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Development Report – Algem (Bi-Weekly Update)


Over the past week, the Algem development team has been actively working on improving our projects. We want to keep you informed about our progress. Here’s a detailed look at what our developers have been doing:

Smart Contracts Progress

Liquid Farming Development – Danny:

  • Last week, we mainly focused on Liquid Farming. We were dealing with issues in our rewards system, which is a part of our platform where users earn rewards for providing liquidity.
  • While fixing these issues, we had to go deep into the technical details of our code to make it work better.
  • One particular problem we faced was that our code was becoming too big, which can cause problems. We had to make it more efficient to avoid this issue.
  • We also made some changes to how rewards are calculated. These changes made the reward calculations more accurate and helped us deal with some unusual situations we discovered.

Liquid dApp Staking and ALGM Staking Development – Alex:

  • The past week has been highly productive for the v2 of our Liquid dApp Staking project.
  • We found and fixed some problems (bugs) in our code. This is important because it makes our platform more reliable.
  • We’ve also been doing research to plan for the future version of the dApp Staking v3 of Astar Network with the goal of adapting Algem contracts. 
  • Active development is currently underway for ALGM staking logic, with a focus on implementing functionality to control reward distribution.
  • The initial functionality for ALGM staking is set to be completed by the end of this week.
  • We’re also working on a new user interface (UI) to make it easier for you to interact with the ALGM staking system.
  • Additionally, we started addressing issues based on feedback from an external audit of the SiO2 adapter, which is an important part of our system.
  • Lastly, we have plans to create a prototype of an airdrop contract for ALGM during the next week.

Upcoming Milestones:

  • Completing the basic functionality for staking ALGM tokens.
  • Improving the user interface for ALGM staking.
  • Finalizing the fixes based on the audit of the SiO2 adapter.
  • Creating a prototype for distributing ALGM tokens through airdrops.
  • Identifying and fixing bugs in Liquid Farming to enhance its reliability.
  • Preparing for an audit process for the Liquid Farming contracts to ensure security and functionality.

We’re thankful for your continued support, and we’re satisfied with the progress we’re making. We’ll keep you updated as we reach these milestones and make our platform even better.

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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