Bankless AMA with Scoopy Trooples of Alchemix
Apr 29, 2021
Scoopy Trooples, co-founder of the innovative Alchemix platform, dives deep into the world of decentralized finance. He explains how Alchemix enables users to borrow against future yields while maintaining collateral. The conversation explores the unique concept of self-repaying loans and the risks involved, such as composability risk and pricing dynamics. Scoopy also discusses exciting upcoming features in Alchemix V2 and innovative ways families can use crypto to manage finances and teach kids about financial responsibility.
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Scoopy's DeFi Journey
- Scoopy Trooples, co-founder of Alchemix, entered crypto in 2016, exploring various dApps and money games.
- Inspired by FOMO 3D, he became a blockchain developer and an early MakerDAO CDP holder.
The Boat Loan
- A community member used Alchemix to take out a loan and buy a boat for his dad after an accident.
- This loan will be paid off in two years through the accrued interest, essentially giving him a free boat.
No Liquidation Risk
- Alchemix's dollar-denominated model eliminates liquidation risk because of the absence of price volatility.
- Users can repay debt with collateral, but there are no liquidations of others' positions.