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Algem Weekly Dev Update – September 19, 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

September 19, 2023

Last week the Liquid Lending development process was mainly focused on existing code debugging. There was an issue with reward calculation for certain positions. Manual calculations of the on-chain data are correct, so the preview Rewards function was inspected more in-depth. 

Also in parallel, the AMM interface contract is being developed but attention is still drawn to the prior reward calculation issue.

Liquid Lending (Farming) Development progress can be found here

Danny, Algem smart-contract developer

The main focus of our work remains towards the second version of Liquid Staking. So,over the past week, several weaknesses relating to obtaining the weight of dApps and calculating the token amount for staking, based on the weight of all applications, were identified. Most of the issues have been addressed and we are currently working on the last one, in the deployed test contracts on the mainnet. 

Additionally, monthly statistics on Astar Degens stakers have been collected and the initial view of the ALGM staking contract has been assembled.

Liquid Staking 2.0 Development progress can be found here

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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