Algem Weekly Dev Update (March 27th – April 2nd)

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

Smart Contracts Progress

April 3rd, 2023

“Over the past week, our team has been working on several tasks to improve and maintain the Algem platform. At the beginning of last week, we added the AstridDAO dApp to the LiquidStaking section of the dashboard. Other tasks that have been completed up until now are:

1. Investigating the cause of the error when adding liquidity to the Arthswap adaptor: Our team has been looking into the reason behind the error that users have been experiencing when trying to add liquidity to the platform. We have formulated a theory, and we are currently working on implementing a solution to address this issue.

2. Implementing fixes after the SiO2 audit: Following the recent audit of our SiO2 contracts, we have been addressing the identified issues and implementing the recommended fixes. This process has been thorough and systematic, ensuring that our contracts are secure and function as intended.

3. Working on APR/APY calculations for SiO2: We have been working on improving the calculations for APR (Annual Percentage Rate) and APY (Annual Percentage Yield) for SiO2 contracts. This task is still in progress, and we aim to provide more accurate and transparent information to our users about the potential returns they can expect from staking on our platform.

4. Developing liquidation scripts: Our team has also been working on creating scripts for liquidations, which will help in managing the platform’s assets and ensuring the overall stability and security of the system.” — Arthur, Algem CTO

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.