Bitcoin reserve infrastructure for Cardano. Two complementary assets - FIRE and ICE - backed by a shared BTC reserve, built with Charms.
The junior reserve-growth asset. FIRE absorbs downside first and captures residual upside after ICE liabilities are met - higher-beta BTC exposure without margin calls or liquidation mechanics.
- Junior claim - absorbs volatility first
- Amplified upside from BTC price appreciation
- No margin calls or liquidation mechanics
- Redeemable above 4.0× reserve ratio
The senior BTC-backed claim. ICE is a lower-volatility, USD-denominated asset with formulaic growth funded by the reserve structure. Not short Bitcoin - the senior claim in the reserve.
- Senior claim - protected from downside first
- Lower volatility, USD-denominated
- Formulaic growth funded by reserve structure
- Redeemable above 2.0× reserve ratio
- Mintable above 4.0× reserve ratio
Explore
Learn More About Alchemy
The Proposal
Read the draft Cardano treasury proposal - funding structure, milestones, and accountability.
Simulator
Interactive visualizer: move sliders to see how the reserve, FIRE, and ICE respond to market changes.
Market Precedent
How STRC, Pendle, Djed, and Ethena validated demand for the product category Alchemy brings on-chain.
FAQ
Common questions about FIRE, ICE, the reserve structure, risk, and redemption mechanics.
Governance
DRep resources, Cardano strategic case, milestone structure, and how to participate in the vote.
Technical Implementation
How Charms' zkVM-based programmable asset protocol powers FIRE and ICE natively on Cardano.
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