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Algem Weekly Dev Update – June 20, 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

June 20, 2023

“Over this last week within the Liquid Lending protocol, time was split between the code refactoring process and some research.

While preparing for the next testing sequence, we updated deploy scripts and other utility codes that were called upon in the contract initialization. Documents and error messages were also updated.

Within the research process, we noticed there may be a case when the price of a token changes significantly. We have to liquidate user positions by swapping the pair token to regain the loss in ASTR. There are already written functions to monitor the position “heath factor”, but the liquidation process itself needs to be developed. 

Also, when using the lASTR token as collateral, there are more liquidation cases occurring, so for this, we have to come up with a sustainable lASTR pool to provide enough lASTR for liquidations.

The research part is still undergoing until we come up with the proper mechanics.”

Danny, Algem smart-contract developer

“Last week, we finalized the main layout of the user interface for the SiO2 adapter together with our front-end developers. We are addressing the remaining questions with the SiO2 team, regarding the display of rewards and the distribution of SiO2 reward tokens.

Additionally, part of the week was dedicated to collecting statistical data to ensure the accuracy of calculations and the distribution of rewards for our community.” 

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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