Update Transmuter Page

Franky

The boosted yield Alchemix offers users is a vital aspect that makes it stand out above other protocols and I believe the Transmuter page should be updated to make this more clear to users. According to the velocity-app transmuter TVL page (https://velocity-app.flipsidecrypto.com/dashboard/alchemix-transmuter-b-tvl-s8bnHU) the amount in the transmuter has decreased from its ATH of $268M-$269M during May 9-13 to roughly half that at the current level of $132M which has a significant impact on APY.
The current text:
"Depositing your alUSD will gradually convert it into DAI over time.
Or you can swap alUSD for DAI, USDC, or USDT on Curve now."
makes it seem that transmuter should be the first option for users, and the curve pool is secondary. I believe the text should be switched to something that not only puts the curve pool first, but also informs the user that by using the transmuter they are also decreasing the yields every user (their self included) is earning.

ButlerAndTheThirdStringers

Franky I couldn't agree more with this proposal. I've seen a ton of confusion among new users over the past couple of weeks. Some are using it as the primary mechanism for converting alUSD to DAI, and others are misunderstanding it thinking that staking in the Transmuter will provide them yield like the farms do. We definitely need to provide some clarity on what it is and when to use it.

For the consideration of the devs and community, here are some suggestions that I think might help:

Add a sentence in the beginning of the current description that says "The Transmuter is a mechanism for maintaining the alUSD dollar peg, and can be use to redeem alUSD for DAI at a rate of 1 to 1 in the event that alUSD is trading under 1 dollar in the broader market."
Make it more clear that the bolded word Curve in the description is a hyperlink. Some users have been confused as to where they may go to trade their alUSD for DAI in the broader market. Perhaps we could add an explicit https:// or the .to at the end, or an underline, or cause it to turn blue on hover.
Change the words "stake" and "unstake" on the buttons to "Deposit" and "Withdraw", since feedback from new users suggests that the word "stake" implies earning income by locking funds.
Remove the "Yearly Transmutation Rate" at the bottom. I'm actually not entirely sure what this percentage represents, but I could see how this text next to a percentage of 100,000+ could be misinterpreted by newer users as a APR you might earn by using the Transmuter
Add a confirmation popup when the user clicks the "stake" button that says something along the lines of "Warning: converting alUSD to DAI using the Transmuter has the side effect of reducing repayment rate for borrowers accross the Alchemix protocol. This should only be done if the price of alUSD is trading under 1 dollar."

boyeatzworld

ButlerAndTheThirdStringers These are great suggestions.

SathFenrir

I agree with this. This is one of those "known" bugs that has been talked about for a long time. Evidence of it possibly having a major effect on TVL is enough reason for me to want to act.

Sku

Strong agree with this.

"You can swap your alUSD for Dai, USDC, or USDT on Curve instantly.

If alUSD is below the peg on Curve, you can alternatively use the transmuter. This will slowly convert your alUSD into DAI over time at a perfect 1:1.

The transmuter does not provide any yield. For alUSD farming opportunities, please visit the farm tab.

Something like this. Simple and effective direction for new users.

I'd also consider switching around the farm and transmute tabs on the main menu. After using the vault, users who are exploring will click the transmute tab first, because it's next on the menu. Make the farm tab come first.

Very simple to change to guide new users into where you would prefer them to go.

isthian

These are all good points. Always on board with spelling out protocol functions and when they're most appropriate to use. DeFi is coming to broader audiences, definitely worth considering making UI elements more informative/hand holdy.

yuntamoto

Agree with this. I have noticed this question asked by new people in the discord. One thing to keep i mind is that many new users to any protocol will naturally assume that doing something from within the protocol will be better than going to yet another dapp.
Clarifying this process might help new users better understand that the curve swap is their friend. And perhaps alusd/eth soon!

Gravity

Very good proposal.
Great points all round.
Only additional comment I’d add is to recommend the alUSD rate be shown. If the rate is above a dollar, it highlight a loss if the transmutor is used.

n4n0

Valid points. While we're currently revamping the UI for V2 to be much clearer what goes on when you click things and what people can expect, there's obviously a need to at least change some of the wording on V1 to avoid confusion with new users.