Algem’s Liquid Staking Update

Published on: 12.03.2023
Algem’s Liquid Staking Update

Algem’s Liquid Staking Update: Multipool Staking is Now Live

Algem’s Liquid Staking Update and Multipool Staking to incentivize developers to create quality dApps by allowing them to stake their ASTR tokens in return for nASTR tokens and income from the Astar Build2Earn Program. Users can endorse their preferred dApps and creators through Multipool Staking and earn rewards on their staked ASTR tokens while Algem has created an EVM dApp Staking environment to facilitate seamless staking, transferring and claiming nASTR tokens.

At Algem, they are proud to be part of the Astar Network ecosystem and are fully dedicated to supporting and growing it. They believe in the immense potential of decentralized technology, and they  know that the key to unlocking that potential is through the creation and execution of expertly crafted dApps.

That’s why they are focused on incentivizing developers to build quality dapps. But they understand that for developers to be motivated, they need to see the rewards and benefits of their hard work…

Introducing Liquid dApp Staking and Multipool Staking!

How Liquid Dapp Staking Works…

By staking their ASTR, not only do token holders get to enjoy rewards and nASTR, but their staked ASTR also goes towards the Astar Build2Earn Program, providing a source of income for dApp creators.

Put simply, we’re creating a win-win-win for everyone (ASTR holders, Algem Team, and dApp developers)

How Multipool Staking Works…

Additionally, they’ve developed Multipool Staking, allowing the community to support their preferred dApps and creators. Currently, the list includes four dApps, namely Algem, Astar Degens, Astar Network, and Arthswap.

By utilizing Multipool Staking, you can endorse your preferred projects on Astar Network. This enables you to participate in the growth of these projects while earning rewards on your staked ASTR tokens.

And The Best Part?

They’ll be adding new dApps to the list every week until all projects on Astar Network are supported.

Their focus is to ensure that you have access to a variety of options to stake your ASTR tokens and earn rewards accordingly…

By adding new dApps regularly, we can cater to a wider user base and enable you to stake your ASTR tokens seamlessly.

Liquid Dapp Stake Without Ever Leaving Algem Platform

For an even smoother staking experience, we’ve created an EVM dApp Staking environment that replicates the appearance and sensation of your favorite dApps.

By doing so, you’ll be able to stake within Algem’s interface, without having to leave your familiar environment. As always, they’re dedicated to establishing a flourishing decentralized ecosystem, and they’re excited to witness Astar Network’s full potential.

Want to try our Liquid Staking Multipools on Astar Network?

If you want to support a specific dApp in liquid staking, follow our guide:

  • Go to algem.io and launch the dApp by connecting your EVM wallet (i.e Metamask);
  • Ensure enough ASTR tokens in your wallet;

How To Stake: 

  • Enter the amount of ASTR tokens you want to deposit, (minimum of 100 ASTR)
  • Then select the dApp;
  • Confirm your action by clicking on the stake button.

  • Receive an equal amount of nASTR tokens and begin earning staking rewards.
  • Use nASTR tokens to farm on our partners Defi dApps in our nASTR Liquidity Hub;

You can add the nASTR token to Metamask by adding the following token address or using the dedicated feature in Algem dApp.

nASTR: 0xE511ED88575C57767BAfb72BfD10775413E3F2b0

How To Claim:

  • To claim your rewards, you must first wait at least 1 era (~24h on Astar network);
  • Then press the “claim” button and confirm the transaction;
  • Your rewards will be distributed directly to your wallet.

 

How To Unstake:

  • To unstake your nASTR tokens and redeem ASTR tokens, you must first switch to “unstake” mode;
  • Enter the nASTR amount you wish to unstake from the selected dApp;
  • You can unstake from one, several or all dApps at the same time.

  • Select the unstaking parameters (regular or immediate) and accept the conditions;
  • Confirm your action by clicking the “unstake” button.

You will receive your ASTR tokens directly into your wallet after fulfilling the unstaking conditions (e.g. unbonding period).

Transferring NASTR Tokens With Algem

When staking ASTR tokens in any dApp of Liquid Staking Multipools, you’ll earn nASTR tokens, each with its own unique utilities. For instance, Astar Degens or Algem dApp will label nASTR tokens as nASTR-AstarDegens or nASTR-Algem for Algem’s smart-contracts.

However, to use or trade them on other Astar protocols, they’re considered classic nASTR tokens.

When transferring nASTR tokens from a specific dApp, utilize Algem’s transfer feature to choose from which dApp among those staked you’d like to transfer nASTR. Otherwise, the tokens will be randomly selected from those in your wallet.

To Transfer NASTR Tokens Using Algem, Follow These Steps:

  • Go to the Liquid Staking Dashboard and click on “Send nASTR” button next to your detailed stake;
  • From one of the available dApps, enter the amount of nASTR tokens you want to transfer;
  • Note that you can choose different dApps at the same time with different nASTR amounts;
  • Enter the destination EVM address;
  • Confirm your action by clicking on the send button.

 

Algem dApp Updates:

With the liquid staking multipools update, they’ve made a few other improvements to the dApp, including the addition of day and night mode, and the option to claim farming rewards directly from the liquid staking page.

How To Switch From Day To Night Mode:

Clicking the switch button located in the upper left corner lets you change from day mode to night mode and vice versa.

How To Claim NASTR Farming Rewards:

At the liquid staking page’s bottom, you choose where to farm with nASTR tokens in Astar’s Defi dApps. Also, rewards are visible and claimable via a simple button click.

⚠️ Important For NASTR Liquidity Hub Users⚠️

For users using the nASTR Liquidity Hub, you must update your token balance on the dashboard to make them visible. This is a one-time procedure.

  • Open the Dashboard panel by clicking on the “More” button;
  • Click on “Update balance” under nASTR in partner dApps ;
  • Sign the transaction in your wallet.

About Algem

Algem a dApp built on Astar Network and offers two main features: liquid staking and liquid lending. As the name implies, these two solutions enable ASTR holders to remain liquid with their assets while putting them to work.

The liquid staking and lending solutions allow users to accumulate staking rewards and increase their earnings using Algem’s liquid nASTR tokens across Astar’s DeFi ecosystem. In doing so, Algem supports other DeFi protocols by providing liquidity, creating a sustainable and cooperative ecosystem on Astar Network and Polkadot.

Website Twitter |

Source

REQUEST AN ARTICLE

Market Stats:
BTC Dominance: 54.39%(+0.10%/24h)
ETH Dominance: 15.38%(+0.05%/24h)
Defi Market Cap: $89.84B(-23.15%/24h)
Total Market Cap: $2429.57B(+0.08%/24h)
Total Trading Volume 24h: $47.91B(-33.42%/24h)
ETH Market Cap: $373.76B
Defi to ETH Ratio: 24.04%
Defi Dominance: 3.52%
Altcoin Market Cap: $1108.13B
Altcoin Volume 24h: $32.15B
Total Cryptocurrencies: 29757
Active Cryptocurrencies: 9962
Active Market Pairs: 82337
Active Exchanges: 765
Total Exchanges: 8550
BTC: 67063.4$(-0.06%/1H)
ETH: 3110.67$(-0.25%/1H)
AVAX: 36.88$(-0.49%/1H)
BNB: 578.97$(-0.16%/1H)
MATIC: 0.7$(-0.31%/1H)
FTM: 0.89$(-0.85%/1H)
ADA: 0.48$(-0.33%/1H)
DOT: 7.09$(-0.4%/1H)
UNI: 7.91$(0.18%/1H)
CAKE: 2.66$(-0.45%/1H)
SUSHI: 1.09$(-0.66%/1H)
ONE: 0.02$(-0.5%/1H)