News, Product, Product overviews

Development Report – Algem (Bi-Weekly Update)


Over the past weeks, the Algem development team has advanced in refining the Liquid Farming protocol and updating contracts for the transition to dApps Staking V3. Our primary focus has been on elevating code quality, preparing meticulously for audits, and facilitating seamless transitions in functionality. Furthermore, we’ve been diligently addressing user-facing issues and implementing logic updates within the Liquid Staking contract.

Smart Contracts Progress

Liquid Farming Development – Danny:

Despite limited time, good strides were made in the Liquid Farming development, bringing the project closer to audit readiness. Contract formatting updates, including function comments, storage variable reordering, and function visibility corrections, were implemented for clarity and consistency. Additionally, a new contract capable of distributing ALGM tokens among the Liquid Farming protocol was introduced, marking a crucial milestone.

The focus shifted to the ALGM distributor contract, with code coverage, debugging, and formatting being completed. This contract now offers a straightforward solution for distributing ALGM tokens among all supported dApps within the protocol. Furthermore, a protocol-wide ALGM APR bonus system was implemented, allowing users to lock one NFT and receive additional ALGM. Quality of life improvements were made to enhance user interaction with the app. Moving forward, efforts will concentrate on improving project quality for auditors and regular users, along with scalability testing by adding more pairs and dApps.

Liquid dApp Staking and Vesting Development – Alex:

The contract update for transitioning to dApps Staking V3 was successfully completed, with functionality testing and verification of core functions. User balance statistics were gathered to ensure accurate reward accounting, laying the groundwork for future enhancements.

Efforts were focused on addressing user-facing issues identified with the Arthswap adapter and implementing fixes to ensure correct contract operation. Additionally, logic updates were made to the Liquid Staking contract to finalize the transition to dApps Staking V3. Plans are in place to complete fixes after auditing the Secret Project.

Upcoming Milestones:

Liquid Farming:

  1. Audit Readiness: Ensure project quality meets audit standards for both auditors and regular users.
  2. Scalability Testing: Expand protocol functionality with additional pairs and dApps, focusing on stress testing.

Liquid Staking:

  1. Prepare for  Audit: Ensure readiness for the Secret project audit to meet compliance and security standards.
  2. Post-Audit Fixes: Address any identified issues post-audit to ensure contract robustness and functionality.

In conclusion, our ongoing efforts reflect our steadfast dedication to the growth of the Algem ecosystem, as well as our harmonious integration with the ever-evolving Astar ecosystem. Your continued support is invaluable to us as we persist in our mission to furnish the Algem community with a secure and efficient platform.

About Algem

Algem is a decentralized application built on the Astar Network and offers two main features: liquid staking and liquid farming. As their names suggest, these two options let ASTR holders keep their assets liquid while putting them to work. Also, the liquid staking and farming 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.

Join Our Growing Community!

Website | Twitter | Discord | Telegram