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Development Report – Algem (Bi-Weekly Update)


In the last two weeks, the Algem development team has been hard at work, making significant changes and improvements to our projects. Here’s a detailed look at what our developers have been working on in both Liquid Lending and Liquid Staking.

Smart Contracts Progress

Liquid Farming Development – Danny:

The initial week of our development cycle brought about substantial changes in the Liquid Lending protocol. Following a proposal from our team, we made a crucial decision to simplify the codebase significantly. In doing so, we eliminated a substantial portion of complexity in favor of a simpler and more reliable solution. This strategic move has transformed how our protocol operates. The key change is that the vault is now standardized for every user, offering an equitable opportunity for anyone to apply during the vault’s lifetime. In return, we introduced the minting of lASTR tokens, which can be traded as easily as any other XC20 token. An important aspect of this change is the ability to burn lASTR tokens after the vault’s expiration to retrieve locked ASTR. This rework is in the final stages of careful preparation, ensuring seamless integration into our web interface and undergoing comprehensive manual testing.

The following week was dedicated to further enhancing the changes introduced during the previous week. Our project’s adaptable structure allowed us to segregate different aspects of the project into distinct contracts. In doing so, we developed intermediate logic that significantly simplifies the flow of liquidity throughout the protocol. Notably, the reward system underwent a major overhaul. It now relies on the vault’s timestamp instead of individual user timestamps, resulting in a more streamlined and efficient operation. While these foundational changes have taken place beneath the surface, the existing user interface remains consistent, ensuring continuity for our users. These changes under the hood are aimed at improving the overall efficiency and reliability of the Liquid Lending protocol.

Liquid dApp Staking and ALGM Staking Development – Alex:

In the initial week, we received confirmation of the successful completion of the SiO2 adapter audit fixes. This marked a crucial milestone, demonstrating the reliability and security of the adapted contracts. The corrected contracts have been diligently deployed and are currently undergoing rigorous testing to ensure their robustness and effectiveness.

Moreover, we have proactively prepared a comprehensive technical design for Liquid Staking v2, which is grounded in the innovative concept of reward-bearing tokens. We meticulously planned the main stages of development and formulated essential tasks to propel the project forward. One of these pivotal tasks involves creating a discount management system for users. This system will allow us to distribute discounts as cashback from era to era, enhancing user benefits and engagement.

The subsequent week was entirely dedicated to making preparations for the imminent launch of the SiO2 adapter. We methodically tested the mechanism designed for liquidating undercollateralized user positions to ensure the contract’s stability and reliability. This feature provides users with the opportunity to actively contribute and, in turn, receive rewards as a share of collateral when undercollateralized positions are liquidated. This addition bolsters the overall security and stability of the SiO2 protocol.

To further fortify the security of the Siо2Adapter contract, we took the significant step of transferring ownership to a multisignature wallet. This decision enhances the protection of the contract and adds an extra layer of security against potential threats.

Upcoming Milestones:

Liquid Farming:

  • Integration of the reworked protocol into the web interface.
  • Thorough manual testing and validation of the changes.

Liquid Staking:

  • Implementation of the discount management system for users.
  • Continued development of Liquid Staking v2 based on reward-bearing tokens.

nASTR Farming:

  • The completion of active testing for the SiO2 adapter and its successful launch.

We appreciate your support and are committed to enhancing our projects to provide a secure and user-friendly experience. Stay tuned for more updates as we work towards these milestones.

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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