Algorand Partnership Announcement

Algodev, Inc. – the company behind Algodex – is delighted to announce it is the latest recipient of an Algorand Foundation Grant. Algodex will deliver a fully Decentralized Exchange (DEX) for the Algorand network. The DEX will allow Algorand Standard Assets (ASAs) – including Yieldly, Algomint wrapped assets, and NFTs – to be traded for Algos, increasing access across the network. Algomint’s wrapped assets include Bitcoin, Ethereum, and eventually ERC-20 tokens that can be transmitted on the Algorand network and traded on Algodex.

Algodex, a preview:

Algodex uses limit orders to conduct its trades and has 4-8 second trading times and full decentralization. The order book exists on the blockchain, making it unique in the DEX space. The backend servers are customized blockchain indexers that provide caching of the data which is then served to the users. Algodex is one of the most decentralized limit order exchanges in existence.

Algodex automatically allows trading for any ASAs, including newly issued ones. The users’ funds, including open orders, are held in external wallets and escrow accounts owned by the users. The exchange operators do not possess technical access to any users’ funds, which gives users security and confidence in their transactions.

Algodex plans to launch its Testnet release in September, 2021, and its Mainnet release in Q4 2021. A security audit is planned for August, 2021. The exchange plans on supporting all major languages and will facilitate trading globally on its platform. 

After its Mainnet release, the project plans to release a token and a rewards system that incentivizes market makers.