Overview:

Hello Algem users!

We are excited to share our bi-weekly development update. Danny and Alex have been diligently working on enhancing the Liquid Farming and Liquid Staking projects. Their efforts have included fixing crucial issues, refining processes and preparing for audits. Here’s a detailed overview of their progress.

TLDR:

In the past two weeks, Danny focused on fixing issues in off-chain scripts for Liquid Farming and addressing bugs from the initial audit, including gas optimizations and revenue distribution improvements. Alex improved the reliability of off-chain processes, worked on fixing bugs identified during the LiquidStakingV2 audit, and began final tests for the Liquid Crowdloan, while also refining revenue distribution logic and bonus rewards for NFT holders.

Smart Contracts Progress

Liquid Farming Development – Danny:

TL;DR

The work during the last two weeks focused on two points:

1. Setting up and testing Off-chain scripts. The protocol involves two scripts:

– The first script is for calculating the points accumulated by users during the bootstrap phase of the Liquid Farming launch.

– The second script is for calculating the user’s health factor and performing liquidation if necessary.

2. Bug fixing after the initial audit of liquid farming.

Details (including technical details)

During the first week, Danny focused on fixing existing issues found in off-chain scripts. These scripts are essential for ensuring the correct supply of l-tokens. To achieve this, Danny implemented a robust starting sequence using dotenv configuration combined with a cron job. This approach keeps chain-specific parameters isolated and easily swappable, while the cron job allows the script to run regularly with the chosen configuration.

In the second week, Danny dedicated most of his time to fixing bugs identified during the audit. This included making gas optimizations and addressing other findings. Additionally, a missing code part regarding revenue distribution was added. Danny plans to continue with final protocol testing in the upcoming week.

Liquid dApp Staking and Liquid Crowdloan Development – Alex:

TL;DR

The work was focused on several areas:

1. Most importantly, the bug fix re-audit for Liquid Staking V2 was completed. The report with corrections was sent to the auditor.

2. During the audit, several changes were made to the code, such as an improved cashback calculation for holders of our discount NFT, as well as more accurate distribution of revenue from fees (with the majority going to the ALGM staking contract and a portion retained by the team).

3. Final tests for the Liquid Crowdloan have also begun.

Details (including technical details)

In the first week, Alex worked on improving the reliability of off-chain processes. This involved conducting relevant research and reconfiguring the server accordingly. He also initiated and nearly completed fixes following the LiquidStakingV2 contract audit. The logic was corrected, and the changes are currently being tested. During the re-audit, the revenue distribution logic was refined to ensure a fairer distribution of ASTR tokens to users eligible for cashback.

In the second week, Alex completed tests to fix the bugs identified during the LiquidStakingV2 audit. The report was compiled and sent to the auditors for review. The report included new changes to the logic, such as updated revenue distribution among NFT holders for cashback and updated bonus rewards logic, where bonuses will be restaked immediately at the start of a new period rather than being withdrawn by the manager. Additionally, final testing of the audited LiquidCrowdloan has begun.

Conclusion:

Our developers have made significant progress over the past two weeks. Danny has worked on fixing critical issues and preparing for final protocol testing in Liquid Farming, while Alex has focused on refining off-chain processes, addressing audit findings, and enhancing the LiquidStakingV2 logic. 

We look forward to sharing more updates in the coming weeks as we continue to improve and expand our platform. 

Thank you for your continued support and feedback.

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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