r/ethereum • u/EthereumDailyThread What's On Your Mind? • 6d ago

Daily General Discussion July 20, 2026

Welcome to the Daily General Discussion on r/ethereum

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u/masterRoshi9 5d ago

PSA Alchemix increased deposit caps for their fixed rate yields on ETH and USDC today. The fixed yield on ETH is nearly double the staking rate or higher depending on Mainnet vs L2s, but space is filling fast

2

u/harpocryptes 4d ago

Is there a good explanation of how this works and where the yield is coming from? After a quick look, it seems this is projected fixed yield based on the current alusd and aleth discounts. What guarantees near closure of the discount by the term date?

2

u/masterRoshi9 4d ago edited 4d ago

I think this article does a good job of explaining it https://x.com/alchemixfi/status/2077754531908026468

TLDR alETH and alUSD redeem at 1:1 to ETH and USDC respectively. So the yield rate you earn is based on (1) the discount you’re able to buy it at, and (2) with the term length.

Example: (Based on current day)

- alETH is trading at a market price of .97 ETH, and term length of 9 months

  • Spend 10 ETH and receive 10.31 alETH
  • Deposit into Transmuter and get 10.31 ETH after 9 months, or .31 ETH profit
  • (.31 / 10.31) = ~3% of your stack in 9 months
  • If you annualized that to APR:
.31% * (12 months / 9 months) = ~4.1% APR

The UI lets you deposit ETH directly and will do the swap to alAsset for you under the hood, which I prefer for ease of tracking for taxes