Surging DeFi Dapp Lets Users Double Their Profit By Simultaneously Staking And Yield Farming.
Algem, the emerging DeFi dApp on Astar Network that lets users stake their ASTR tokens and yield farm with a liquid token called nASTR, is officially going live on the Astar Network mainnet.
The dApp solves a critical problem DeFi users face: to stake or to yield farm?
Algem lets users do both.
The concept, which the Algem team has dubbed Liquid Staking, is simple yet powerful.
When users go on Algem’s platform, they stake their ASTR tokens and receive one liquid nASTR token for every ASTR token staked.
So while users are receiving rewards from Astar Network’s dApp staking mechanism, they can use their nASTR token to yield farm across the Astar Network ecosystem and double their rewards.
Liquid Staking Means More Utility, Flexibility, And Freedom
In typical scenarios, staking means locking tokens up, as does yield farming. So while staking is a crucial component for proof of stake blockchains, staking also limits the liquidity and, as a result, the utility of the staked token.
Algem is addressing this acute problem and, with its launch, is bringing better utility for the ASTR token and more liquidity to the Astar Network and Polkadot ecosystem.
Algem Aims To Be The Top Liquidity Hub On Astar Network and Polkadot
“It was extremely important to me to create Algem, especially now. During the process of developing, we were faced with various challenges but managed to overcome all of them. I want to thank every team member, especially G because he was the first person to believe in Algem. Most likely, Algem would never have come to fruition without his faith and help. Our developers made much more than I could ever ask for, and I will never forget about it 🙏
Also, I would like to thank every person who ever helped us and continue to support us: Astar Core team members (especially Shun Ishikawa), Astar Degens Core team, and the community, who were the first who allowed us to tell about Algem and helped us finalize dApp concept, Next Web Capital, Quantstamp, our DeFi partners. 🙏
We will grow as fast as we can and increase Algem value daily. Thank you and LFG!”
– Igor, Algem Founder and CEO
“Algem is the first ASTR liquid staking solution we have been waiting for months. Liquid staking lets people use their ASTR tokens in our DeFi projects when their ASTR tokens are locked in dApp staking. This mechanism ensures they don’t miss out on any great opportunities. We are excited to make a comprehensive DeFi ecosystem together with Algem!”
– Sota Watanabe, Astar Network Founder and CEO
Want to Join The Liquid Staking Revolution On Astar Network?
If you want to join the liquid staking revolution, follow our guide:
- Go to algem.io and launch the app
- Connect your Astar EVM Wallet (i.e., MetaMask)
- Stake a minimum of 100 ASTR tokens, confirm by clicking on the “stake”button.
- Receive an equal amount of nASTR tokens and begin earning staking rewards.
- You can add the nASTR token to Metamask by adding the following token address or using the dedicated feature in Algem dApp.
- To claim your rewards, you must first wait at least 1 era (~24h on the Astar network) and then press the “claim” button and confirm the transaction.
- Use your nASTR to farm on other Astar Network dApps like Sirius Finance and watch your earnings skyrocket!
- Go to the pools section on Sirius Finance dApp,
- Enter the nASTR/ASTR liquidity you want to deposit, preview deposit and confirm it
- You will receive nASTR/ASTR LP tokens that you can stake in the farm section
- Enter the amount of nASTR/ASTR LP tokens you want to stake and confirm by clicking on “stake”
- Congratulations, you are farming nASTR/ASTR and earning extra rewards!
For the occasion, Algem and Sirius have allocated extra rewards for a 3 weeks campaign.
100,000 $ALGM & 300,000 $SRS will be shared between all the farmers according to their share of the pool!
$SRS rewards are instant and calculated per block. They can be claimed anytime.
$ALGM rewards will be distributed after Algem’s Liquid Lending launch (September or October)
Astar Network – the Innovation Hub on Polkadot.
Astar Network supports the building of dApps with EVM and WASM smart contracts and offers developers true interoperability, with cross-consensus messaging (XCM). We are made by developers and for developers. Astar’s unique Build2Earn model empowers developers to get paid through a dApp staking mechanism for the code they write and dApps they build.
Astar’s vibrant ecosystem has become Polkadot’s leading Parachain globally, supported by all major exchanges and Tier 1 VCs. Astar offers the flexibility of all Ethereum and WASM toolings for developers to start building their dApps. To accelerate growth on Polkadot and Kusama Networks, Astar Space Labs offers an Incubation Hub for top TVL dApps.
Current Investors Include: Binance, Houbi, Hypersphere Ventures, Gumi Cryptos, Polychain Capital, TRGC, IOSG Ventures, Hashkey, Digital Strategies, Longhash, Scytale, Fenbushi, DFG, Alchemy Ventures, GSR, Injective, Coinbase Ventures, Crypto.com Capital, Alameda Research, KR1, OKX Ventures, Sub0 Capital, GSR
Listings: Binance, Houbi, Kraken, Gate, Kucoin, OKX, Crypto.com, MEXC
Top Features and Capabilities:
- Astar Network won the 3rd slot and is a Parachain on Polkadot Network.
- Astar Network connects the Polkadot ecosystem to Ethereum, Polygon, Cosmos, BNB Chain, and all major Layer 1 Blockchains.
- Astar Network supports building of dApps with EVM and soon WASM (Web Assembly) smart contracts.
- Astar Network is the only Parachain and blockchain overall that offers dApp Staking with an ability to Build2Earn, allowing developers to earn rewards and focus on development as an alternative to launching a token and developing tokenomics for their project
- Integrations with leading blockchain protocols.
- Enterprise collaborations such as AWS, and Microsoft
You may also be interested in checking out Astar’s Vision on XCM written by Hoon Kim, our CTO:
Algem is a dApp built on Astar Network and offers two main features: liquid staking and liquid lending. As the name implies, these two solutions enable ASTR holders to remain liquid with their assets while putting them to work.
The liquid staking and liquid lending solutions allow users to accumulate staking rewards and increase their earnings using Algem’s liquid nASTR tokens across Astar’s DeFi ecosystem. In doing so, Algem supports other DeFi protocols by providing liquidity, creating a sustainable and cooperative ecosystem on Astar Network and Polkadot.