 Migration” has passed governance signalling. We’ve summarised the complex operations checklist into a flow that matters to you as a depositor:

Freeze: We will shut down the v2 protocol through a contract upgrade, disabling user-facing functions and freezing the state of the blockchain for Alchemix contracts.
Snapshot: After the contracts are frozen, we’ll take a snapshot of every single user position.
Transfer: All deposits will be securely moved from v2 contracts into a temporary migration multisig wallet.
Conversion: Collateral will then be converted into USDC and wETH, respective to their underlying assets.
Deployment: Alchemix v3 contracts will then be deployed and initialized.
Positions: The multi-sig will then recreate every user position within v3. You will be credited with the exact same fundamental deposit value and debt as you had at the snapshot date.
Launch: Once we verify every position is correct, we will distribute the new position NFTs to their respective wallets and formally launch the v3 protocol.

$ALCX

Dusk onboards with 21X as a trade participant at launch
April 17, 2025 Press releases FRANKFURT, 17 April, 2025– Dusk and 21X are pleased to announce that Dusk has onboarded with 21X as a trade participant, gaining access to 21X’s regulated market infrastructure. The partnership’s initial focus will be on opening 21X’s platform to Dusk’s asset flow, starting with stablecoin treasury investment in tokenized money market funds. 

This move reflects a growing market desire for a compliant, efficient, and interoperable digital capital market ecosystem.  

Dusk is a blockchain infrastructure purpose-built for regulated financial markets, while 21X is the first company to receive a DLT-TSS license under European regulation for fully tokenized securities.  

Uniting Compliance, Infrastructure, and Market Access  

21X brings deep regulatory expertise and infrastructure to capital markets, having secured the first EU DLT​-TSS​ license to operate a blockchain-based market infrastructure for the trading and settlement of tokenized real-world assets. The platform is focused on enabling compliant primary issuance and secondary trading of tokenized equities, funds, bonds and other debt instruments.  

Dusk, meanwhile, has engineered a purpose-built Layer-1 blockchain, as well as DuskEVM Layer-2, with native support for confidential smart contracts, zero-knowledge compliance, and settlement—making it one of the few networks focused squarely on enterprise-grade RWA solutions.  

“We are excited to onboard Dusk as a trading participant within the 21X ecosystem,”

said Max Heinzle, CEO at 21X.

“Their commitment to tokenized asset trading on our platform reinforces our shared vision for a compliant digital asset ecosystem. As we build the infrastructure for the next generation of capital markets, interoperability with appropriate networks is crucial.” 

Emanuele Francioni, CEO at Dusk, added:

“21X has been a pioneer in regulated digital securities, and their early licensing success is a milestone for the entire industry. Partnering with them supports our mission of enabling secure and compliant on-chain financial activity.”  

A Strong Signal for the RWA Sector  

The partnership with 21X, through its pioneering role in licensed tokenized trading, signals growing maturity and collaboration within the RWA space. It also helps lay the groundwork for a scalable, compliant future in on-chain finance. 

21X’s significance lies in its groundbreaking achievement as the first platform to receive a DLT market infrastructure license (DLT-TSS) under the EU’s DLT Pilot Regime, while Dusk is the first permissionless protocol to power the infrastructure of licensed Multilateral Trading Facilities (MTFs) and security exchanges in the Netherlands and​ the​ EU.  

This positions 21X as a leader in regulated tokenized securities trading, and Dusk as a strong choice for institutional finance DLT.  

By combining its regulatory-first approach with scalable market infrastructure, 21X provides the essential legal and operational foundation needed for real-world asset tokenization to transition from pilots to production at institutional scale. This makes 21X a critical node in Europe’s emerging digital capital market landscape, with Dusk being a launch participant on 21X. 

About Dusk

Dusk is a public, permissionless Layer 1 blockchain purpose-built for regulated financial markets. It enables the native issuance, trading, and settlement of real-world assets in full compliance with EU regulations like MiFID II, MiCA, and the DLT Pilot Regime. Through strategic partnerships, Dusk facilitates the creation of secondary markets for digital $securities. With privacy-preserving smart contracts, zero-knowledge compliance infrastructure, and institutional custody solutions like Dusk Vault, Dusk provides the complete stack for compliant on-chain finance in Europe.
$DUSK