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Development Report – Algem (Bi-Weekly Update)


Over the past two weeks, our dedicated development team has actively been working on improving our projects, focusing on Liquid Farming and Liquid Staking V2. We’re pleased to share the latest updates from our developers, as we strive to improve your experience on our platform.

Smart Contracts Progress

Liquid Farming Development – Danny:

During the first week, we directed our efforts toward resolving the challenges associated with the rewards system in Liquid Farming. The primary issue was a lack of precision, particularly when dealing with very low share values. This problem has been successfully resolved.

Additionally, a significant milestone was achieved with the completion of the basic mechanics of the lASTR token. This includes the lASTR token itself, an initial pool where users can provide lASTR tokens to receive additional APR bonuses, and an interface contract that enables users to interact with this pool. It’s important to note that the pool code is a fork, which may require additional attention to ensure it functions as expected.

In the second week, we introduced several important changes to the existing contracts in Liquid Farming:

  • A new requirement was added, stating that a user must participate in one full era to become eligible for rewards.
  • We updated the ALGM distribution process. Previously, it was the VaultManager’s responsibility to distribute ALGM rewards among all available pairs. Now, each vault directly communicates with the VaultManager to receive rewards for the era right after interacting with the MasterChef contract.
  • The era system itself was enhanced, allowing its duration to be different from the default one-week setting. While this doesn’t alter the default protocol functionality, it enhances flexibility for manual testing.

Liquid dApp Staking and ALGM Staking Development – Alex:

The first week kicked off with a focus on Liquid Staking v2. We initiated bug fixes and implemented feature enhancements, complemented by the addition of extra tests. 

Furthermore, we introduced logic to adjust risk parameters, which mitigates potential oracle failures within the SiO2 adapters in the contracts. Concurrently, we obtained a new report, and work is currently underway to address the fixes recommended in it.

In the second week, we successfully completed the fixes suggested in the latest audit report for the SiO2 adapter. 

Moreover, we embarked on a new workstream in LiquidStaking v2, primarily related to a novel rewards distribution mechanism. This new version aims to eliminate the need for staking rewards. Currently, our team is actively working on crafting the architecture for LiquidStaking v2.

Upcoming Milestones:

Liquid Farming:

  • Ongoing optimization of the rewards system.
  • Refinement of ALGM distribution and era system.
  • Thorough testing of recent changes.

Liquid Staking:

  • Continuous progress in addressing audit report findings and preparing Sio2 Launch.
  • Development and implementation of the new rewards distribution mechanism for Liquid Staking v2.

We remain committed to improving our projects to provide a secure, efficient, and user-friendly platform. Your support is invaluable, and we eagerly anticipate the next phase of our development journey. Stay tuned for further updates!

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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