Scoopy Trooples is the Co-Founder of Alchemix Finance, an automated lending platform based on Ethereum.

Personal Life and Education

Prior to entering the cryptocurrency field, Scoopy Trooples had a background in education. In 2016, he became acquainted with Bitcoin, which subsequently led him into Ethereum and in participating in Initial Coin Offerings (ICOs). Fascinated by the potential of cryptocurrency, he began experimenting with decentralized applications (dApps) such as CryptoKitties. Eventually, he left his job in education to pursue programming and become a contributor to the Ethereum ecosystem. After two years of studying coding, a friend approached him to create the front-end of an application, which ultimately resulted in the development of Alchemix. ^[1]

He adopted the character name "Scooby Trooples" from Dungeons and Dragons, which he later incorporated into his professional persona. ^[1]

Alchemix

During an interview, Trooples said that Alchemix was originally named as CheeseFi, and that it had significant differences compared to the current platform. The concept behind this earlier version was to employ a derivative as a token, which could be utilized in various DeFi games. ^[1]

"It's like one of those Chuck E. Cheese tokens because they have their own ... You put in your quarters at Chuck E. Cheese and then they give you their own tokens for their arcades, and you have to use those tokens in their arcades. So I was like, "This is just like a Chuck E. Cheese token. And it's like, "CheeseFi, DeFi, CheeseFi. That's pretty cool."

Alchemix underwent significant changes over time, including the implementation of a contract known as the Transmitter. This contract allowed for the conversion of one asset to another, facilitating the stability module. The team behind the app sought to adopt a name that reflected the concept of alchemy and synthetic tokens, which led to the proposal of the current name. ^[1]

The original concept behind CheeseFi involved the creation of a yield derivative that would allow users to receive their future yield upfront. To achieve this, the CheeseFi model involved depositing a stablecoin, such as Dai, and locking it between 10 and 100 days. Based on the duration of the lock-in period and the deposited amount, users would receive Cheese tokens in return. These stablecoins would then be invested in various sources of yield, such as Uniswap, yEarn, and Idle financing. However, the team discovered that this model would be susceptible to Sandwich attacks and Miner Extractable Value (MEV) bots, which would undermine the stability of the platform in the long run. Consequently, the team went back to the drawing board and explored numerous designs until they eventually developed the Alchemix model, which they deemed to be more viable. The team unanimously agreed to proceed with the Alchemix model. ^[1]