Algodex FAQ

Updated March 30, 2022

What is Algodex?

Algodex is a decentralized marketplace for Algorand Standard Assets (ASA). Algodex uses a speedy and elegant order book model for transactions, a first of its kind in the Algorand space. This allows for a higher degree of sophistication and control of trading your ASAs. Algodex’s feature packed platform brings a whole new kind of trading to the Algorand ecosystem.

How does Algodex Work?

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.

What Algorand Standard Assets can be traded on Algodex?

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.

How do I list my token on Algodex?

Newly created Algorand Standard Asset (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.

Where can I follow Algodex and keep up with announcements?

You can follow Algodex on the following social media websites:

What Algorand wallets are supported?

Only My Algo Wallet is supported. Support for Pera Wallet, formally Algorand Wallet, is intended to be added in the future.

Are there fees for using Algodex?

Currently, there are no trading fees on Algodex. The only fee currently is the Algorand network fee which applies to all Algorand transactions.

Who can use Algodex?

Currently, users can connect to Algodex from all regions except Canada and the United States. Algodex intends to launch in both the United States and Canada in the future after legal compliance requirements are resolved.

Is Algodex safe to use?

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. Algodex has also been fully audited by Runtime Verification Inc. This ensures that the platform safety and user experience stay top notch.

How do I trade on Algodex?

Learn to place a trade on Algodex using our guide.

What’s the difference between Testnet and Mainnet?

In Testnet, all Algorand Standard Assets (ASA) are priced in Testnet ALGO and have no real value. Testnet can be used by users to test new features and learn about Algodex. On Mainnet, ASAs are priced in real ALGO and have real value.

What if I have an issue or suggestion?

You can submit issues or suggestions to our support page.

Does Algodex support NFTs?

NFTs can be listed and traded on Algodex the same as any Algorand Standard Asset. Algodex intends to launch a dedicated interface for NFT trading in the future.

What is Algodex Token (ALGX)?

The Algodex Token, symbol ALGX, will launch as an ASA shortly after the Mainnet release of Algodex. The Algodex Token will also function as a form of governance for all token holders. Voting rights on future Algodex policies will be given through the use of 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 airdrop plan.