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Development Report – Algem (Bi-Weekly Update)


Greetings, Algem users! We’re thrilled to share the latest updates from our development team regarding the Liquid Farming and Liquid Staking projects. Over the past two weeks, our developers, Danny and Alex, have been at work refining the protocol structure, improving code functionality, and preparing for the next stages of development. 

Let’s delve into the recent advancements and understand how they contribute to enhancing our platform’s performance and user experience.

Smart Contracts Progress

Liquid Farming Development – Danny:

During the initial week of development, significant decisions were made regarding the V3 protocol structure. Notably, all user interface functionalities were consolidated within the vault contract, eliminating the need for wrapping/unwrapping LPs (Liquidity Provider tokens). Despite this change, the decision was made to retain the contract for backwards compatibility with the front-end, providing a convenient method to gather information on all active vaults. Looking ahead, the focus for the upcoming week will be on refining the codebase and implementing comprehensive test coverage.

In the second week, Danny concentrated on code improvement and bug fixes, building upon the enhancements made in the previous week. A notable addition was the option to receive rewards in a single currency, offering users greater flexibility and simplicity. The majority of the time was dedicated to writing tests and debugging new code. Moving forward, the plan for the next week is to prepare the production version of the contracts, marking a significant milestone in the development process.

Liquid dApp Staking and Vesting Development – Alex:

Alex commenced work on Liquid Staking V2 during the first week, introducing logic to selectively pause functionality as needed. This feature enables the selective pausing of any function within the protocol, enhancing flexibility and control. Additionally, unnecessary logic for recording user balances for each subperiod and period was removed, optimizing efficiency. The logic for instant unstakes was adjusted, and unit tests were written for key scenarios. Looking ahead, the focus for the next week is to conduct a thorough review of functionality, prepare the code for audit, and deploy contracts on the test network.

In the second week, Alex continued to refine the logic components for better code readability and efficiency. The stake/unstake parts of the contract were optimized to reduce gas consumption, improving overall performance. Additional scenarios were tested to ensure robustness and reliability. Furthermore, changes were made to the logic responsible for calculating cashback for users who own NFTs, enhancing code readability and reducing complexity. Moving forward, the plan for the next week is to complete the code preparation for audit and commence testing on the test network.

Upcoming Milestones:

In conclusion, our development team continues to make significant strides and in conclusion, our development team’s dedication and expertise have driven significant progress in the Liquid Farming project. 

As we look ahead, our roadmap for the next few weeks includes:

  • Completion of code refinement and comprehensive test coverage for both the V3 protocol and LiquidStaking V2.
  • Preparation of contracts for production, deployment and audit.
  • Continued optimization of code functionality and gas consumption.
  • Ongoing testing and refinement to ensure platform reliability and security.

We remain committed to delivering a robust and user-friendly platform that empowers our community to participate in decentralized finance (DeFi) with confidence.

Thank you for your continued support.

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.

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