ALGM is Algem protocol’s governance token and has numerous functionalities. The purpose of this section is to examine these core functions.
Before we begin, it bears mentioning that the only way for users to receive ALGM is by depositing ASTR or other tokens in a vault. There is no pre-mine or ICO. In other words, users must partake in liquid lending in order to begin earning ALGM.
Furthermore, ALGM gives users the rights to:
- Earn by lending to Algem’s DeFi partner dApps and receive additional earning incentives
- Earn by staking ALGM to the Algem protocol and to share in its revenues.
- Vote and make decisions regarding a dapp's future (e.g., add a new vault) and set parameters such as fees, vault weights, etc.
Users can vote for dApps in Astar dApp staking to stake ASTR via Algem's liquid staking solution.
Voting for dApps to supply liquidity (ASTR tokens) from our liquid lendings feature and share a part of their rewards.
Voting on upgrades (add a new vault, change dApp parameters and fees, etc.)