Two new and promising projects on Astar network are excited to join forces to take the use of liquid assets to the next level.
LONDON – Algem, the leading liquidity hub in the Astar Network and Polkadot ecosystem, is pleased to announce its partnership with SiO2 Finance. Through the partnership, Algem will collaborate with SiO2 Finance to list the nASTR token as a collateral asset on SiO2 lending and borrowing platform.
Lending protocols are at the center of the defi ecosystem and play a key role for users who want to access decentralized financial services. In fact, the biggest defi protocol in terms of liquidity is AAVE, the lending platform of the biggest EVM blockchains such as Ethereum, Avalanche or Polygon.
For Algem, a protocol bringing a new form of liquidity to the Polkadot and Astar ecosystem, it is natural and essential to create a synergy with lending protocols. SIO2 is one of the most promising projects in our ecosystem and follows Astar’s philosophy and vision by supporting both EVM and WASM and thus becoming the first lending platform supporting multi-VM.
After the official launch of SiO2 Finance on Astar Network, they will list Algem’s nASTR liquid token as a priority to allow users to borrow other crypo-assets using their nASTR tokens as collateral.
This new collaboration and utility of the nASTR token will allow ASTR holders to continue to receive staking rewards while building more complex defi strategies and leveraging their assets.
“Collaborating with SiO2 was one of our main goals for the launch of Algem on Astar network. SiO2 has a strong and dedicated team and I am proud that we can give an important utility to our nASTR by collaborating with them.”G’, Algem COO
About SiO2 Finance
SiO2 Finance is the multi-VM lending hub on Astar for Polkadot. We aim to become the best lending product with excellent user experience, easy-to-use one-click features, and transparent governance.
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.