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Algem Weekly Dev Update – June 27, 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 27, 2023

“This recent week with Liquid Lending projects brought several improvements:

First and foremost, the liquidation mechanics research was finished. Specifications for the liquidation script were also developed (scope of work and conditions of when and how it should be called). All that is needed now, is to write the code, then it can be tested and deployed.

Another improvement has been the ongoing project refactoring, contract code and scripts that needed to be prepared for the audit. This means there has been more comments and documents added, along with scripts and test related code, split up to be more readable.”

Danny, Algem smart-contract developer

“Tasks relating to calculating and displaying APR/APY with other data for the SiO2 adapter’s UI have been resolved. 

Additionally, a flaw in the logic of ASTR native token borrowing was identified and fixed.

Extensive work was carried out this week to restructure and optimize the logic of the SiO2 adapter. A question regarding the distribution of SiO2 tokens is under review and pending approval.” 

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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