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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.

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