In the past two weeks, the Algem development team has made notable strides in the continuous improvement and security enhancement of our projects. Here’s a breakdown of the recent developments from our developers, explained in non-technical terms.
Smart Contracts Progress
Liquid Farming Development – Danny:
The focus of the first week in Liquid Lending development was on an ongoing improvement process, involving a restructuring of the code to align with a proposal made earlier. A key achievement during this period was the completion of a rework in the reward system. While this may not result in noticeable changes for users, it optimizes the flow of liquidity within the system. Additionally, a new vault expiration mechanic was introduced. Since a specific vault is now the same for everyone, the 1:1 ratio of lASTR to ASTR depends on the current LP token price. An added mechanism ensures that when the vault expires, all locked LP tokens are converted back to liquidity, protecting the vault from price changes after expiration.
During the second week, no new features were introduced. However, we successfully completed all the tasks related to the V2.0 version and deployed new contracts. Our main focus has now shifted to the testing process and making a significant leap forward in the overall quality of the codebase. A crucial fix was found for the hardhat plugin, making it easier to fork the Astar network. This tool simplifies working with contracts, allowing for smoother development and testing. With this improvement, the new version of the code was executed, bringing numerous fixes. The update also included enhancements to error handling, input validation, event emission, and initialization processes, making the codebase more robust and developer-friendly.
Liquid dApp Staking and ALGM Staking Development – Alex:
The initial week focused on enhancing the security of the SiO2 adapter. Additional tools for automated risk parameter tracking were incorporated to ensure the stability of the system. Research on potential mass liquidations led to the implementation of extra security measures.
Simultaneously, work commenced on key tasks relating to the architecture of LiquidStaking v2, specifically concerning a new type of reward-bearing token.
In the second week, the team continued to refine the logic of LiquidStaking v2, with a specific focus on designing the discount logic for NFT holders. A security update for adapter contracts was implemented, introducing pausable functionality and a more accurate calculation of predicted rewards. Additionally, statistical data on user rewards and balances were gathered, and a thorough check was conducted to ensure the accuracy of all data. These measures contribute to the overall security, stability, and user experience of the Liquid Staking platform.
- Integration of the refined reward system and vault expiration mechanic into the web interface.
- Conduct comprehensive manual testing to ensure the smooth operation of introduced changes.
- Finalization of the design of the discount logic for NFT holders in LiquidStaking v2.
- Implementation of additional security measures and enhancements in the adapter contracts.
- Continued testing and validation of statistical data to ensure accurate user rewards and balances.
- We have initiated the audit process for the ALGM staking contract with the reputable audit firm Hashlock. This step reinforces our commitment to the security and reliability of our platform.
We appreciate your ongoing support as we strive to make our platform more secure, efficient, and user-friendly.
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.