Scientix (III): Successful Case of Scientix Model on Ethereum

4 min readOct 11, 2021


Authorized release by Blockchain Lao Li

Lao Li Scientix series:
Scientix (I): What exactly does Scientix, the project backed by Alpaca do?
Scientix (II): Why does Alpaca prefer Scientix?

Before talking about the pioneer of Scientix in Ethereum, I would like to add an interesting point: scUSD can have arbitrage space as the price rises and falls. For example, Allen left a pledge of 1000 BUSD and got 500 scUSD as a debt. In addition to Alpaca automatically helping it, it can also pay for it by itself. It can be 500 scUSD, 500 BUSD, or a mixed combination of 250 scUSD + 250 BUSD. That is to say, the contract determines that regardless of the external market price, it will be executed according to the currency standard scUSD: BUSD=1:1.

So if the market price fluctuates and scUSD drops to 0.9 BUSD, Allen can use 500 BUSD*0.9=450BUSD to buy 500 scUSD to repay the debt, and vice versa, if the scUSD price rises to 1.1BUSD, it can be paid directly with 500 BUSD. Think about it in-depth, this is also the most important part of scUSD as a special stable currency in the anchoring mechanism.

Alright, turn to the case analysis that I will talk about today. Simply put, Scientix-Alpaca’s ecological interaction system is modeled on the logic of the sensational case Alchemix-Yearn on Ethereum in March this year.

I think there will be many friends who have “uhh” at this time — it turns out that Scientix is ​​an imitation project! That’s funny. However, here’s my personal opinion, even imitation should be treated differently. Of course, we must pay great respect to successful innovators, such as Bitcoin and Ethereum, Uniswap on Defi, and even Axie, a popular chain game a few months ago. They all created a new field. Naturally, it has also obtained super-high returns.

But the advantage of an imitating project is that standing on the shoulders of giants, whether it is token logic or coding vulnerabilities, someone has already experimented for you, and it has strong security. Now everyone thinks it’s a derogatory term when they see an imitation because most of the spam or fake projects are from imitation. But, there are also some very successful imitating projects. In fact, Alpaca uses Alpha’s logic, and Pancakeswap also copied Uniswap’s code. So as long as the project team is reliable and does things steadily, it is fine.

Okay, let’s talk about Alchemix, which was born with a silver spoon. In March 2021, AC solemnly promoted Alchemix on Twitter (AC is Andre Cronje, KOL, the founder of Yearn). AC’s advocate is significant. Let’s take a look at the performance of Alchemix’s token ALCX for one month after its launch:

*Data source: DEXGURU

ALCX was directly pulled from 300U to 2000U, and adjusted about 15 days. It is undeniable that this year’s Q1 was a bull market period. Coupled with the celebrity effect, ALCX has achieved an atypical success story.

In terms of the economic model, Yearn, the largest vault pool on Ethereum, was created by AC. Alchemix and Yearn linked together to became an invincible, super-fit Transformer. As of September 18, 2021, Yearn’s TVL is $4.7 billion, and Alchemix’s TVL is US$1.16 billion, which is about 25% of Yearn (data from Defi Llama).

Lao Li read an article before, which is about whale user percentage and user activity of Alchemix, AAVEand Compound. The result is that Alchemix has the highest data in both factors. Does this also confirm Lao Li’s inference in the second article from the side that platforms like Scientix are more attractive to large-capital investors?

But here, Lao Li still wants to complain about Alchemix. In order to write this article, I went to look at the DOCS on its website and found that the circulation of ALCX does not have a hard cap!? I remember that when Lao Li was studying ALCX a few months ago, it had a 1 million hard cap. Was it changed or did Lao Li have a memory crack? Besides, Alchemix’s documentation is so sloppy that it is better not to have it.

Well, the next article will discuss what changes Scientix has made on the basis of Alchemix.

The author solemnly reaffirms: As of the time of publication, the author has an interest relationship with the project mentioned in the article, and hereby informs it. Interests include but are not limited to the following situations: I am a member of the project team, I am an immediate family member or spouse of a member of the project team, participate in the investment in the project, hold the shares or tokens issued by the project, participate in short or long the project, collect rewards for paid writing, etc.




Scientix, a future-yield-backed synthetic token with self-repaying loans, no liquidation.