I like this project and the idea behind it, so I give it 5 stars. There are different strategies represented by separate vaults. For example, there is a vault with yvDAI, which means that by depositing in this vault, your collateral will be invested in Yearn Finance. If we look at Yearn Finance, we can find out that they invest in Compound by creating a loop, so this is a really credible strategy.
Let's return to the vault with yvDAI - users can bring DAI, and this will be invested in Yearn Finance, or users can bring yvDAI as collateral - both ways are possible. When you bring collateral, Alchemix will mint you alUSD. Then you can invest this alUSD in different pools in Curve or Velodrome to get LP rewards or just use it as a usual stablecoin and earn a return on it. This is possible as your collateral is invested in Compound, and Alchemix will give you this return minus some fee.
I will explain more details in the next posts. Show Less