Proposal: Algem ASTR Allocation From Astar Treasury For Liquid Staking Launching

Proposal: Algem ASTR Allocation From Astar Treasury For Liquid Staking Launching

TL;DR

Algem is submitting this proposal to the Astar Council requesting ASTR tokens from the Astar treasury as an incentive for our launch strategy. This allocation will be used as a bonus to reward Algem’s liquid staking participants for one month following the launch. Allocation size depends on Algem’s TVL on 31th August 0 AM UTC.

Support The Project That Will Really Boost TVL Growth

Algem will soon launch Liquid Staking on Astar Network. Doing so will offer ASTR token holders new opportunities and stimulate Astar Network’s economy.

Algem is collaborating with the other Astar Network protocols and, in the process, is creating synergies and numerous use cases for our liquid nASTR tokens.

Our partnerships will allow all the projects and the Astar Network to benefit economically from our liquid staking solution.

As a result, your support will benefit Algem, Astar Network, and Astar projects.

How?

Simply put, we will encourage Astar dApp stakers to switch to Liquid Staking, which will consequently help grow Astar’s TVL and other projects’ TVL.

The Mechanics

We have tied the grant size with Algem TVL calculated on 31st August 0 am UTC. So depending on the final TVL size, our users will get a different bonus allocation.

For example: if the TVL of Algem is 600M ASTR at 0 am UTC on 31st August, the total bonus amount is 1.8M ASTR (600M*0.003). Every address will get 0.003 ASTR * AmountStake at the snapshot timing.

This mechanic will motivate users to stake more and encourage others to stake to increase the bonus per one ASTR.

We have prepared a table with scenarios of possible rewards depending on our TVL:

Staking rewards will continue to be distributed to users according to the standard liquid staking parameters.

Grant Distribution

The bonus token will be distributed after the campaign (roughly from 15th Sep) with 30 days liner vesting.

Conclusion

This incentive program aims to boost Algem’s liquid staking APR by offering an extra level of rewards on top of the standard staking reward.

Thank you for considering our proposal.

Algem Links

Website | Twitter | Discord | Telegram | Medium

11 Likes

To be fair, I think the mechanics have to be changed. The grant size should not be calculated based on only one day TVL on 31st August.

It has to be calculated based on the daily average throughout the campaign period.

  1. Snapshot of tvl and stakers’ addresses and amount staked to be taken everyday.

  2. Grant is calculated based on average tvl.

  3. Rewards are distributed to stakers based on their average stake throughout the campaign period.

2 Likes

I think we shouldn’t use the amount based on Daily Average, and the current plan looks good.

I see they are aiming for gamification or giving some incentive for their stakers to support Algem to increase their reward.

Early users can be rewarded by managing nASTR on Astar Defi, and they support Algem (like Twitter engagement) so that Algem can have a larger TVL.
Having late users at the last phases seems fine, because there is unbonding period, and when those users try unbond immediately, I guess they lost more than they get from the campaign. ( @Gunit Please make sure it)

One thing that can be improved here

Allocation size depends on Algem’s TVL on 31th August 0 AM UTC.

Because the amount of dAppStaking rewards is calculated every era, not UTC-based, you shouldn’t use time-based snapshot. You should take a snapshot at Era xxx. You can get xxx when you calculate it.

2 Likes

looks like you have already got around 100M ASTR.

I propose to change the table a bit.
The first target should be 200M ASTR.

1 Like

Hi @shnshkw, Based on my knowledge about Algem, I confirm there are penality fees (1%) when the user wants to unstake immediatealy. Moreover there is a unstaking pool and the user cannot immediatelly unstake when this pool is empty.

I agree with @shnshkw about using only one snapshot rather than the daily average. The goal of this mechanic is ensured long support of Algem and partner dApps using gamification and one snapshot fits well for this.

We can determine exact ERA for the snapshot and set 200M as the first target.

3 Likes

Good plan guys… all the best

great!

It is still a big target, but I hope this campaign brings momentum(Astar Hot Summer).

Forum members with Trust Level 2 and above can vote.

Approve proposal to use Astar Treasury
  • Yes
  • No

0 voters

Replying late here, I would also have prefered to have a time weighted based system to avoid a pump & dump situation but the unbounding mitigates the risk of early exit so still voting yes, I want to support Algem which is one of the 1st original project built from scratch on Astar.

5 Likes

I’d vote but apparently i can not.

Good morning everyone

Thank you to all those who voted for our proposal both positively and negatively.

We have published a new article on our blog announcing the campaign, you can find the different parameters to be eligible and our strategy to avoid pump & dump. :link::point_down:

The goal is to motivate ASTR holders to stake their tokens in order to increase the TVL on Algem and therefore get a higher APR on their staking in a fun way.

To avoid pump & dump, we will take different snapshots before and after the end of the campaign to eliminate those who wanted to cheat by staking their tokens before the end and unstaking them right after the end.

The parameters are as follows:

Official Start date: August 8th, 2022
End date: September 10th, 2022
Earning Potential: Depends on TVL on September 10th, 2022

Thank you for helping us promote this campaign and boosting Astar Network activity during the month of August. :link::point_down:

Regards

Algem Team

1 Like

Dear Astar Community,

The #AnAlgemAugust campaign ended on September 10 and we are ready to share with the Astar community, the eligible winners of this campaign who will receive ASTR bonus from the Astar Treasury.

Campaign parameters reminder:

Users must stake a minimum of 2000 ASTR in Algem’s liquid staking feature to be eligible for the Bonus.

The bonus allocation depended on Algem’s TVL at the time of the end of the campaign and thus the snapshot.

We have prepared a table with scenarios of possible rewards depending on our TVL:

HTML5 Icon

Concerning the distribution, the bonus token will be send after the campaign (roughly from 15th Sep) with a 30 days linear vesting.

Results of the campaign:

On September 10, the Algem team took a snapshot of our TVL and liquid staking users and their stakes.

Algem TVL was 221 312 735 ASTR and the number of eligible users was 312 addresses.

Our team also took several snapshots before and after September 10 to compare and eliminate users who try to cheat by joining the campaign before the end and unstaking right after. After analysis, we did not find any fraudulent users.

Since we reached more than 200,000,000 ASTR in TVL, we unlocked the second goal in the scenario table bringing the bonus to 0.0015 ASTR per ASTR staked.

In conclusion and according to Algem’s TVL, the bonus allocation for this campaign coming from Astar’s treasury is 331,969.10 ASTR to be distributed to the 312 eligible users according to their stake and the vesting parameters.

We have prepared a google sheet document with the list of the eligible addresses and their rewards in ASTR tokens.

The distribution will start as soon as Algem team receives the bonus from the Astar Treasury and finalizes the vesting parameters.

Thank you to the Astar community and the Council for giving us the opportunity to run this campaign for the launch of Algem.

Algem Team

4 Likes

Hello everyone,

Regarding the distribution of rewards for the #AnAlgemAugust campaign, we have decided in agreement with the Astar Core team on the following plan:

  1. The Algem team will be in charge of the distribution of the rewards and will use the XY Finance protocol and its XY Dispatcher feature to send the tokens in batches to the 321 eligible participants.

  2. Regarding the vesting period, all addresses with less than 300 ASTR rewards will not have a vesting period. We decided not to apply a vesting period to these addresses because the total of 312 addresses is about 9000 ASTR tokens which will not threaten the price of ASTR by adding selling pressure and by doing so, it will also facilitate our distribution while saving fees.
    The remaining 23 addresses that have more than 300 ASTR tokens as rewards will have a 30-day vesting period. The Algem team will send the rewards daily using the XY Finance function manually.

  3. We have created an overview of the distribution and vesting period available here: AnAlgemAugust Rewards.

As a reminder, the total amount of rewards is 331,969.10 ASTR.

A new EVM wallet has been created for distribution, we have funded it with 500 ASTR to cover fees:
0xd5Ad8b2aa4707708e177175CB25b072274998f6d

I am sharing this information and plan with the Astar community in the interest of transparency regarding the use of funds from the Astar treasury.

As soon as we receive the funds, we will begin the distribution.

Thank you

Algem Team

2 Likes

Hello,

To give you an update on the distribution, we sent the first batch of rewards using XY Dispatcher.

You can check both transactions on blockscout :

A total of 43 586.36 ASTR were distributed to 310 users.

As a reminder, you can consult the list of awards in the following google sheet:

We will distribute the next batch of awards manually next week.

Algem Team

2 Likes

Hello everyone,

To give you an update on the distribution, the second and third week’s batch were distributed today and last Wednesday.

Here are the transactions for both batches:

12/10/22:

19/10/22 :

Algem Team

4 Likes

Hello,

Today was the end of the distribution for the #AnAlgemAugust campaign. The last two batches of rewards were distributed last Wednesday and today.

26/10/22:

02/11/22:

Thanks again to all participants and the Astar community for supporting our initiative.

We continue to develop our protocols and will soon release our new feature: liquid staking 1.5, in which users will be able to decide which dApps from the Astar dApp Staking they want to stake and support.

Algem Team

5 Likes

Thanks for sharing these transactions publicly. It shows professionalism by the Algem team.

2 Likes

i like this project because, tranparancy to investors, staked my astar token to algem more!:clap: good job and good luck guys

2 Likes