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Development Report – Algem (Bi-Weekly Update)


In the past two weeks, the Algem development team has made good progress in both Liquid Farming and Vesting architecture, with a focus on enhancing cross-chain compatibility and refining existing contracts. Here’s a comprehensive, non-technical summary of the recent developments.

Smart Contracts Progress

Liquid Farming Development – Danny:

The initial week in Liquid Farming development involved a combination of research and development (R&D) and improvements to testing processes. Research explored the scalability of the ALGM token to other chains, with a decision to utilize built-in features for parachains with XC20 standard support and regular ERC20 for EVM chains, bridged via third-party services. Thorough tests were conducted, particularly focusing on the rewards-related aspects of the project. The week’s goals included completing the testing module and providing a scalable solution for ALGM APR incentives, potentially through a dedicated contract.

The second week primarily addressed known issues, especially in rewards mechanics and other elements. Important updates were made to auto tests, enhancing readability by reducing code duplication. The upcoming week’s plan involves thorough testing of Liquid Farming with a dedicated frontend and continuing the development of the V3 type vault contract.

Liquid dApp Staking and ALGM Staking Development – Alex:

The focus during the first week was on the Vesting architecture, considering the future Algem ecosystem and cross-chain possibilities. Statistics were gathered on SiO2 reward distribution, ensuring correct functionality. Simultaneously, progress continued on LiquidStaking v2, with plans for testing and code optimization in the upcoming week. The team aims to finalize the Vesting version, plan ALGM’s interaction with other chains in the Polkadot ecosystem, and initiate integration with Starlay Finance.

The second week included working on a planned update for the current LiquidStaking contract and accounting for current reward distribution. Information was gathered about Algem users, specifically Arthswap stakers, to formulate a plan for future actions related to the delisting of a dApp in the Astar ecosystem. Integration work began for Algem and Starlay Finance.

Upcoming Milestones:

Liquid Farming:

  1. Complete Testing Module: Conduct thorough testing of Liquid Farming with a dedicated frontend, ensuring robust functionality and identifying any potential issues.
  1. Develop V3 Type Vault Contract: Continue the development of the V3 type vault contract, introducing new features and enhancements for a more advanced and versatile farming experience.

Liquid Staking:

  1. Complete Technical Design of Vesting Contract: Finalize the technical design of the Vesting contract, ensuring it aligns with the long-term vision of the Algem ecosystem.
  1. Update for LiquidStaking: Implement an update for the current LiquidStaking contract to address adjustments related to recent delisting of Arthswap, ensuring smooth operations for users.
  1. Continue LiquidStaking Version 2 Development: Ongoing work on Liquid Staking v2, focusing on new features, optimizations, and ensuring compatibility with the evolving needs of the Algem community.

These developments mark our commitment to building a robust, cross-chain compatible ecosystem for Algem.

We appreciate your ongoing support as we strive to make our platform more versatile, efficient, and user-friendly.

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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