As A Function:
Alchemy is a system of crafting that allows one to create higher rarity Character and Weapon Ascension Materials, Weapon Ascension Materials, Character Talent Materials, Potions, and Character Ascension Materials from lower rarity material and mora. Alchemy also allows for the creation of Gadgets, Potions, and the conversion of Ascension Materials by using Dream Solvent or Dust of Azoth. You must be at a crafting bench to do any of the former.
Alchemy is a practice known by many but mastered by very few. The Art of Khemia was an advanced form of Alchemy thought to now be extinct, that sustained the kingdom of Khaenri'ah. Albedo is the Chief Alchemist of the Knights of Favonius.