We are thrilled to announce Algem — the new native liquid staking DeFi dApp on top of Astar Network offering new ways for ASTR users and holders to earn more.
Algem is developed on two main features offering different solutions for users to stay liquid with their assets (ASTR and other tokens):
— Liquid staking;
— Liquid lending.
In crypto, users are constantly faced with a choice: receiving rewards from protocol staking or from farming/liquidity mining in dApps. Algem wants to solve this problem by offering a liquid staking solution that offers the benefits of both ways at the same time.
The liquid staking solution allows users to continue earning Astar Network dApp staking rewards and increase their revenue by using liquid nASTR tokens. By using our solution, users will remain liquid and efficient in using their funds.
How does liquid staking work?
When staking your ASTR with Algem’s liquidity staking, users receive liquid nASTR tokens on a 1:1 basis. User’s new nASTR tokens can be used for farming, lending, etc.
nASTR is pegged to ASTR. Therefore dApps can implement the same use cases for this token and increase their liquidity.
Staking reward is distributed according to the current dApp staking APR and rules.
With Algem’s liquid lending solution, users can stake their ASTR tokens in various vaults, and earn incentives through a multi-level rewards system while remaining liquid with nASTR tokens. The staked tokens will supply liquidity to Algem’s partner protocols depending on the user’s choice, allowing users to earn a portion of their revenue streams.
The different vaults vary in duration and reward weight: the longer the duration, the more rewards the vault and its users will get. Vault users will earn rewards in Algem Governance Tokens, ALGM, based on their shares in the vault.
After staking ASTR tokens in one of the vaults, users will choose a dApp to supply the ASTR they have staked and earn rewards from the revenue stream of that dApp. Revenues are distributed among ASTR token stakers based on their shares in the vaults and their ALGM voting power.
Eventually, instead of the direct lending/farming on dApps users will be able to supply ASTR through Aglem and additionally get nASTR and ALGM as an incentive reward.
ALGM is the governance token of the Algem platform.
Following Astar Network’s values, we have decided not to make any of our governance tokens available for sale to the community. At Algem, we believe that ALGMs should only be distributed to users and supporters of our project. The only way to receive governance tokens before they are listed on the exchanges is to lock tokens or get an airdrop.
- Total supply: 100 000 000 tokens.
- Incentives: 50%, 50 000 000 tokens over the 6 years;
- Team: 18%, 18 000 000 tokens, linear unlocking from the launch during the 3 years;
- Early investors: 15%, 15 000 000 tokens, strategic partners and investors
- Reserve: 7%, 7 000 000 tokens, unexpected expenditures, etc.
- Community Growth: 7%, 7 000 000 tokens, marketing, events, additional incentives;
- Airdrop: 3%, 3 000 000 tokens.
Algem governance token will be used for the following functions:
- As an additional incentive;
- For staking. Users will earn a part of the revenue from Algem’s protocol — stake ALGM to earn ASTR.
- Voting for dApps in Astar dApp staking to stake ASTR via Algem’s liquid staking solution;
- Voting for protocols to supply liquidity (ASTR tokens) from our liquid earnings feature and share a part of their rewards;
- Voting on upgrades (add a new vault, change dApp parameters and fees, etc.)
Algem was created to help get good results in the long run while offering immediate rewards.
Therefore, our roadmap has been planned to achieve these goals:
- Provide more and more services for nASTR usage;
- Increase the use and value of ALGM;
- Create new services and tools.
* Sequence and composition of the works in this roadmap can be changed for the purposes of Algem and ALGM holders’ success.
Stay in Touch
Algem is a project where users will play a central role in our ecosystem and governance system. We want to build a strong community that believes in the Astar ecosystem and is ready to support it for the next few years. If you are ready to build the Web 3.0 with us and Astar, join us on our Discord, Twitter and Telegram.