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Enhancing Algemantis Nautilus Pass NFT: CEO’s response and future plans

Senator Feedback - CEO Response

Dear Algemantis Nautilus Pass NFT holders,

Igor, here. As the CEO of Algem, I am delighted to express my sincere appreciation to all the Algemantis Nautilus Pass NFT holders for your participation in our recent NFT poll.

Your enthusiasm and dedication towards our NFT is what drives us to improve and offer the best possible experience to you and our users.

I am grateful for your invaluable feedback, and I want to assure you that we’re listening closely and are always open to your suggestions.

In this regard, I would like to take this opportunity to discuss your proposals and our plans to enhance the NFT experience for you.

At Algem, our aim is to build a collaborative and sustainable ecosystem that supports you and the broader Algem community.

So, let’s delve deeper into the benefits and plans of the Algemantis Nautilus Pass NFTs.

Before we begin, let’s recap the benefits of the Algemantis Nautilus Pass, which includes: 

  • Private NFT and token airdrops (including HUGE ALGM airdrop)
  • APR booster for Liquid Lending (Farming) ALGM incentives
  • Discount on Liquid Lending (Farming) fees
  • Access to regular private incentivized contests and polls
  • Entry to the private group in Algem Discord
  • Discussion of governance decisions.

Keeping this in mind, we can address some of your proposals as some of them overlap with the existing utilities of the Nautilus Pass.

Some of your suggestions

“Will it be able to give us additional ASTR benefits like Astar Degens NFT?”

One of the suggestions we received was whether we could add additional ASTR benefits like Astar Degens NFT.

Our NFT already provides a right to take part in regular private incentivized contests and polls.

For example, participants of the previous poll received 315.5 ASTR (~$30), which is almost half the initial price of the NFT in terms of the dollar value.

These contests offer permanent rewards that are equal for all participants.

“Astar Degens actually give a percentage of ASTR tokens earned from Dapp Staking to their NFT holders. This would be an exciting additional utility!”

Indeed, it would be an exciting utility to offer ASTR rewards directly to NFT holders.

Unfortunately, we cannot do this because of the ALGM tokenomics audit we published during the preparations for the sale.

Our governance token works such that 80% of all Algem revenue (fees + build to earn rewards) is guided to the ALGM staking, while the remaining 20% is directed towards funding the team.

If we take some percentage of the staking allocation (80%), it will make the ALGM staking APR lower, which, in turn, reduces the ALGM demand and makes the ALGM tokenomics weaker.

On the other hand, if we take some percentage of the team allocation (20%), it will impact the stability of Algem development, which is not a wise decision in the long term.

However, NFT holders indirectly receive additional ASTR rewards. NFT gives its holders an APR Booster for the Liquid Lending (Farming) ALGM Incentives, meaning NFT holders receive more ALGM rewards than ordinary users.

Consequently, NFT holders can stake more ALGM and receive more ASTR rewards.

In simple terms, NFT holders can stake more ALGM and get more ASTR rewards indirectly.

Here is simple comparison for illustrative purposes:

The number of ASTR used in the Liquid Lending (Farming)The number of ALGM incentive rewards per month The number of ASTR rewards which we get for ALGM incentive rewards staking
Algemantis Nautilus Pass NFT holder1000110220
Ordinary Liquid Lending (Farming) user1000100200

Hence, NFT holders receive an additional 10 ALGM and 20 ASTR rewards compared to ordinary users, as shown in the table. 

Please note that the numbers in the table are given as an example.

“I believe the economic utility is sufficient at this stage. It would be fun to increase the utility in the future through collaboration with other Astar dApps. For example, is there an underwater Algemantis Zone in Cosmize where you need to have a Nautilus Pass to qualify to enter?”

It’s a great idea that we’ll consider in the future!

“Create cross-chain collaborations with other protocols (eg. Moonwell) or communities (e.g. Kusama Kings – I can help with that). And keep distributing more rewards to the holders. And definitely stick to the people who follow the protocol from day 1 and minted.”

 Another good suggestion, thank you!

“And it would be wonderful to read a new story about Algemantis!”


Our plans for the near future

We’ve listened to your suggestions and identified two areas of improvement that we’ll be focusing on in the near future.

  1. First, we’ll be collaborating more, including cross-chain collaborations, which we haven’t been active enough in.
  2. Second, we’ll be offering more contests and other interesting private activities.

Moreover, the primary benefits of the NFT will be available after the Liquid Lending (Farming) launch.

You can stay updated on our development progress through our weekly dev reports.

Thank you for your valuable feedback once again!

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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