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Algem Weekly Dev Update – May 31, 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 31, 2023

“Last week’s updates in our Liquid Lending protocol were dedicated to the DNT token mechanics.

We also added various handlers to the ERC-1155 contract, allowing us to track the user’s stake, along with other parameters that are calculated using the liquidity pool. Automated tests were also improved for the code. 

Besides that, more cases were added relating to DNT token usage on third-party dApps..”

Danny, Algem smart-contract developer.

“Last week, together with the Astar team, we addressed the difficulties encountered from creating the cross-chain XC-20 native token for the Algem protocol (ALGM) and we conducted broader testing of the liquidation mechanism for the lending adapters. 

We then assessed the workload and prioritized upcoming features, which include:

– The ability to restake rewards in a selected application without withdrawing them from the adapter.

– ALGM airdrop contract.” 

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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