Algem - Builders Program Application

Algem: dApp staking application

Overview

Hello everyone,

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.

Introduction to Algem

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.

Project UI Preview

ALGM token

ALGM is the governance token of the Algem platform.

Distribution

  • 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.

ALGM functions

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.)

Roadmap

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.

First iteration (Q2) –

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.

Second iteration (Q3) –

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).

Third iteration (Q4) –

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.

Features

  • Liquid staking
  • Liquid earning
  • Algem liquidity service (providing liquidity to other protocols)

Team

  • Igor Poroshin - Founders
  • Gunit - co-Founders
  • Artur Makhnach - CTO
  • 7 developers (smart-contracts, front-end, design)

Links

Twitter - Telegram - Discord

Medium

Documentation

8 Likes

Hi Gunit, may I know where does the rewards come from?

Hi Sam,

For the liquid staking feature, the reward comes from the dApp staking for the first iteration.

The ASTR staked on Algem will be directly staked in the dApp staking of Astar Network. The rewards from dApp staking are distributed among Algem stakers according to their ASTR stake.

Looking forward to this project! :wink:

4 Likes
Join dApp Staking
  • Yes
  • No

0 voters

1 Like

@admins & @Ambassadors

Please vote

hi Gunit and hi Igor!

Quite worry with : (1.) from tech perspective : if the vault get hacked, of course i believe you guys will audit this with good auditor (2.) and from economical perspective : if you got many partnerships with a lot of dApp, wont it will be too centralized? I knew you guys not even start yet, but I got concern regarding this. And (3.) your token itself, I hope its usecase will be more diversified in the future.

Btw can you guys give an opinion regarding number 2, since with recent incident ( no need to mention the dapp i think), Algem chance to become number 1 dapp destination seems quite high here for many users, especially for them who dont want to stake on portal.

2 Likes

Also, please integrate InsureDAO to the protocol so that apes and degens can sleep well at night.

3 Likes

Thank you for the proposal. Please, give proper information about the team. Their github, LinkedIn & twitter profiles. We want to know who they are and what they have done previously. Let’s be transparent, this is blockchain space. You wrote 7 developers (smart contracts, front-end, design) who are they?

5 Likes

We want more info about the team.

1 Like

Hi!

  1. We have mitigated this risk via two ways: a. On architecture level the main thing is sharing of the responsibility and control rights between all smart-contracts. E.g. if somebody managed to hack a contract which is distributing liquid nASTR tokens, nothing would happen, because this contract has no rights to control on his own functions, etc. b. Yes, all contracts will be audited before the launch. Audits will be published in our media and site.
  2. Could you explain more what you mean by centralization through partnerships, please?
  3. Token main use case was not deeply explained here because but it’s mandatory to use ALGM in the dapp, so don’t worry about it :slight_smile:

We have it in our roadmap, thank you!

@kuasimoto @cmalize I will answer a bit later, thank you!

Hi Igor,

For no.2, I’m just thinking (maybe quite too far :slight_smile: , but I believe somehow you guys will be that big) if you guys will become like that, but governance are not yet ready to handle, a bit worried that a few things will become like “you-know-which-dapp-i-was-talking-about”. I knew that I was overthinking, but with recent incident made me quite a bit careful. Even so, I hope my opinion is wrong, and I beg please maintain good communication with community :smiley:

1 Like

Without dapp listing, algem cannot function.

With dapp staking, it will become a centralized dapp staking system. All would stake here because of the returns. Other dapp staking projects would be affected.

Since this is done by one of the ambassadors, i guess it would be voted in favour of this proposal.

Astar is not completely decentralized unless the council members are also elected.

Now, It gives core team the power to appoint any member as ambassador.

Hope, there would be elections for ambassadors where all people would vote who could be part of it.

Anyhow now, Algem will win this vote.

Astar Degens DAO will soon follow a model like this. It would be effective and truly decentralized.

For now, Astar is centralized in matters of power

@Cryptumblr @kuasimoto

Me, Igor Poroshin, founder. I had a web-advertising and development agency until this May. The founder of the service which helps to measure and increase customer satisfaction (https://servicemetrics.ru/). Have closed these companies to concentrate on crypto and Algem. Also launched https://astarhub.io/. In crypto since 2016, with Astar since August 2019.

Gunit, co-founder, I’m sure you know him :slight_smile:

Arthur, CTO. DeFi blockchain developer, team lead, blockchain architect. Lecturer at https://www.m-c-s.xyz (web3, cryptography). Previously https://gordian.agency. GitHub

Alex, DeFi blockchain developer, senior smart contracts auditor.Lecturer at https://www.m-c-s.xyz (blockchain, web3, cryptography). Previously https://gordian.agency. GitHub

Danny, DeFi blockchain developer. 2.5 years of linux embedded development, various projects completed, including: kernel drivers, OS adaptation, patching system services’ sources, independent services for scanning RFID tags and QR codes. After completing a smart contracts developer course at Crypton Studio decided to switch to blockchain development. GitHub

Igor, lead frontend developer, full stack web3 developer, started with a Java backend. In 2020 got interested in crypto and switched to solidity and frontend development to create Dapps. For the last six months I have been teaching web3 at an online university https://www.m-c-s.xyz. GitHub

Val B, frontend developer, graphic design. Has a Bachelor’s degree in Arts and Design and has been professionally engaged in graphic design in various disciplines for several years now. As a logical continuation of the professional development he decided to move from a simple ‘flat’ design to the implementation of ideas on the web. A wide and varied experience of working with private clients in the past allows me to efficiently and creatively execute various front-end tasks.

Kirill, smart contracts auditor, security team lead, CEO at https://defimoon.org. Linkedin

Dmitry, web-design. Lead UX/UI in https://www.einzelwerk.pro/

4 Likes

Hi,
Introducing the liquid staking/liquid earning is really a good feature in Astar.
I am looking forward to use it and I hope many dApps will collabore with Algem.

I cannot vote because I am not an Ambassador but I am favorable to this mention :wink:

2 Likes

Hi @Cryptumblr,

In fact, Algem doesn’t need to be listed on the dApp staking to provide the liquid staking feature to the ecosystem. Algem’s liquid staking is an extra layer on top of the dApp staking of Astar where users stake their ASTR tokens and can decide which protocol they want to use and support for staking. For example, if someone use’s Algem’s liquid staking, they can choose to stake their tokens on Astar Degens, arthswap, starlay, etc. Update after update, Algem will add all the dApp in dApps staking to the liquid staking allowing users to keep control of their staking. This feature will come with the liquid staking v2.

Algem’s concept with liquid staking and liquid earning works and can be deployed on any chain offering a staking design and having a defi ecosystem. We don’t want to jeopardize Astar’s dApp staking but offer an additional layer of revenue and rewards for ASTR holders as a staking-gate.

Regarding Astar’s governance model and the point about the council/ambassadors, you raise some interesting things and ideas but I invite you to open another topic and share your ideas there. Astar aims to become decentralized and under the management of a DAO. The council will be elected under a model similar to Polkadot or Kusama but Astar is still young and if the core team is not behind to build and develop Astar, we might face the risk of becoming a ghost chain. This is a different debate and I am sure it will become important to discuss it further and find the best model in time.

Thank you for sharing your opinion!

2 Likes

Hello sir, i have a question.
You said that nASTR is just a liquidated version of staked ASTR on the Astar portal staking right?
So, everyone that already staking their ASTR can get nASTR too right, or we must unstake first and then stake again on your platform?