[AIP-91] Alchemix quick frontend tool grant

icream

Proposal:

To create a simple frontend tool to quickly create an Alchemix position and take a loan back to the chosen asset.

The tool would enable a user to follow this flow:

select deposit asset (ETH, stablecoins).
select yield strategy (yield strategy options should be based on the deposit asset the user selects). Reference Contracts
select loan asset (the contract/frontend will swap the alAsset to the selected asset, alAssets would also be an option. MVP of the product would be to spit out alAssets.)
select loan amount, denominated in the loan asset (contract/frontend would need to calculate the loan amount based on the max alETH credit available from the new deposit as well as any existing deposit, and account for slippage from the alAsset to the desired asset of choice).

The flow should occur in as few transactions as possible - ideally a single multicall transaction.

The most technical aspect of this proposal is step 4 - in terms of how to calculate slippage and ensure proper swap routing is being utilized, as well as ensuring transactions will not be front-run / sandwiched through alETH price manipulation. The swap from alAssets to other assets is a step that will require either on or off chain calculations/routers, or hard coding swap paths.

It is debatable if this should be included, or if the tool is good without it. Ie, the front end itself could integrate 1inch or Paraswap and run the calculations, instead of doing it within the contract.

The UI should give users the option to skip steps 3 and 4. UI should let users mint their max credit, not just what they deposit (i.e., if they already have an Alchemix position, it should take that into account when offering a maximum mint).

Goal is to keep the UI as simple as possible, like a uniswap style of simplicity. The goal is to let users quickly and easily create an Alchemix position and take a loan, but then they go to the main Alchemix website to manage their loan with more power (self liquidations, withdraws, repays, etc).

Milestones:

Minimum Viable Product
a. Build a functional and secure tool (contracts, if necessary, and front end) that allows users to deposit to Alchemix and mint up to the maximum alAsset loan available in a single multicall transaction. ($2k paid inALCX)
Functional integration
a. Update the tool based on feedback and reviews as necessary to be compliant with the spec, follow Alchemix branding, have good UI/UX, etc.
b. Add functionality to the tool to find swap paths and execute the swap through onchain function call as part of the single multicall transaction. ($4k paid in ALCX)

Review/KPIs/Other Considerations

Alchemix core team will review the tool. Payment for each milestone will be sent once review comments have been addressed in a manner deemed satisfactory.
Alchemix will reimburse gas expenses for deployments and on-chain tests as necessary, within reason.
Alchemix will host the tool and link to it through the Utilities page.
If additional ALCX payment is necessary (due to scope creep, or to reward good work) it will be sourced from the BizGov multisig, which is funded through a portion of core team emissions.

Introduction:

This is an individual contributor, who did contribute to other DeFi and NFT projects in the last 4 years, and even in some projects worked as a solidity lead developer. While I’m an experienced smart contract developer, I’m also strong at frontend/backend development as well. Happy to join and contribute to Alchemix DAO through this system.

Kindly check my background over here.
Linkedin Github

DeFi teams I worked with before.
https://palmswap.org/
https://composable.finance/

ov3rkoalafied

Hey everyone - just adding some context that iccream reached out to Alchemix, we chatted, and I gave him a few ideas for grant projects. He chose this project, and I helped him write the proposal. Feel free to ask questions of either of us 🙂

ov3rkoalafied

This is now AIP 91
passed community gov: https://snapshot.org/#/alchemixedopinions.eth/proposal/0x9ff1a879e47203ef375880d8cb9a2a17366fc5499313e8f258fa61d8b36975da

main snapshot here: https://snapshot.org/#/alchemixstakers.eth/proposal/0x45012aab964dc84204a518711cbd9dbca66d0117c1f8624e982cb68d89f094e3

icream

https://github.com/defigods/alchemix-zap-tool/
After milestone 1 done, I did make changes to set default value to let user only input deposit amount and directly swap without any more actions.
And also removed $ sign as requested, updated color palette and logo in milestone 2 work.

Remaining stuff

To build smart contract SDK to interact with external aggregator
That will let user proceed everything in one transaction only

ov3rkoalafied

Hey all,
iccream has built milestone 1 but wants to move on to other things and won't be able to complete milestone 2.

Here is a description of the primary work remaining for milestone 2, which involves bundling into fewer txns and allowing more flexibility in what asset the user receives:

"I think the least desirable option would be to hard-code a swap path and do nothing else. If you do that, you have to hard-code every individual path on every chain. Annoying to maintain. Can only swap to assets that are manually added/have routes.

I think what would be OK and meet the goals of the grant would be to integrate something like paraswap, 1inch, matcha, etc, or any router's SDK. Llamaswap may actually be the best, if they have that option. Whichever one you find is easiest to work with, I can get you set up in group chats. This is a nice solution because then once the SDK is implemented, users can swap to ANY asset. It still requires an extra txn, but it's nice that it's all in one place.

What would be ideal (option 3) is a contract that actually custodies the funds and does this all for you.

1. Approve this contract to take your input token 2. Approve this contract to mint from the alchemist on your behalf 3. Send the tx to do the deposit/mint/swap 4. return funds to user in specified output token

Contract would need to have rules in place for slippage, etc. This would require the hard-coding of a pool on each chain, but the effort is worthwhile here because the user can truly do everything in one transaction, especially if wraps are also including."

The contract option is the preference. Additionally, this site will need to be updated when new yield strats are added. Depending on which option we go with here, some other maintenance may be needed. If we see that people like this tool, there could potentially be a small ALCX recurring salary offerred to maintain this tool.

Current deployment: https://alchemix-zap-tool.vercel.app/