Alchemist Coin is MEV for the people
The journey began with a twenty-three character tweet by @thegostep hinting at the creation of a token. A second tweet followed, this time announcing the creation of Alchemist Coin ($MIST). The mysterious tweets quickly drew a following of developers, creators and enthusiasts in a no-constraints search for the philosopher’s stone.
The journey of Alchemist Coin, while launched on a whim, is founded on years of research and experience in the ways of Ethereum transactions, the unique power of network miners (and in future Eth2 Validators), virtue for network users and most importantly miner-extractable value (MEV). If you’re not in the know, MEV refers to a miner’s ability to dictate how transactions are placed into a block and can be used to earn additional revenue by re-ordering the sequence of transactions (e.g. to commit frontrunning or sandwiching). It was this little known dark-forest of a force that weighed on curious minds and led to the creation of Flashbots (circa 2020) — a research organisation “formed to mitigate the negative externalities and existential risks posed by miner-extractable value to smart-contract blockchains”. In practical terms, Flashbots provides open-source code for all and any to use in the hope of bringing transparency and fairness to the MEV game.
Getting back on track, @thegostep (founder of Flashbots) launched Alchemist Coin with a tweet on February 2021 and so was born a journey into the unknown, motivated to take on the impending MEV crisis with a dusting of digital magic, as states the Alchemist Coin page:
“Alchemist’s one and only purpose is to find the philosopher’s stone and use it to explore the galaxy. Can a meme coin help us achieve immortality? Only one way to find out…”
And this is the way of the Alchemists — the plan is, there is no plan. There is a strong and active community contributing and guiding the project forward, and many others watching-on in anticipation, hoping they themselves may also contribute. None know what they’re looking for but all are eagerly searching.
The journey is underway and while it is still early days the talented developers have already brewed up a range of impressive Solidity infused concoctions, including Crucible minting, Copper launchpad and mistX FlashDEX. The trending direction of their pursuits is to empower users with the benefits of MEV. A brief introduction of what we know so far…
Alchemist Coin ($Mist)
Alchemist Coin, the birthstone of the journey, is an ERC-20 token on the Ethereum network. The token has been set up with a supply of approximately one million and an inflationary factor of 1% every two weeks. If you’re interested in purchasing Alchemist Coin ($MIST) you can do so at mistX.
Mint a Crucible
Minting a Crucible is not mandatory, but it is a form of induction for an Alchemist. An Alchemist Crucible is an NFT that both represents and confirms that a user’s Uniswap MIST-ETH LP position is subscribed to the Aludel Rewards program. Subscribing to such while holding a Crucible (Crucible-v1) is highly lucrative with a 10x multiplier on rewards earned after 60 days (intended to incentivise long-term holdings) as well as earning a proportion of transaction fees from mistX. What other benefits can be expected? Only one way to find out…
Launchpads are in vogue this season, but the industry hasn’t seen a launchpad like Copper. Copper uses the power of Flashbots to bring fairness to launches. Too often are project, coin and token launches dominated by adverse bots that leave fanboys/girls (the devoted communities) hung out to dry, only picking up the scraps after prices have soared. Copper will be kicking things off with the upcoming launch of wPOKT (an exciting project by the team at POKT Network).
“mistX! created by Alchemists, powered by FlashBots, driven by $Mist” — Alchemist Coin
Does a gasless DEX sound appealing? Well mistX is exactly that — an impressive accomplishment by the Alchemist developers. mistX is a FlashDEX that uses Flashbots to bypass the Ethereum public mempool and commit transactions directly to miners. Although, take note, gasless does not mean zero transaction fees. mistX enables the transaction fee to be paid directly to the miner as a bribe/tip. So what does mistX offer to users?
- Provides clear transparency of the fees ahead of committing a transaction
- Bundles fee and swap for a single transaction signing by the user
- Enables no cost for transaction cancellation — “no success, no fee”
- Reduces transaction fees for users (potentially), as compared to Uniswap
- Provides frontrunning protection for user transactions
Yes, mistX is real. But also know that any trades made for tokens on mistX will have a positive price impact for $MIST tokens, especially for $MIST that is subscribed to a Crucible. If you’re interested, head across to mistX.io and try it out — the UI is great, and if you’re keen on more details check out this Medium post or the latest stats at Dune Analytics.
So what’s the plan from here? The only plan is… there is no plan. All I can say is watch this space — the Alchemists are just getting started with their inter-galactic pursuits.
Huge congratulations to the developer team — truly amazing what you’ve achieved in such a short period!
If you’re interested in following the Alchemist Coin journey:
Follow Blockolist on Twitter: https://twitter.com/Blockolist
Follow Alchemist Coin on Twitter: https://twitter.com/_alchemistcoin
Join the Alchemist Coin Discord community: https://discord.gg/aAzHfhke
Subscribe and watch Chico Crypto: https://www.youtube.com/c/ChicoCrypto
Disclaimer: This post is provided for general information purposes only. It does not constitute investment advice, recommendation or solicitation to buy or sell any investment. It should not be relied upon for accounting, legal or tax advice or investment recommendations. This post reflects the current opinions of the author(s) and may be subject to change without being updated.