Algem Partnership

Please vote whether to "Accept" ✅ or to "Reject" ❌ the following proposal.

Proposal:

Project description

Algem is a native liquid staking DeFi dApp on top of the Astar Network.

The core features of the dApp are:

1. Liquid staking. Users will be able to take part in the Astar Network dApp staking via our liquid staking solution. Users will receive nASTR tokens (A liquid representation of stakes ASTR) and use them inside Algem and in partner dApps and continue to receive their dApps staking reward.

2. Earnings. Algem offers to supply ASTR to our partner dApps/protocols via eight vaults to the user’s choice and earn a part of their revenue/rewards flows. As with the liquid staking user gets nASTR tokens and additionally starts to get ALGM (Algem governance token) incentive rewards.

Our documents with project details: https://docs.algem.io/

Token distribution

— Total supply: 100 000 000. — Incentives: 50%, 50 000 000; — Team: 18%, 18 000 000; — Early investors: 15% 15 000 000; — Reserve: 7%, 7 000 000; — Community Growth: 7%, 7 000 000; — Airdrop: 3%"

Algem governance token will be primarily used in the following functions:

— As an additional incentives; — For staking. Users will earn a part of the revenue from Algem’s protocol; — Voting for dApps to stake ASTR via Algem's liquid staking solution; — To choose where to supply ASTR in the liquid earnings platform; — Voting on upgrades (add a new vault, change dApp parameters and fees, etc.)

Benefits for the Astar Degens DAO

— 1.4% token (1 400 000 tokens) allocation from our reserve for the DAO treasury with vesting; — 0.75 % token (750 000 tokens) from airdrop allocation for the community + APR bonus. — Total : 2 150 000 tokens for Astar Degens with ALGM price of $0.03721/ALGM

This proposal includes an option (but not an obligation) for the Astar Degens DAO to invest in Algem a second time later during the year for 0.25% of the supply at $0.04/ALGM. (Regardless of the market price at the time)

Support required from AstarDegens

To successfully develop our project we need:

— Funding: $80,000 USD to deliver three iterations from our roadmap. This sum will be divided and paid in three stages over the year, according to our roadmap; — Marketing support.

Team

The founding members are:

Igor_P - founder (Astarhub.io founder) Gunit - co-founder (Astar Network ambassador, Astarhub.io founder)

Development team consists of five experienced specialists: two smart-contract developers, smart-contract auditor, front-end developer, web-designer.

Roadmap

Algem is currently under development.

We will launch the liquid staking at the end of May and earnings product between 14th June — 30th June.

Before the launch we will conduct two security audits and share our GitHub after it.

Vote:

✅ = Yes, I accept this proposal ⛔ = No, I reject this proposal