Liquid Loan Campaign Results

Dear Algem Users,

As you know, three weeks ago we launched the Liquid Loan, a new risk-free fundraising mechanism developed by the Algem team.

Despite the warm reception from the community, the event did not meet its goals, and the funds raised fell significantly short of the team’s expectations (with a total of 275,603 ASTR).

This outcome has two major implications:

The staking rewards generated from this amount are not substantial.
Liquid Loan participants would receive a disproportionately large amount of ALGM, putting the project’s tokenomics at risk.

In light of this, the decision has been made to cancel the event as a result and will allow participants to unstake their ASTR without having to wait for the six-month locking period to finish.

What’s the outcome?

The 50,000 ASTR prize pool from the deposit and referral contest will still be distributed as promised.
All staking rewards generated during the lock-up period will be distributed among event participants.
The team will also allocate an additional bonus of 10,000 ASTR, which will be distributed proportionally to each participants’ stakes.
An allocation of 200,000 ALGM will be distributed among event participants in proportion to their Liquid Loan deposits. These allocations will be added to the vesting contract on Soneium.

To conclude:

Community participants will receive all promised and additional bonuses, such as the ALGM allocation and all accumulated staking rewards without having to wait for the six-month lock-up period. At the same time, the sustainability of ALGM tokenomics will not be compromised.

The calculation and distribution of rewards for the deposit and referral contests, the bonus ASTR allocation, and staking rewards are expected to be completed by the end of this week. The unstaking option is also planned to be made available by the end of the week.

Thank you for your understanding and participation in Algem’s Liquid Loan!

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.