Algem Weekly Dev Update – July 26, 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 26, 2023

“In the last week we came up with a better ALGM distribution system. Now we set weights to certain pairs directly, which makes the whole process more natural and similar to the farming rewards distribution. This in turn, meant new code had to be written and tested.

Also, some time was dedicated to the development of the Algem anniversary NFT with processes including: contract, mint script, etc.”

Danny, Algem smart-contract developer

“Last week, we started preparing for a major update to Liquid Staking and outlined the tasks that will need to be completed in the coming weeks. The update will include changes to the system’s logic and introduce new features for users. Also we will implement extra security measures to protect the contracts.

In addition to that, we also worked on gathering data about user balances in

Liquid Staking and the Algemantis NFT along with handling user queries related to reward distribution.”

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.