Alchemix <> Origin Mutual Growth Proposal - Temp Check
TLDR
A two-sided partnership between Alchemix and Origin. Origin diversifies yield on its treasury by depositing into Alchemix’s Mix ETH and/or Mix USD vaults on Ethereum Mainnet, and Alchemix integrates some of Origin’s products (OETH / OUSD / ARM) as strategies inside those same vaults. The result is reciprocal TVL, treasury yield for Origin, and a flow of capital from Alchemix vaults directly back into Origin products. This post is a temperature check to gauge Origin’s appetite before drafting a formal proposal.
Context: What is the Alchemix MYT?
Alchemix V3’s core yield primitive is the Mix-Yield Token (MYT) - offered as two vaults, Mix ETH (wETH-denominated) and Mix USD (USDC-denominated).
Each MYT vault is an ERC-4626 diversified, DAO-curated basket of yield strategies, rebalanced over time to optimize risk-adjusted yield. The composition can vary by chain and is governed by the Alchemix DAO.
You can use the MYT two ways:
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Passive yield: deposit ETH or USDC, receive MYT, and earn diversified yield with no further action. This is the relevant path for a treasury — funds simply sit in the vault and accrue.
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Self-repaying loans (optional): use MYT as collateral to borrow up to 90% LTV at 0% interest. Not required for this proposal, but available.
The key mechanic for this partnership: new strategies can be added to the MYT basket via Alchemix governance. Adding Origin’s products as MYT strategies routes a share of all Mix ETH / Mix USD TVL into them.
For example, the current ETH MYT vault contains 11,000 ETH and the USD MYT contains $7.7m.
Adding an origin strategy to either vault at a 20% weighting would automatically allocate 2,200 ETH & $1.5m of TVL to Origin, along with 20% of any future MYT growth.
The Proposal
Leg 1 - Origin deposits treasury funds into Alchemix. Origin allocates a portion of treasury assets into the Mix ETH and/or Mix USD vault for diversified, risk-adjusted yield on otherwise idle reserves.
Leg 2 - Alchemix adds Origin products as MYT strategies. Alchemix integrates 1 origin strategy into each Vault that Origin’s treasury deposits into. OETH, OUSD, ARM vaults all up for consideration as strategies to include, directing Alchemix-side TVL into Origin’s products.
Why It’s Mutually Beneficial
Origin gains:
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Diversified yield on treasury assets.
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Additional TVL into OETH / OUSD / ARM via Alchemix’s vaults alongside a new distribution channel.
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A portion of the treasury funds deposited flows straight back into Origin products through the MYT composition, so the allocation partly recycles back into the Origin ecosystem.
Alchemix gains:
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A flagship case study of a protocol using Alchemix for treasury yield.
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Additional TVL in the Mix vaults from Origin’s treasury deposit.
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A deeper, aligned partnership between the two protocols.
What This Temp Check Is Asking
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Appetite - Is there interest from Origin in pursuing this partnership in principle?
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Treasury sizing - Roughly what size of treasury allocation (ETH, USD, or both) would Origin consider, and over what time horizon?
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Strategy preference - Is there a preferred Origin product (OETH, OUSD, or ARM) to prioritise as the strategy added to the Mix vault(s)?
Next Steps
If the response is positive, we’ll return with a formal proposal covering concrete allocation sizes, the specific strategy integration, risk parameters, and the on-chain steps required on both sides.