Articles, Community, Product overviews

Algem Celebrates Its 1 Year Anniversary!

Hello Algem Community,

Igor here, your Algem CEO.

Today, we’re not just celebrating another day in the calendar. We’re marking a significant milestone – The first anniversary of our dApp! 

Exactly one year ago, on July 26, 2022, we embarked on an incredible journey when we launched Algem on Astar Network.

As we pause to celebrate this occasion, it’s the perfect time to reflect on our journey, to take stock of our performance and to share our exciting plans for the rest of the year…

It’s a moment to acknowledge the challenges we’ve overcome, the successes we’ve achieved, and the community we’ve built.

Our First Year: A Journey of Resilience and Innovation

The past year has been a whirlwind of inspiration, innovation, and growth for Algem. It’s been a year filled with critical decisions, new partnerships, ambitious plans, sleepless nights for our developers, and remarkable achievements.

Let’s take a walk down memory lane and revisit some of our most memorable milestones!

Our journey began with our partnership and the Astar Degens community. We were one of the projects that applied for their all-round support and fortunately we received pre-seed investments. During the discussion process we made a pivot to become a Liquid Staking and Liquid Lending (Farming) dApp. The Astar Degens community has been the rocket fuel propelling our project forward and their unwavering support has been instrumental in our success. We will never forget their attitude and support ?

In parallel with the Astar Degens community, we also garnered recognition from the Astar Core team. It is impossible to mention all the support we received from their side but certainly they have created an environment conducive for our growth. With their help, we successfully launched on July 26 2022.

After the Liquid Staking launch we started working on details of our Liquid Lending (Farming) product. Our goal was to achieve the best economic model for our governance token (ALGM). To achieve this we applied for the help of the well-recognised tokenomics experts from The Tesseract Academy. With their help we adjusted some mechanics of the dApp and made our tokenomics more robust. And notably, the Algem tokenomics case study was published in the The Journal of The British Blockchain Association ?

The Algemantis NFT sale was another great achievement of 2022. As usual, we wanted to make something new and exciting and presented the concept of DeFi NFT as a result. Each perk was presented through the story of the Algemantis world with a series of explainers videos about Algem was also made. 

As we entered 2023, we launched a major Liquid Staking update, allowing users to choose which dApp they’d like to stake their ASTR on. We also accelerated work on the Liquid Lending (Farming) side.

After the Liquid Staking update, our focus then shifted to new nASTR use cases and Sio2 integration for Liquid Staking. This was without a doubt the hardest integration in terms of the code base complexity, but our developers managed to overcome these challenges and successfully integrate it, marking a significant achievement.

Looking back, our first year has laid a solid foundation for our future growth and expansion within the Astar ecosystem (and beyond ?).

Our Roadmap for the Rest of the Year

The remainder of the year promises to be exciting for Algem, with four major updates planned.

Sio2 Integration:

Our goal is to provide a lot of nASTR use cases for our community and lending dApps are one of the most important parts of this work.

We’re in the final stages of testing nASTR on Sio2, with a launch expected in the coming weeks. 

Additionally, we have prepared an Sio2 pre-launch contest for our Algemantis NFT holders where our senators will be able to test this integration and leave their valuable feedback right before the public launch. 

On to the Secret Algem Product ? :

Our secret product is next in the queue. Right now I can’t share any information… However, one thing I can say, is that it was made in full accordance with the Polkadot/Astar spirit and our main use case. 

The contracts for this product are ready and currently being prepared for audit. 

Stay tuned!

Liquid Lending (Farming):

Our innovative product that allows users to stay liquid while farming on DeFi dApps is nearing completion. The core contracts are ready and will be sent for audit after internal testing.

Liquid Staking V2:

The last chapter of the year is focused on Liquid Staking V2. The main pillar of this update is the voting system where users will be able to vote where to stake their ASTR via ALGM (veALGM) tokens.

More details are coming soon!

By the way, the Liquid Staking V2 contracts are almost ready.

Final Words

As we look back on our journey, we’re filled with immense gratitude for our community, partners and the Astar Core team…

Your unwavering support and belief in our vision have been extremely important in our success. We’re excited and optimistic about the journey ahead and look forward to achieving new milestones together.

As we step into another year, we’re not just looking forward to growth, innovation, and community. We’re looking forward to strengthening our commitment to you, our community and to the ideals that we stand for.

We’re looking forward to pushing boundaries, challenging norms, and continuing to make a difference in the world of DeFi.

Here’s to another year of making waves, breaking barriers, and building a community that’s not just about finance, but about empowering each and every one of us.


Igor, Algem CEO

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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