DeFi Digest: Alchemix Sniped

By Official Okex | Okex Announcements | 3 Mar 2021

bowling strike

Alchemix Stole the Spotlight

Alechemix launched this weekend and is a:

Yield backed stablecoin
Features automatic debt repayment

The launch of Alchemix drew widespread attention thanks to some prominent crypto Twitter influencers and Yearn's DAI Vault jumped from 10 million to 60 million shortly after the launch of Alechemix.

Alchemix Sniped

The Alchemix team launched a ALCX/ETH pair on Sushiswap on February 27th but sniper bots came in and bought half the supplied ACLX tokens! By buying the tokens on the first block snipers are able to get the tokens on the price floor and sell the tokens for instant profits on other DEX's. The Alchemix team admits this happened to their token but don't think they could have done much better with how they did their token launch.

To read the whole DeFi article check out the OKEx Academy.

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