Algodex FAQ
Updated October 11th, 2022
Algodex is a decentralized marketplace where users can trade Algorand Standard Assets (ASAs). Our order-book model is the first of its kind on the Algorand blockchain, which gives users full control over their trades. Algodex's feature-packed platform brings a unique way of trading to the Algorand ecosystem.
Algodex uses Algorand smart contracts to create an order book mechanism for Algorand Standard Assets (ASA) that allows users to transact any ASA at a price the user chooses. Users can add or fulfill orders from the order book using Algodex's online interface. Learn more about Algodex and how it works by reading our whitepaper.
All Algorand Standard Assets can be listed on Algodex, except for scam tokens that are proven fraudulent or illegal. These measures are in place to protect users from known scams while maintaining decentralization.
Newly created Algorand Standard Assets (ASA) will be available for immediate trading on Algodex. You can add liquidity to your ASA on Algodex by searching for it by the asset ID and placing a buy or sell order.
The legislation in the U.S does not allow peer-to-peer trading for securities, so only projects that have legal opinions stating that their tokens are not securities can be listed and traded on Algodex. Currently, $USDC, $USDt, $STBL, $goBTC, $goETH, $gALGO, $goMINT, all non-fungible tokens (NFTs), and wrapped assets ($STBL2, $GARD, $pBTC, $xSOL, $goUSD, $gALGO3, $rUSD, and $wALGO) are tradeable for users residing in North America.
Please fill out this form to apply to be listed on the Algodex exchange for North American trading. This form is only required for tokens that want to be listed and tradeable in North America, as the rest of the world can currently trade ASAs without restrictions.
You can follow Algodex on the following social media websites:
- Telegram:
Currently, only MyAlgo Wallet is supported. Pera Wallet support is in the works and will be available soon.
Currently, there are no trading fees on Algodex. The only fee currently is the Algorand network fee which applies to all Algorand transactions.
Currently, users can connect to Algodex from all regions.
Trading on Algodex is secure. Using Algorand smart contracts, all order placements and executions are handled entirely on the Algorand blockchain. Funds are never directly held or processed by Algodex. Additionally, we have been fully audited by Runtime Verification Inc. This ensures that the platform's safety and user experience is of highest quality.
Algorand Standard Assets (ASAs) on Testnet are priced using Testnet ALGO, a currency that has no value. ASAs on Mainnet are priced in ALGO, which have real value. A user can use Testnet to try new features or learn about Algodex.
The incentivized Testnet started on August 26, 2021, and ended at 23:59:59, February 09, 2022 (EDT).
Users can receive rewards by providing high-quality liquidity to Mainnet, or by participating in community events.
- Have tight spreads
- Consistent market maker uptime (keep consistent liquidity on the order book)
- Keep enough liquidity on the platform
- Hold ALGX in your wallet
- Make sure there is plenty of order book depth
- Trade verified pairs only
NFTs can be listed and traded on Algodex like any Algorand Standard Asset. Algodex intends to launch a dedicated interface for NFT trading in the future.
The Algodex Token, symbol ALGX, is an ASA that has been publicly tradeable since May 31, 2022. ALGX functions as a form of governance for all token holders. Voting rights on future Algodex policies will be given through a decentralized autonomous organization, or DAO. Votes per token holder will be proportional to the amount of ALGX they hold. Learn more about ALGX by viewing our whitepaper, tokenomics, or archived airdrop plan.
Last modified 7mo ago