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Algem Weekly Dev Update – July 11, 2023

Hey everyone, we are pleased to share updates with you regarding our latest developments in the realm of smart contracts and the UI.

Smart Contracts Progress

July 11, 2023

“Last week with Liquid Lending, development was mostly dedicated to liquidation- specific mechanics.

A script was developed with the purpose to monitor all of the active positions and liquidate them, if the liquidation threshold was reached.

There is a dedicated view module used to find out if a position (held by a user) can be liquidated, along with a separate function which gets called to perform the liquidation when necessary.

Moreover, procedures have been added to make the process more transparent.

All of these additions were tested manually with a plan to add in automated tests soon.

NFT holder bonuses have also been revisited: 

  • Missing features added
  • An Improved commission discount.”

Danny, Algem smart-contract developer

“Over the past week, analysis on the performance of the Liquid Staking contract was conducted, and a series of optimizations have been devised. 

During the testing of loans in the SiO2 adapter, several flaws in the coding logic were identified and successfully addressed. 

In order to enhance understanding and facilitate the work of auditors with contract additions for Vesting and the native ALGM token, a more thorough investigation of the precompiled XC-20 contracts have been carried out.” 

Alex, Algem smart-contract developer

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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