Welcome to an insightful journey into the world of Algem, a decentralized application flourishing within the Astar ecosystem.
Algem 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. Furthermore, the liquid staking and lending solutions let users use Algem’s liquid nASTR tokens across Astar’s DeFi ecosystem to earn staking rewards and more. In doing so, Algem supports other DeFi protocols by providing liquidity and creating a sustainable and cooperative ecosystem on the Astar Network and Polkadot.
In this article, we'll explore how Algem is shaping the future of decentralized finance on the Astar Network, harnessing the power of Astar's dApp staking program and contributing to the growing DeFi landscape.
Could you share some insights into your project and the ecosystem needs it covers?
Algem focuses on providing Astar users with ways to utilize their assets in different DeFi strategies while remaining liquid and maximizing their yield sources.
We leverage the unique feature of Astar's dApp Staking by unlocking the liquidity of ASTR tokens staked in dApp Staking.
Currently, our main focus is on Liquid dApp Staking and the use of the nASTR token in DeFi on the Astar Network, including liquidity pools and lending platforms. Additionally, we are preparing our next feature, Liquid Farming, which will allow users to farm with LP tokens on DEXes while remaining liquid with lASTR tokens that can then be used in other DeFi strategies.
In Liquid dApp Staking, we also support several dApps, with more to come, to maintain the spirit of dApp Stakingg, where users can support projects of their choice.
What has your journey been like, how did you join Astar ecosystem?
The founding team has been involved in the Astar ecosystem for a significant period of time. They have participated in lockdrops, Shiden & Astar Crowdloans, and have witnessed the potential of Astar to become a leading ecosystem for multi-channel projects and mass adoptions. We believed in Sota and Hoon's vision for the future of the Web3 industry.
After making contributions to the community and focusing on education, the founding team decided it was time to further support Astar by becoming builders. They will leverage dApp Staking and seize the market opportunity for liquid staking assets on Astar.
What is your perspective on dApp Staking, and how does it distinguish itself from other incentive programs?
dApp Staking is an innovative idea, the first of its kind, designed to support teams and projects that aim to integrate into an ecosystem over the long term while benefiting from community support.
Unlike other incentive programs that primarily offer short-term incentives to join an ecosystem, dApp Staking encourages and supports projects to stay and continue building. This approach discourages projects from constantly moving from one grant or ecosystem to another without establishing a lasting presence.
How has participating in dApp Staking on Astar contributed to the growth and development of your project?
Since Algem is leveraging the dApp Staking with liquid dApp Staking, our operations are highly dependent on it. Without dApp Staking, Liquid dApp Staking would be impossible, making it a crucial requirement for Algem.
Algem was founded during the bear market, which made it extremely challenging to secure financial support from investors. By being part of dApp Staking, we were able to minimize the need for large investments, indirectly safeguarding the value of our ALGM token. Our goal has always been to make Algem a community-driven project by offering tokens to the most dedicated and early members. By not relying on traditional fundraising methods thanks to dApp Staking, our community is less susceptible to selling pressure from major investors.
The financial support received from dApp Staking has allowed us to continue building over the past year by proposing new updates, protocols to stake on, nASTR token uses, and future enhancements. These achievements would have been impossible otherwise, in the current market conditions. We have been able to focus on improving our product, expanding its reach, and nurturing our community, instead of constantly seeking funding. Additionally, a portion of the rewards from dApp Staking contributes to funding our marketing campaigns, rewarding our contributors, and organizing community activities.
Looking towards the future, how do you see your project evolving with the continued support from Astar's dApp staking program?
Our goals remain unchanged: to continuously improve our products, collaborate with more projects in the ecosystem, expand the use of our liquid tokens on Polkadot, and roll out our liquid farming feature. We also have a secret product in the pipeline, leveraging the dApp Staking for new projects wishing to enter the Astar ecosystem. We're also keeping a close eye on the launch of Astar zkEVM and considering our opportunities for entering this new facet of the Astar ecosystem.
Currently, we have integrated the nASTR token on Sio2 Finance's lending platform. This integration allows nASTR holders to use their tokens as collateral and borrow other tokens directly on the Algem interface. To celebrate this milestone, we are organizing a farming campaign with rewards in ASTR tokens from our dApp Staking revenues. This campaign serves as further evidence of the significance and advantages of dApp Staking for Algem. For more information, refer to Algem's article.
Finally, what advice would you give to new developers considering building on Astar?
In addition to the funding and visibility that dApp Staking can provide through the Astar portal, we recommend that builders actively engage with the community. Builders will not only need community support for dApp Staking but also benefit from reaching out to the Astar Core Team. The team is highly accessible and supportive in various aspects, including technology, marketing, and community matters.
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. Furthermore, the liquid staking and lending solutions let users use Algem’s liquid nASTR tokens across Astar’s Defi ecosystem to earn staking rewards and more.
In doing so, Algem supports other Defi protocols by providing liquidity and creating a sustainable and cooperative ecosystem on the Astar Network and Polkadot.
Official Website: https://www.algem.io/
Twitter (Formerly): https://twitter.com/Algem_io
About Astar Network
Astar Network is the gateway for projects across enterprises, entertainment & gaming in Japan and beyond, driving global adoption and delivering web3 to billions. It leverages a cross-virtual machine powered by Polygon and Polkadot to offer customizable blockchain solutions that accelerate web3 adoption. With zk-powered Ethereum L2 Scaling (zkEVM), EVM, Wasm, and a cutting-edge ecosystem, Astar delivers robust, secure, and interoperable web3 technology. Astar zkEVM is the new Layer-2 solution to scale a web3 experience on Ethereum with zero knowledge (ZK) technology. Astar Network adds an EVM equivalent environment that is seamlessly compatible with existing smart contracts, developer tools, and wallets on Ethereum.
Official Website: https://astar.network/
Twitter (Formerly): https://twitter.com/astarNetwork