Alchemist was started with a tweet by @thegostep.

There is no “dev team”. There is no company. There is only a community of Alchemists figuring out what to build in the open.

There is no roadmap. An Alchemist never makes forward-looking statements, simply because the future is unpredictable.

Alchemist is a community driven builders hub and Incubator, working with like minded developers to finance, incubate and empower small agile teams; building products that promote a fairer and more transparent crypto ecosystem whilst growing the Alchemist community.

Some popular Alchemist projects include Fjord Foundry, the platform for open, transparent, and user-friendly participation in Balancer Liquidity Bootstrapping Pools, Crucible, the smart contract, non-custodial, staking wallet and NFT, and Fjord NFTs, the platform for NFT Fair Launches.

How do I become an Alchemist?

Becoming an Alchemist requires learning and practice. Training is a way of life for a true alchemist. There is no final destination, only continuous change.

⚗️ $MIST is used to coordinate and reward committed Alchemists. Whether you are an artist, a developer, a community manager, or a liquidity provider, there is a role for you.

Come meet the other alchemists at discord.alchemist.wtf and offer your skills via our builders application form

Alchemist utilizes Sablier to send vested MIST to its contributors in the form of streams. A vested MIST stream has a start date, an end date, a receiver address, and a quantity of MIST.

Once a vested stream kicks off, the receiver of the stipend begins accruing claimable MIST proportionate to the amount of time that has passed since the start date.

If you are an Alchemist contributor and are receiving vested MIST, go to your Sablier dashboard at https://app.sablier.finance/ to view your incoming streams. And check out the Sablier docs at https://docs.sablier.finance/protocol/faq/basics.

On December, 2022, the Alchemist Council has decided to vest all MIST funding coming from inflation over 3 years (a community vote was held to determine the duration). This is a first for the blockchain space and is a way to further align the interests of the community. Vesting ensures that community members who receive funding through inflation will be incentivized to work on projects that benefit the community over the long-term, rather than just focusing on short-term gains. This helps to align the interests of community members with the long-term success of the community, which the Council hopes will lead to more sustainable and impactful projects being developed within Alchemist.

Alchemist Council is a democratically elected body to which the community has delegated executive power.

The Council’s mission is to strategically position Alchemist to achieve its maximum potential. Mainly, the Council will be tasked with: reviewing the performance and budgets of existing projects, approving new projects for incubation, and making the final decision on anything that relates to the Alchemist ecosystem. The Council serves as the delegated voice for Alchemist community members, and as such it will work on any matter that serves the community’s interests.

The Council continually takes note of your questions and thoughts and strives to address them via our community calls, communications, and office hours (held Tuesdays and Thursdays at 6pm UTC in discord.alchemist.wtf). Additionally, if you have any proposals that you'd like to discuss with the greater community as well as bring them up to a Council vote you can submit them through the Alchemist Council Proposal form.

All areas contributing value within Alchemist can be seen as a products that are being fine tuned to be more effective. Some of these products are incubated projects while others serve as structures to fulfill Alchemist's operational needs.

The current product areas within Alchemist are:

• Alchemist Council - The Council is elected by the community vote and is responsible for making sure the utility of Alchemist keeps growing and is maximized, developing and formalizing the frameworks for how Alchemist operates, allocating inflation funding, appointing the Core lead, and making decisions on new incubations.

• Alchemist Core - The Core is comprised of all the necessary functions responsible for maintaining Alchemist's day to day operational needs. Some of the Core's responsibilities are: ensuring that infrastructure is running for all teams, the Core treasury and budget is healthy, the community social channels are running smoothly, Alchemist culture is growing, and fulfilling Alchemist's business development and marketing needs. The Head of Core is appointed by the Council.

• Crucible - Alchemist's first incubated product. Crucible is a smart contract wallet that allows a single LP position to subscribe to multiple reward programs, store ERC-20 tokens securely with the wallet, and transfer the Crucible and its contents to other addresses within a single transaction. A Crucible adds another layer of protection over your standard wallet by giving you more control over your assets.

• Fjord Foundry - Fjord Foundry (formerly known as Copper) was incubated within Alchemist and is a community platform connecting inspired projects with passionate supporters via Balancer's Liquidity Bootstrapping Pools (LBPs). With over 130 communities served (such Merit Circle, Vesta Finance, Crypto Unicorns, and many others) Fjord LBPs are the de facto point of origin for emerging DAOs coming onchain and bootstrapping their initial liquidity pools.

• Fjord NFTs - Fjord NFTs is a platform innovating on the NFT mint process, providing users equal opportunity and access to their favorite NFT projects. A Fair Drop is a new fair launch NFT drop style built on top LBP technology that was created to solve many of the problems faced by NFT launches, such as users facing gas wars, mints getting botted, and NFT creators having to stress about accurately pricing their collections.

• Alchemist Radio - The Radio is a foundational piece of Alchemist culture. Can music, art & culture help you achieve immortality? LIVE every Friday 21 UTC within the Alchemist Discord.

• Chaos Labs - Launched in December 2022, Chaos Labs, is the Alchemist tool for building out ideas through community contributions.

• Room 33 - Room 33 is the Alchemist Gallery and Artist Incubator built on top the Museum of Crypto Art's (MOCA) multiverse art gallery NFTs, capable of showcasing art in many metaverses simultaneously.

• Paulo's Quest - A Wizard’s Quest To Find The Philosopher's Stone. Are you in? Hint: https://alchemist.wtf, Ctrl + Q or Ctrl + H.

Please only use our list of official links when taking part in the Alchemist.

Sites

Community

Alchemist Code of Conduct

Our Pledge

We as members, contributors, and leaders pledge to make participation in our community a harassment-free experience for everyone, regardless of age, body size, visible or invisible disability, ethnicity, sex characteristics, gender identity and expression, level of experience, education, socio-economic status, nationality, personal appearance, race, caste, color, religion, or sexual identity and orientation.

We pledge to act and interact in ways that contribute to an open, welcoming, diverse, inclusive, and healthy community.

Our Standards

Examples of behavior that contributes to a positive environment for our community include:

• Demonstrating empathy and kindness toward other people

• Being respectful of differing opinions, viewpoints, and experiences

• Giving and gracefully accepting constructive feedback

• Accepting responsibility and apologizing to those affected by our mistakes, and learning from the experience

• Focusing on what is best not just for us as individuals, but for the overall community

Examples of unacceptable behavior include:

• The use of sexualized language or imagery, and sexual attention or advances of any kind

• Insulting or derogatory comments and personal or political attacks

• Public or private harassment

• Publishing others' private information, such as a physical or email address, without their explicit permission

• Other conduct which could reasonably be considered inappropriate in a professional setting

Enforcement Responsibilities

Community leaders (including moderators) are responsible for clarifying and enforcing our standards of acceptable behavior and will take appropriate and fair corrective action in response to any behavior that they deem inappropriate, threatening, offensive, or harmful.

Community leaders have the right and responsibility to remove, or reject comments, commits, code, docs edits, issues, and other contributions that are not aligned to this Code of Conduct, and will communicate reasons for moderation decisions when appropriate.

Scope

This Code of Conduct applies within all community spaces, and also applies when an individual is officially representing the community in public spaces. Examples of representing our community include using an official e-mail address, posting via an official social media account, or acting as an appointed representative at an online or offline event.

Enforcement

Instances of abusive, harassing, or otherwise unacceptable behavior may be reported to the community leaders responsible for enforcement.. All complaints will be reviewed and investigated promptly and fairly.

All community leaders are obligated to respect the privacy and security of the reporter of any incident.

Enforcement Guidelines

Community leaders will follow these Community Impact Guidelines in determining the consequences for any action they deem in violation of this Code of Conduct:

1. Correction

Community Impact: Use of inappropriate language or other behavior deemed unprofessional or unwelcome in the community.

Consequence: A private, written warning from community leaders, providing clarity around the nature of the violation and an explanation of why the behavior was inappropriate. A public apology may be requested.

2. Warning

Community Impact: A violation through a single incident or series of actions.

Consequence: A warning with consequences for continued behavior. No interaction with the people involved, including unsolicited interaction with those enforcing the Code of Conduct, for a specified period of time. This includes avoiding interactions in community spaces as well as external channels like social media. Violating these terms may lead to a temporary or permanent ban.

3. Temporary Ban

Community Impact: A serious violation of community standards, including sustained inappropriate behavior.

Consequence: A temporary ban from any sort of interaction or public communication with the community for a specified period of time. No public or private interaction with the people involved, including unsolicited interaction with those enforcing the Code of Conduct, is allowed during this period. Violating these terms may lead to a permanent ban.

4. Permanent Ban

Community Impact: Demonstrating a pattern of violation of community standards, including sustained inappropriate behavior, harassment of an individual, or aggression toward or disparagement of classes of individuals.

Consequence: A permanent ban from any sort of public interaction within the community.

Attribution

Complaints & Handling

• Complaints against former team / community members will not be entertained.

• Complaints that involve false accusation and baseless claims without being backed by objective facts and sufficient evidence as decided by the council will not be entertained.

• Moderators shall have the full authority and autonomy to enforce immediate mute/ban in accordance with the CoC without warning and without the need to consult or seek approval from council members.

• Repeating allegations/opinions against Alchemist or its current/previous team members in a non-constructive manner which have already been repeatedly addressed or responded to by members of the Alchemist team may result in permanent mute / ban without warning.

• The Council has the right to review and revoke any mute/bans. Moderators shall not be punished for their decisions as long as sufficient justifications are recorded in an action log.

• The council shall be ultimately responsible for determining the level of legitimacy, severity, corrective actions and punishment according to the complaints and evidence received.

• The council stands firm against any false allegations and baseless claims that are directed towards Alchemist and any of its team members including members of incubated/associated projects.

Getting $MIST ⚗️

Ever traded coins on a DEX? If so you know how to do this already.

1. Head to

2. Connect MetaMask wallet

3. You should see something like this:

4. Enter the amount of ⚗️ you wish to purchase, ensuring you have an equivalent value of ETH remaining to use for the subscribing

5. Hit "Swap", make necessary approvals via MetaMask, wait for the transaction to complete

6. Navigate to [your Ethereum wallet address] to view pending transactions and all tokens associated with your account.

   • if you use MetaMask you can click the triple dots and then "View on Etherscan" to jump to it:

7. You should see your new ⚗️ displayed like the following:

MIST Inflation

is an inflationary token (growing by 1% every 2 weeks) used by the Alchemist community and is a powerful mechanism for aligning the interests of the entire community. MIST inflation provides a way to fund new projects and initiatives within the community, while also providing a way to give a voice to community members who contribute to the growth and development of Alchemist.

MIST is used to fund new projects that are meant to benefit the Alchemist community. This creates a strong incentive for community members to work together to develop and promote these projects, as the success of these projects will directly benefit the Alchemist ecosystem. This alignment of interests helps to ensure that community members are working towards a common goal, which can lead to a more cohesive and productive community overall.

Vision

So you think you got what it takes to become an Alchemist, to walk the path of the Great Work which might lead you to trails never taken, territories unexplored - like the greatest Alchemist of our times - a famous psychiatrist Carl Jung said: "One does not become enlightened by imagining figures of light, but by making the darkness conscious"

Within the Alchemist labs the experiments are focused on exploring highly technical concepts in an attempt to discover the ingredients required to properly synthesize the Philosophers Stone - for example designing the Mint a Crucible NFT experience or the mistX Gasless DEX.

Beside technical experimentation our guild has grown into a decentralised safe haven where the weary scholars can feel comfortable, at ease and safe. Creative projects like building the Alchemist Radio or finding the right art direction for the Crucible NFT are just some of the endless examples of outcomes from the Alchemists playing around with some beakers and funnels in their down time.

In general, we follow the guiding principles dear to the Alchemists since the epoch of the Emerald Tablet in order to effectively create value in every process - all the active participants have internalized this mindset, so that we basically share an equally polarized vision:

• Focus on value

• Start where you are

• Progress iteratively with feedback

• Collaborate and promote visibility

• Think and work holistically

• Keep it simple and practical

• Optimize and automate

For more details please read this

Tools

Discord

General

Discord is a VoIP, instant messaging and digital distribution platform designed for creating communities. Users communicate with voice calls, video calls, text messaging, media and files in private chats or as part of communities called "servers". Servers are a collection of persistent chat rooms and voice chat channels. Discord runs on Windows, macOS, Android, iOS, iPadOS, Linux, and in web browsers. As of December 2020, the service has over 140 million monthly active users.

How we use it

Discord is our preferred communication tool, as it provides a fast, uncomplicated and sustainable solution for conversations - be it in writing or acoustically. We differentiate in 2 categories - Community & Builder. While the community is open to every Alchemist, the builder has his own isolated area apart from distraction. The builder area is divided into different projects or topics, but is basically open to every builder and is intended to encourage participation.

Github

General

GitHub is a web-based version-control and collaboration platform for software developers. GitHub facilitates social coding by providing a web interface to the Git code repository and management tools for collaboration. GitHub can be thought of as a serious social networking site for software developers. Members can follow each other, rate each other's work, receive updates for specific projects and communicate publicly or privately.

How we use it

GitHub is the digital home of our developers. As already stated in the description, it the perfect platform for collaboration on deployment & development, especially for us as a decentralized autonomous organization. It represents, separated into different repositories, the core of our products.

Linear App

General

Linear helps streamline software projects, sprints, tasks, and bug tracking. It's built for high-performance teams. It's directly connected to Github.

How we use it

Linear is primarily used by us to document developer-relevant issues, problems and / or hurdles that arise during the architecture and processing of individual tasks (previously defined in the Basecamp) and ultimately to provide solutions or workarounds. Thus, Linear represents the tool, which breaks down individual tasks transparently and in detail for technical topics. Tracking tasks on Github.

Figma

General

Figma is a cloud-based design tool that is similar to Sketch in functionality and features, but with big differences that make Figma better for team collaboration. For those skeptical of such claims, we’ll explain how Figma simplifies the design process and is more effective than other programs at helping designers and teams work together efficiently.

How we use it

Figma is mainly used by us to share creative content and work on it together. These can be, for example, UI-relevant design drafts, but also initial designs of community projects of any kind - an example here would be designs for one-pagers. Especially when it comes to design decisions, as these are often influenced by personal taste, in our opinion they should first be shared before they are published.

Meeting Calendar

Participation

As already described under the topic "Meeting Calendar", we appreciate the lively exchange in the team on current topics. The easiest and most uncomplicated way to do this is always the spoken word. Regular participation is therefore essential for several reasons at the same time - finding quick solutions, bundling several opinions on certain topics, finding a majority approach and promoting integrity. If it is not possible that you cannot participate in principle or as an exception, let your team know.

Communication and Tool Interactions

We have various tools in use, which we of course also want to use so that we can recognize progress for our set expectations. The work done should be in focus either way. The communication of small or large milestones is often relevant for the entire project, even if this is not always necessarily visible at first glance, and should therefore be in Linear (developer), Figma (artist) and / or can be found in the Discord. We would therefore like to encourage you to communicate a lot and actively via one of the channels made available to you.

Feedback

We would like to support you with your onboarding as a builder and have therefore incorporated fixed feedback discussions in the initial phase. A colleague will answer your questions after your first overview and assign you a starting point. The aim of the conversation is to clear up ambiguities and to answer questions of all kinds, so that you can be as much a part of your project as possible from the beginning.

Another feedback appointment is then set after about 2 weeks, when we would like to know in particular how well you have settled and how symptom-free you have been able to contribute your strengths to the value of the project. We also try to optimize our onboarding process through feedback that you give us.

The Builders' Stipend

The builders stipend is here to make it easy for you to put aside other distractions and focus on building with the rest of the Alchemists. It is not a salary. It is not meant to be the primary incentive to drive your contributions. If you’re here as a mercenary and just want to get paid then you’re probably in the wrong community.

Onboarding Form

$MIST Token ⚗️

Token information can be found below

Providing Liquidity & Staking

You can provide liquidity for $mist in a liquidity pool alongside an equal value portion of Ether (ETH). When you do so you receive Liquidity Pool tokens (LP) that represent your stake in that pool. Ultimately these LP tokens are used to withdraw your original ⚗️ and ETH from the pool when you decide you are finished with it.

The liquidity pool is used to facilitate trades between ⚗️ and ETH that other people wish to make. Every trade made incurs a small fee for the person making the trade. Whilst you hold LP tokens, you receive a portion of those fees, proportional to the LP you hold relative to the total LP. (For example, if your LP makes up 1% of the total LP then you receive 1% of the pool fees)

This profiting from liquidity pool fees mechanism is no different to staking any other coin in any other liquidity pool. As such, it is susceptible to "impermanent loss" whereby as a staker you lose money by withdrawing your staked coins after their relative value has shifted since you subscribed them. If you are unfamiliar with this concept we recommend doing further research until you understand it - there are plenty of resources explaining it better.

Aludel

This is where the alchemy happens. "Aludel v1.5" is the name of the current reward program where you can gain ⚗️ for subscribing to it with the LP tokens via a Crucible.

What is Inflation?

Since inception of the Alchemist project and the ⚗️ token, our token supply has been configured to increase the circulating supply by 1% every 14 days.

This process is managed by our StreamV2 contract. The StreamV2 contract is responsible for interacting with our ⚗️ token contract in order to mint the tokens and then distribute them to the correct destinations.

At current the distribution of inflation is divided into 3 pieces:

1. 50% is distributed to the ()

2. 25% is distributed to the

3. 25% is distributed to the

The StreamV2 contract is permissionless, this means that once the 14 days have passed since the previous inflation, anyone can make the contract call to mint and distribute the tokens.

How to call inflation?

Inflation can be called by invoking the advanceAndDistribute() function on the StreamV2 contract located at 0xebf421c83069143f3bd29A5C690Df97CC261E49c -

Calling inflation is quite a straight forward event, but before attempting to call it you must ensure the following:

1. Make sure the last time the Advanced and Distribute function was successfully called more than 14 days ago.

2. Ensure that the previous transaction that you're using for reference was a successful one and does not show an orange warning symbol.

Here is an example of a failed call (orange warning symbol):

Here is an example of when to know that it's safe to call inflation:

Calling Inflation

You will want to locate the advanceAndDistribute function, expand it by clicking on it.

Once you've expanded it and are ready to call inflation, click the Write button, this will trigger a transaction on your wallet.

Confirm the transaction and the process should start.

Once your transaction has been successful, you should be able to see the transaction appear on the StreamV2 Transaction log. If you view the transaction you should be able to see something similar:

Congratulations! You've now called inflation and funded the Aludel reward program, Multisig and Treasury.

Important Addresses

Introduction

The Alchemist incubator is a service for founders and builders looking to build out and grow their ideas and projects into products.

Projects that potentially add value to the Alchemist ecosystem are eligible to receive funding through the .

Proposals are submitted via Discord to the Alchemist Council and are analysed using an ROI-based approach to consider how Alchemist could best assist them and the value that they’ll add to the ecosystem.

Alchemist is committed to expanding our ecosystem by financing, incubating, and empowering small agile teams to build products that solve problems and grow our community. We encourage experimenting with innovative ideas that flow value both to individual project teams as well as the greater Alchemist ecosystem.

Funding amounts

There are no limits to the level of funding projects can receive through the program. Previous projects have received between $500 and $650,000.

All project funding is paid in $mist. Who should apply? Alchemist is looking for projects that are complementary to our ecosystem. We encourage experimentation and building world-first products or technologies. While the program is targeted at founders, product managers, and engineers building new products, we also welcome any other project types that add value to the ecosystem. This could include (but not limited to) design, community building, integrations, marketing, and much more. You are only limited by your imagination! Projects will be analyzed using an ROI-based approach to consider the value that they will add to the ecosystem. This ROI will consider both direct value (revenue generated and distributed to LPs) and external value to the alchemist ecosystem (driving users to other products, community building, etc.).

Why build with Alchemist?

Funding: Eligible teams can apply to be fully or partially funded through the Alchemist Fractal.

Access to builders: Alchemist has a pool of experienced builders who may join project teams, assist with development/integration into existing products, or offer technical advice. Community building: The Alchemist community is strong,passionate & well-versed in the industry. Design: Alchemist has designers who are on-hand to provide designs to ensure products look great and are up to speck with what is required for success. Marketing: Funded projects will be promoted across all Alchemist channels to help with user acquisition and brand awareness. Business development: Funded projects will have access to Alchemists network of projects and a bizdev team to assist with building external relationships and partnerships. Key point of contact: Funded projects will be assigned one key point of contact at Alchemist. This person will assist in the application process and introductions to the relevant stakeholders within the ecosystem. Access to Alchemist tech: Advice and assistance with integrating with technologies such as Flashbots, NFTs, and more. Where relevant projects have access to launch their token through Copper, set up a liquidity mining program through Crucible, and get direct access to other technologies within the ecosystem.

Requirements and Guidelines

In return for fully funding a project, all arising revenues are distributed as follows:

• 50% to $mist holders via the Aludel program

• 40% to the product’s founding team members (distributed at the team’s discretion)

• 10% to the Fractal for funding future projects + service teams

If a project is only partially funded or involves the creation of an additional token - add any revenue plans and suggested distribution schedule to the proposal for review.

If the project is non-revenue generating, be sure to outline how it benefits the Alchemist ecosystem.

Application Process

The proposal will then be put to a vote amongst the Alchemist Council. A simple majority is needed for approval. (6) Onboarding and funding

Once approved, you will be designated a key point of contact (if not already assigned) who will be there to answer any questions you have and introduce you to the relevant channels and people. The funding will also be released in line with the milestones outlined in the approved proposal. If you need additional manpower, you can pitch to the Alchemist builder pool to find new team members to help with the project. (7) Build Now comes the fun part - building and shipping world-changing products. We will be by your side to help along the way! When it comes time to launch, you will link up with the relevant marketing, BizDev and community teams to hit the ground running. Have more questions?

Reach out to us in our Discord to chat further!

Who owns Alchemist?

MIST token holders own and govern the protocol. They benefit from value accrued to MIST generated by products built within Alchemist. Most of the teams and founders within the Alchemist incubator began their journey as adventurous community members eager to build within web3 with guidance from established builders within the crypto space.

Where can I get ⚗️ ($MIST) ?

We recommend using U

Over time $MIST is bound to appear on other trading sites, when this happens these places can be identified by using or .

What is total/circulating supply?

Circulating supply and total supply are the same. This started with 1,000,000, but increases by 1% every two weeks. The current supply is shown on .

Do you plan pre/private/public sale?

There are no sales. We held an initial Balancer pool and all ETH raised were deposited into the reward program.

Does the token have inflation?

Inflation is currently 1% every two weeks but can be modified up or down. To avoid being diluted by inflation, Subscribe your ⚗️$MIST in the Aludel reward program.

The current allocation of the inflation tokens is:

50% to Aludel reward pool, 25% to $MIST community multisig & 25% to $MIST treasury.

What can I do with my ⚗️$MIST?

Project Multisignature Wallets

Original Alchemist Multisig

Multisig Key holders were chosen based on trust and contributions to the project.

Current multisig signers are:

Alchemist Council Multisig

Multisig holders are comprised of community elected council members

A guiding principle is a recommendation that provides universal and enduring guidance to an organization, which applies in all circumstances, regardless of changes in its goals, strategies, type of work, or management structure.

1. Focus on value.

Everything the organization does should link back, directly or indirectly, to value for itself, its “customers”, and other stakeholders. When focusing on value, the first step is to know who are the customers and key stakeholders that my value is being served. Second, it is important to understand what constitutes value from the consumer’s perspective. It is also critical to understand the customer’s experience with the organization and the product/service through a clear awareness of the customer experience or user experience.

• Know the usage of your service/product/organization.

• Encourage a focus on value among your team members.

• Focus on value during every normal operational activity.

• Include in any improvement initiative the focus on value.

2. Start where you are.

When you seek an improvement opportunity, do not start over without considering what is already available to be leveraged. You should not waste your time by wrecking the base of your work – be aware what has been invested (costs, sweat and time).

Observing existing services and methods should be in line with measurement if possible, to properly understand their current state and what can be reused from them. Information should always be as accurate as possible to make objective decisions. Always see measurement as a support for the analysis. Be aware – measurement is used to support the analysis of what has been observed rather than to replace it, as over-reliance on data analytics and reporting can unintentionally introduce biases and risks in decision-making.

• The Starting Point is either the “customer” or result. Judge your existing methods as objective as possible!

• Did you find successful existing practices? Use them! Determine if and how these can be expanded and replicated upon to achieve a desired improvement.

• Evaluate with risk management skills.

• Face it! Sometimes almost nothing or even nothing can be re-used.

3. Progress iteratively with feedback.

Resist the temptation to do everything at once. Slice it! Small steps or milestones (iterations) can be executed and completed in a timely manner. Each goal will be easier to achieve, its motivating instead of a frustrating. The focus on each effort will be sharper. Reflect any changes in circumstances and keep the focus on value on mind to re-evaluate and potentially revision every iteration as well as the whole initiative. Honest feedback is your tool to review your actions – analyze your improvement opportunities, risks and issues. Give feedback a value to learn, build and improve.

• Small steps or milestones, while comprehend the whole.

• Feedback is essential – circumstances change fast.

• Fast =/= incomplete.

4. Collaborate and promote visibility.

Involving the right people in the correct roles, efforts benefit from more relevance (judgement for decision making has more value) and create increased long-term success. Inclusion is generally a better policy than exclusion since enthusiastic contributions, creative solutions, and important perspectives can be obtained from unexpected sources. Requirements for success are information, understanding and trust.

Identify and manage all stakeholders or groups involved. The most obvious stakeholder group is the “customers”, as in ITIL the organization’s main goal is to facilitate customer outcomes. Other examples of stakeholder collaboration include: developers (collaboration with other internal teams – like research) or internal and external suppliers.

The contribution to improvement of each stakeholder group at each level should be understood, as should the most effective methods to engage with them. Expect different variations about the level and type of collaboration, depending on the relationship between the organization and “consumer”. Address the needs of involved stakeholders! Determining the type, method, and frequency of such messaging! An organized activity @communication is highly recommended.

Stakeholders need a clear vision of the progress and workload! Never give the impression that nothing happens! Insufficient visibility leads to poor decision making and impacts the ability to improve internal capabilities. To avoid this, you will need critical (and sincere!) analysis of the workflow, bottlenecks and excess capacity.

• Collaboration =/= consensus

• Shout out loud – frequent communication is the way to go.

• “Good” decisions can only be made with visibility.

5. Think and work holistically.

In a complex system, the alteration of one element can impact others. These impacts need to be identified, analyzed and planned for. Nothing stands alone – whether a service, practice, process or department. The result will suffer unless it works in an integrated way to handle its activities as a whole, rather than as separate parts.

Taking a holistic approach to ITIL concepts includes establishing an understanding of how all the parts of an organization work together (four dimensions: organizations and people, information and technology, partners and/or suppliers, value streams and processes). Demand is captured and translated into outcomes.

• Recognize the complexity of every element.

• Collaboration is key to working holistically.

• Reach out for patterns in the needs of and interactions between elements.

• Automation can facilitate working integrated.

6. Keep it simple and practical.

Always use the minimum number of steps to accomplish an objective. Result-based thinking should be used to produce practical solutions that deliver valuable outcomes. If a process, action or metric fails to provide value or produce a useful outcome, then eliminate it. Do not focus on every exception, this will automatically lead to over-complication. Instead, rules, workflows or processes should be designed that can be used to handle exceptions generally.

Value creation is your goal – keeping it simple and practical helps to understand the contribution. Establish and communicate a holistic view of the work. Individual teams or groups can understand how their work is being influenced by, and in turn influences, others.

Keep your eyes open of conflicting objectives when designing, managing, or operating practices. For example, managers may want a lot of data (quantity), but service teams might be constrained in prioritizing the collection and detail of that data. Find a compromise between competing objectives.

• Ensure value.

• Simplicity is key.

• Set only a few rules to cover the major practices.

• Respect the time and work of people involved.

• Adoption is easier when it is not complicated.

• Get the low-hanging fruits.

7. Optimize and automate.

Maximize the value of the work carried out by human and technical resources. Technology can help organizations to scale up and take on frequent and repetitive tasks. However, technology should not always be relied upon without the capability of human intervention, as automation for automation’s sake can increase costs and reduce robustness and resilience.

Optimization intents to make something as effective and useful as it should be. Always optimize first before considering an automation. Consider that you have set constraint limits for optimization! E.g. Costs, time or resources could be wasted.

The path to optimization follows these high-level steps:

• Declare the context in which the proposed optimization exists.

• Judge the current state of the proposed optimization.

• Focus for the desired outcome on simplification and value of an optimization. Set limits!

• Ensure the optimization is for everyone involved acceptable,

• Remember iterations – optimizations and everyone involved loves low-hanging fruits.

• Monitor the impact/effect of optimizations.

Automation typically refers to the use of technology to perform a step or series of steps correctly. Set automation in the context of standardization and streamlining of manual tasks. E.g. define rules to allow decisions without being reviewed individually. Stop human involvement and evaluation of each part of a process to achieve more efficiency. Automation is an opportunity for reduced costs, reduced human errors, and (important!) improving experiences for involved.

• Optimization >>>> Automation

• Use automation to achieve better experiences, reduce errors and save costs and time.

• Define your metrics.

• Use the other guiding principles when applying this one!

The Alchemist Fractal

Within the Fractal, several Alchemist types all share various responsibilities for different functions of the project.

This is the current iteration of the Fractal. It is not necessarily the final top-level format, nor does it cover replication at more distant org levels. These will be determined and outlined at a later stage.

The Fractal structure will be a dynamic, ongoing experiment played out in the public domain.

Goals of the Fractal:

1. Drive value/increase rewards to liquidity providers

2. Incentivize founder level talent to build within the Alchemist ecosystem

   1. Allow for launching sub tokens

   2. Provide funding / support / education / distribution (users)

3. Balance product teams (profit center) and service teams (cost center)

4. Incentivize product teams to maintain / improve / increase the profitability of their products

5. Be antifragile to black swan disturbances like a bear market

6. Enable socially scalable/permissionless growth

7. Incentivize shipping and long term alignment with MIST (underpromise, overdeliver)

8. Achieve dynamic stability through panarchy

Alchemist Economics

Until now, Aludel rewards for $mist holders have solely derived from inflation. This has been an effective way to bootstrap the ecosystem + community and has successfully incubated several different core products.

In addition to inflation income, $mist holders will now be rewarded from the success of products within the system. 50% of all core Alchemist product revenues will be deposited directly into the Aludel rewards program on a fortnightly basis.

Inflation Distribution

1% inflation every two weeks:

• 50% to LP rewards (Aludel)

• 25 % to the Treasury

• 25% Fractal

  • 20% rainy day fund

  • 30% seed new projects

  • 50% fund service teams (marketing, design, community)

Alchemist Types

Keyholder

• trusted party entrusted with multisig keys

Alchemist Council

• democratically elected body to which the community has delegated executive power

Senior Alchemist (disbanded)

• given to members of the community that went above and beyond in their contributions to Alchemist

Builder

• dev, artist, designer, researcher, operations

• incentivized through builder stipend

Product Founder

• founder, product manager, project manager

• incentivized through product upside & builders stipend

Crucible holder

• Owner of a crucible, liquidity provider, project supporter

Token holder

• project supporter -- possibly not comfortable with risk of IL of liquidity provision

The Alchemist Council

Alchemist Council is a democratically elected body to which the community has delegated executive power.

The Council’s mission is to strategically position Alchemist to achieve its maximum potential. Mainly, the Council will be tasked with: reviewing the performance and budgets of existing projects, approving new projects for incubation, and making the final decision on anything that relates to the Alchemist ecosystem. The Council serves as the delegated voice for Alchemist community members, and as such it will work on any matter that serves the community’s interests.

The Council will continually take note of your questions and thoughts and strive to address them via our community calls, communications, and council meetings. For frequently asked or important questions the council will compile a publicly facing document which will keep track of the answers to those questions.

New Ecosystem Projects

The Alchemist Fractal emphasizes empowering small, agile project teams to build within the Alchemist ecosystem. New projects are incentivized through:

• Funding from the Fractal

• Ecosystem builders to assist with product development

• Support from the Alchemist ecosystem

• Brand awareness from Alchemist project association

• Direct upside through product success

Submitting a new project proposal to the Alchemist Council

Projects will be analyzed using an ROI-based approach to consider the value that they will add to the ecosystem. This ROI will consider both direct value (revenue generated and distributed to LPs) and external value to the Alchemist ecosystem (driving users to other products, community building, etc.).

We recommend that new project proposals use the following template: https://hackmd.io/G7Zn0YKMQmivXVBAeOfJww

Project Lifecycle

1. The initiator makes a proposal

2. Alchemist Council votes on the proposal

   • Simple majority for yes/no

   • Must fit within 30% budget to seed new projects

3. Project execution phase

   • Team Discord channel controlled by the initiator

   • Written progress update every week

   • Product demo every two week

4. Project completion phase

   • Review by council and update project proposal for a new cycle

   • Written introspective debrief by team

Revenue from core products within the ecosystem will be distributed as follows:

• 50% to $mist liquidity providers via the Aludel program

• 40% to the product’s founding team members (distributed at the team’s discretion)

• 10% to the Fractal for funding future projects + service teams

If the project involves the creation of tokens:

• 50% of insider premine (if any) distributed to mist LPs

• 50% of insider premine (if any) distributed at product team discretion

• Tokens must be launched through Copper + Crucible

Projects can be as small as one person building brand awareness. Or as big as a team of 5 Engineers building an entirely new revenue-generating product!

Next Steps

Following the Fractal implementation, the community and Alchemist Council will complete a retrospective review after three months on how the system can be improved and refined.

Most Alchemist products receive a monthly budget of MIST to be vested to their contributors. The budget amount is established by the Council on a per product basis and is based on a number of factors including: current amount of inflation available for funding, the team's value add to Alchemist, team size and needs, and the future potential of what the team is working on, other projects interested in an allocation of vested MIST funding, and the vested MIST that other teams are receiving within Alchemist. Teams are required to fully vest their budget to their contributors with a 3 year vesting schedule or return any excess unvested MIST back to the Council at the end of the month before unlocking any additional funding.

How team budgets are estimated

All Alchemist contributors are evaluated on an equal footing when receiving vested MIST, because the type of labor they perform in service to Alchemist is assessed relative to what other contributors are doing.

The methodology for arriving at the exact allocations of vested MIST is as follow:

1. The Council evaluated all the different kind of contributions performed by Alchemist contributors.

2. Next contributions were matched up with equivalent professions in a well developed job market. We specifically looked at New York city using public Glassdoor job market data.

3. Afterwards these professions were matched to the salaries they received in NY. This enabled us to normalize salaries relative to each other. So if a Community Moderator is receiving $50,000 a year in NY while a Sr. Software Engineer is receiving $200,000 a year, we now know that within Alchemist the latter would need to receive 4x as much vested MIST as the former. This was performed for all types of roles within Alchemist.

4. We then used the role with the lowest compensation based on Glassdoor data as a unit of work to measure other roles against. So a Community Moderator would represent a 1, while a Sr. Software Engineer would be a 4. And if a business developer was receiving $110,000 they be a 2.1 (because 100,000/50,000 = 2.1).

5. Once we got the units of work for ALL the contributors within Alchemist receiving a stipend we then added them up and got around 128 units of work. This then enabled us to take the monthly amount of inflation that the Council Multisig receives and figuring out exactly how much vested MIST each of the contributors ought to be rewarded by. To simplify this estimate we assumed that all contributors are contributing an equal amount of time on a monthly basis.

The full document involved in performing this analysis can be viewed here.