I’m Gunit, Astar’s ambassador and with @igporoshin, we are the founders of Algem, a native liquid staking defi protocol on Astar Network. Today, we would like to apply to join the builder program of Astar Network.
Algem is a decentralized application bringing two new solutions to help Astar users and protocols to increase their liquidities on Astar Network. Our protocol is developed on two main features offering different solutions for users to stay liquid with their assets (ASTR and other tokens):
— Liquid staking;
— Liquid earnings.
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. Users will remain liquid and efficient in using their funds.
Users can use our liquid staking and liquid earning solutions to stake their ASTR and in return receive a liquid token nASTR representing their staked ASTR. nASTR token is pegged to ASTR on a 1:1 basis and can be used like ASTR tokens for farming, lending, borrowing across the defi ecosystem of Astar. ASTR stakers on Algem will continue to earn rewards through Algem’s incentive and partners program while staying liquid with their nASTR tokens.
In our next iterations, Algem will deploy a new service for defi protocols across Astar Network allowing them to get liquidity from Algem vaults. When users stake their ASTR tokens in one of our vaults, they can chose the protocol in wich Algem will delegate their staked ASTR to work for them. This feature will allow users to choose the protocol they want to use and thus the rewards they will earn with their ASTR tokens. On the other hand, Algem does not lock the staked ASTR out of the network but supports and uses the other defi protocols on Astar Network, creating a sustainable and cooperative ecosystem.
ALGM is the governance token of the Algem platform.
- 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.)
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.
During the initial part, we are focused on the development of the core functionalities:
- Governance token;
- nASTR tokens;
- Liquid staking V1,
- Liquid earnings;
- ALGM staking.
We expect to complete this phase by June 30. Prior to the official launch of Algem, we will conduct an incentive testnet and pass an external code audit.
In the second iteration, we will focus our development on the infrastructure for using nASTR in Algem such as lending, borrowing, swap (AMM), etc.
We will also update our liquid stacking solution to allow voting on which applications Algem will provide liquidity (Liquid staking V2).
The final iteration for the year 2022 focuses on discovering the possibilities to integrate more dApps to supply ASTR on the liquid earnings platform in addition to the dApp staking. With the maturity of the Astar Network ecosystem and our services, this will be possible.
We will also work on the deployment of new vaults supporting other assets (DOT, ETH, L1 tokens).
- Sequence and composition of the works in this roadmap can be changed for the purposes of Algem and ALGM holders’ success.
- Liquid staking
- Liquid earning
- Algem liquidity service (providing liquidity to other protocols)
- Igor Poroshin - Founders
- Gunit - co-Founders
- Artur Makhnach - CTO
- 7 developers (smart-contracts, front-end, design)