Algem Weekly Dev Update – May 17, 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

May 17, 2023

“The work on Liquid Lending continues. Within the past week the ERC1155<->ERC20 mechanics were improved since this relies heavily on the environment, most of the attention was drawn to the test cases quality. There is now a debugging process going on with ERC1155 and ERC20 contracts to make sure the code works as intended.” — Danny, Algem smart-contract developer.

“To add to last week’s works, the ALGM Vesting contracts were also deployed on Astar and their functionality with XC-20 tokens was tested. Preparations were made for further testing of the UI to be carried out.

The logic of the lending adapters was updated to ensure proper functioning with tokens of different decimals values. Work on the liquidation logic and its tests are still ongoing.” — 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.