Alchemix Finance is a platform to create future-yield-backed synthetix asset platform and Commnity DAO. Through Alchemix, users are able to create instant loan that repays itself overtime. This is done via four components: Vaults, Transmuter, Token Distribution and Alchemix DAO. Users deposit their collateral into the Vaults, and receive alUSD synthetix stablecoin for their loan. The transmuter is the pegging mechanism that allows alUSD to be pegged 1:1 to DAI stablecoin. 

ALCX is the governance token in Alchemix DAO. ALCX holders will be able to vote for new proposals, decide for funding projects that will benefit Alchemix and direction of Alchemix. Aside from governance, ALCX is also used for other purposes such as reward for bug bounty program, yield farming reward and staking pool (alUSD staking pool reward). There is no hard maximum cap on ALCX token.