New year, new goals! Allow me to develop on this point further as we dive in and see what’s in store for the year ahead!
To begin with, just before we do, over the last week you would have recently seen in our last Weekly Dev Update that the Algem developers are working really hard to release the next important features of the application. This includes the long awaited Liquid Lending (Farming) as well as a certain secret project (more in regards to this coming later down the line!) ?
As the end of January comes to a close, it is time to reveal plans that the core team has in store for Algem for 2023. Side note here, the key words are Cross-chain assets and Polkadot.
To begin with, the new version of the Liquid dApp Staking, called “multi pools”, will finally be deployed on Algem allowing our users to support several different Astar dApp Staking projects directly within Algem. The security audit, performed by Dedaub, is finally finished and our developers are currently just working on final adjustments before connecting the new contracts to our application.
Following this, we will also support two new protocols within the nASTR Liquidity Hub: SIO2 Finance and Starlay Finance. The nASTR holders will be able to deposit their nASTR tokens on these lending platforms and at the same time borrow other assets using their nASTR as collateral. All this is possible thanks to the work of the DIA oracle and the nASTR price feed they have developed for Algem.
Also and in parallel to our new secret project, which at the moment I can only tell you remains around the concept of staying liquid with cross-chain use. This will be released a few weeks before the launch of our next big feature: Liquid Lending.
At the launch of Liquid Lending (Farming), many things around our native ALGM token will be implemented such as the launch of the ALGM token. This will allow for ALGM staking to take place, the distribution of tokens earned by users during our various campaigns to begin and, the listing of ALGM on DEX and CEX platforms.
After this point, we will then shift our focus to the governance of Algem and the improvement of the liquid nASTR token with new cross-chain functionalities from version 1.6 of Liquid Staking.
The governance of Algem will allow ALGM token or Algemantis NFT holders to participate in the decisions of the protocols.
This can include:
- Voting for new dApps for Liquid Staking
- Voting for ALGM rewards and various fee adjustments on different Algem services
Concerning the nASTR token, we plan to change the current token which is a ERC20 token to a XC20 format allowing the nASTR token to become cross-chain in order to allow use on other Polkadot parachains. We will also change the model of the nASTR to a Rebase token, which will make it easier to receive staking rewards without having to manually claim them.
On an ongoing basis, we will be adding new dAPP into Liquid Staking and also integrating new dApps into the Liquid Lending (Farming) side, while pushing the nASTR token’s utility on other parachains.
During the final part of 2023, we will continue to work on our core functionality: Liquid Staking V2 and V3.
In V2, Liquid Staking users will have to use ALGM tokens to vote for dApps from dApp Staking where they would like to stake their tokens. This evolution will give more utility in turn, providing more value to Algem’s native token.
To summarize, here are the next major development stages on Algem’s roadmap for 2023:
- Liquid Staking multi pools launch
- Liquidity Hub: SIO2 & Starlay Finance Integration
- Secret Project (Liquid & Cross-chain)
- Liquid Lending (Farming):
- ALGM Launch & Distribution
- ALGM Staking
- ALGM Listing
- Algem’s Governance
- Liquid Staking V1.6 (Rebase nASTR + XC20)
- Liquid Staking V2 (Voting for dApps)
- Liquid Staking V3
Thank you for choosing to join us in this exciting journey as we continue to develop and innovate in the Crypto space. See you on the other side!
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.