Algem is a pioneering decentralized finance (DeFi) application built on the Astar Network, designed to enhance the utility and earning potential of ASTR tokens through liquid staking and lending solutions. By leveraging dApp staking on the Astar Network, Algem offers a unique blend of liquidity and earning opportunities, addressing the traditional trade-offs between staking and active participation in DeFi ecosystems.
Algem Dapp Key Features:
- Liquid Staking: Algem’s flagship feature allows ASTR token holders to stake their tokens and receive nASTR tokens in return, maintaining a 1:1 value ratio. This enables users to earn staking rewards while retaining the liquidity of their assets, which can be used across various DeFi platforms.
- Version 1.5 Enhancements: The latest update introduces multipools, allowing users more flexibility and choice in staking their tokens, further aligning with the dApp Staking philosophy and encouraging a more collaborative ecosystem within the Astar Network.
- Liquid Lending: Expanding beyond staking, Algem introduces a liquid lending feature, allowing users to lend their tokens to different dApp protocols within the Astar Network. In return, lenders receive nASTR tokens, representing their lending position, and can earn additional income through ALGM incentives, alongside traditional lending rewards.
- nASTR Token Utility: Both liquid staking and lending functionalities pivot around the nASTR token, which serves as a liquid representation of the staked or lent ASTR tokens. This ensures users can stay actively involved in DeFi activities without sacrificing their staking rewards.
- Incentive Structure: Algem’s liquid lending is structured around three vaults with varying durations (100/200/300 days), offering differing ALGM incentives based on the vault’s term. This system rewards longer-term commitments with higher incentives, reflecting the user’s support for the protocol.
- Transparent Reward Distribution: Rewards are distributed based on the current dApp staking APR and rules of the Astar Network. Users can claim their staking rewards after each new era, providing a straightforward and predictable earnings mechanism.
- Ecosystem Support: Algem’s solutions are designed not only to benefit individual users but also to support the broader Astar Network ecosystem. By enabling more flexible and efficient use of ASTR tokens, Algem helps foster a vibrant and sustainable DeFi landscape.