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Empowering DeFi Opportunities: Algem Partners with SiO2 Finance for ASTR Holders

Algem and SiO2 Finance, two major players in the Decentralized Finance (DeFi) industry, have joined hands to forge a new path for ASTR holders. Built on the robust Astar Network, Algem’s partnership with SiO2 Finance—a lending pioneer on Polkadot—unleashes unprecedented opportunities. This collaboration aims to bolster liquidity and develop a sustainable ecosystem, offering manifold benefits for the DeFi community.

Unleashing the Power of Lending Protocol on Astar Network:

Lending protocols constitute the backbone of DeFi, offering unrestricted access to decentralized financial services. Algem recognizes their value, hence our partnership with SiO2 Finance. This alliance allows ASTR holders to utilize their nASTR tokens as collateral on SiO2’s platform, diversifying their investment avenues.

Enhancing DeFi Strategies:

Boosting liquidity through Algem’s nASTR farming section, ASTR holders stand a chance to earn enticing staking rewards whilst unlocking more DeFi opportunities.

Leveraging nASTR as collateral to borrow assets, ASTR holders can earn passive income and partake in veStaking on SiO2. Algem’s dedication to backing other DeFi protocols fortifies the ecosystem across both Astar Network and Polkadot.

Diverse DeFi Strategies for Varied ASTR Holders:

Prudent Approach:

  • Supply nASTR to Sio2 Adapter, earn ASTR Staking Rewards and SIO2 Farming Rewards.

Strategic Degens:

  • Supply nASTR, earn ASTR Staking Rewards and SIO2 Farming Rewards;
  • Borrow additional assets and earn additional SIO2 Rewards.

SiO2 Finance: Trailblazing Multi-VM Support in Lending

SiO2 Finance shines as a promising project within the Astar/Polkadot ecosystem. By aligning with Astar’s vision of supporting both EVM and WASM, SiO2 Finance has made a mark as the first lending platform with multi-VM support.

This not only eases user experience but also introduces one-click features. Flash loans, one-click short positions, and multiple assets as collateral are just a few innovations on offer. With SiO2 Finance, the potential of Algem’s nASTR token skyrockets, solidifying the DeFi landscape on the Astar Network.

Introducing the Dual-Farming Campaign with SiO2 Finance and Algem!

In a joint venture with SiO2 Finance, we’re thrilled to announce our Dual-Farming Campaign. This initiative rewards ASTR holders and Algem supporters who contribute to SiO2 Finance via our farming section.

Prize: 25 000 nASTR Extra Rewards: Receive additional rewards in nASTR tokens for your contribution.

How to join the campaign:

  1. Participate by supplying your nASTR tokens to the SiO2 Finance in Algem’s farming section.
  2. Join the Zealy campaign and complete all tasks in the #Algem x Sio2 Campaign category.

Campaign Parameters:

  • Campaign Duration: The campaign will run for three weeks, during which time snapshots will be taken (block undisclosed).
  • Minimum Supply Requirement: Participants must supply a minimum of 2000 nASTR tokens to Sio2 Finance on Algem.
  • Maximum Rewards per Address: Each address can receive up to 20% of the total rewards.
  • Reward Distribution Mechanism: 25% of rewards will be equally distributed among eligible participants, while the remaining 75% will be allocated based on shares.
  • Bonus for NFT Holders: Algemantis holders receive a 5% bonus (1.05x shares), and Liquid Staking Discount holders receive a 2.5% bonus (1.025x shares). Holding both NFT types gives a 7.5% bonus.

Don’t miss this opportunity to contribute to SiO2 Finance while earning extra nASTR rewards!

Using SiO2 Finance on Algem

⚠️ Note: Before borrowing assets on SiO2: ensure you understand Health Factor, Borrowing Limit, and Liquidation mechanics on a lending platform. ⚠️

Once ASTR tokens are staked on and nASTR tokens received, you can select SiO2 Finance in the nASTR farming section.

Steps for Using SiO2 Finance:

  1. Supply Liquidity
  2. Borrow Assets
  3. Repay Debts
  4. Withdraw Liquidity
  5. Improve Health Factor

How to Supply your liquidity:

  • Select the Supply option;
  • Enter the amount of nASTR you want to supply;
  • Confirm the action by clicking on “Deposit” and signing the transaction in your wallet.

Option: If you have already provided liquidity on SIO2 and received I-tokens, you can still deposit your I-tokens tokens on Algem Farming.

How to Borrow assets:

  • Click the Borrow option;
  • Choose the token you want to borrow from the available list;
  • Enter the amount;
  • Check your borrowing limit and health factor;
  • Confirm the action by clicking on “Borrow” and signing the transaction in your wallet.

How to Repay your debts:

  • Select the Borrow option and switch to Repay;
  • Choose the token you want to repay from the borrowed list;
  • Enter the amount you need to repay;

The amount to be repaid is higher than the amount borrowed, as it includes interest on the loan.

  • Check your borrowing limit and new health factor;
  • Confirm the action by clicking on “Repay” and signing the transaction in your wallet.

How to Withdraw your liquidity:

  • Select the Supply option and switch to Withdraw;
  • Enter the amount of nASTR you want to withdraw;
  • Check to see if your borrowing limit and health factor allow you to withdraw your deposited tokens;

If not, you must first pay off some or all of your debts before you can withdraw your liquidity.

  • Confirm the action by clicking on “Withdraw” and signing the transaction in your wallet.

How to increase your Health Factor:

If your health factor is close to 1, you risk being liquidated, so it would be wise to increase it.

To increase your health factor, you can

  • Repay your borrowing position;
  • Supply more collateral (nASTR);

Claim your rewards from the nASTR Farming

  • Select the SiO2 Fiance dApp in the farming section;
  • Click on the “Claim rewards” button and sign the transaction in your wallet;
  • Your rewards will be distributed directly into your wallet

See our SiO2 Finance documentation for a more detailed explanation.

Conclusion: Amplifying ASTR Holders and Advancing DeFi on Astar Network

The integration of SiO2 Finance with Algem symbolizes a crucial progression in the Astar/Polkadot DeFi ecosystem. ASTR holders now enjoy a platform to delve into various lending and borrowing opportunities while retaining their staking rewards.

This collaboration underscores Algem’s commitment to enhancing liquidity and encouraging cooperation among DeFi protocols. Leveraging SiO2 Finance’s multi-VM support alongside Algem’s innovative solutions, users can now unlock new echelons of financial empowerment.

About Algem

Algem is a decentralized application built on the Astar Network and offers two main features: liquid staking and liquid lending. As their names suggest, these two options let ASTR holders keep their assets liquid while putting them to work. Also, the liquid staking and lending solutions let users use Algem’s liquid nASTR tokens across Astar’s Defi ecosystem to earn staking rewards and make more money. In doing so, Algem supports other Defi protocols by providing liquidity and creating a sustainable and cooperative ecosystem on the Astar Network and Polkadot.

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