Hello and welcome to our customary Weekly Report! Time moves fast, and so do we. Coming up in this report:
- NFT Generation is Updated
- ParaSwap Integration is Technically Completed
- Audit Report is to be Released Next Week
- New Proposal is Coming
And more. Let’s get right into it, now!
Development
1. NFT Generation is Updated
Our team has reworked the process of generation of NFTs on Algebra. Now, NFTs are being generated in SVG format on our smart contracts, making it possible to trade them on OpenSea, the world’s first and largest web3 marketplace for NFTs and crypto collectibles.
2. New Farming Parameter
The generation of rewards in our farming programs are now calculated according not only to provide liquidity, but also to the minimum width of one’s position. Basically, we’ve added a crucial parameter, setting a certain position’s width. If your position is narrower than a specified minimum, it won’t be eligible for a farming incentive. This way, the distribution of rewards will become more fair, and under certain conditions, users will not be able to take away too many rewards, depriving others of their earnings.
3. ParaSwap Integration is Technically Completed
Algebra protocol can now be used to aggregate liquidity on ParaSwap — the leading DeFi aggregator that unites the liquidity of decentralized exchanges and lending protocols into one comprehensive and secure interface and APIs. As you might know from our previous experience with 1inch, Algebra shows impressive results with the help of aggregators, getting part of all market volume. Now, it can be used on ParaSwap, as well, not to mention the fact that it will also be available in terms of our QuickSwap integration!
Marketing
1. Audit Report is to be Released Next Week
Finally, we are ready to release the audit reports, reviewing the smart contracts of Algebra! All the weaknesses have already been reduced, and the problems solved, so now you can use it in a hassle-free way. Get ready for the report, containing a little secret fact, which will be revealed next week.
2. New Proposal is Coming
We are thrilled to announce the start of voting for the next step for Algebra, taking place on August 15th, Monday. The voting will be available for 3 days after the snapshot. Get your xALGB ready in advance, and learn everything about the proposal in the brand-new article.
That’s all for now, folks. All the preparations for QuickSwap V3 are mostly done, and we are almost ready to enter the new era for our platform. See you next Friday with more updates on Algebra.
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