A Must Read: Review and Benefits of Choice and Other ASAs Listing on AlgoDex
AlgoDex, the first order book platform, is set to launch the mainnet of its decentralized marketplace that has unique features. The arrival of Algodex on the Algorand blockchain is as right as rain for ASAs on the ecosystem to thrive. AlgoDex is about to give Algorand ASA holders a user-friendly platform that allows buying and managing Algorand assets. — All its functions are decentralized.
Ever since the Tinyman attack and relaunch of the new version, ASAs on the ecosystem have faced a couple of challenges when it comes to price on the chart. In fact, it is getting worse in some cases. Nevertheless, things are getting better daily; while some people sell their holdings, others are buying all at a cheaper rate. As said in my previous post, see digital assets as a key to open the vault of opportunities and not as an investment.
In the case of AlgoDex, for example, if the website on Mainnet is ever temporarily down, and you want access to your funds, you don’t have to worry; they have built a second small dApp just for cancelling orders. You can access it on https://ordercancel-mainnet.algode.com.
The launch of AlgoDex is a bullish fundamental if you have a clearer picture of it. The innovation signals that the Algorand Standard Assets are set to be promoted to another phase of gaining trust and reliability.
Review of AlgoDex Decentralized Marketplace
On January 3rd, 2022, a Canadian Company (Algonaut Capital Corporation) raised a total of UND $3.19 million towards developing the AlgoDex platform. It was made known that Algonaut received USD $2.64 million via presales and USD $55,00 from an equity offering in the company. AlgoDex is a fully decentralized marketplace on Algorand that allows users to transact with either market order or limit order as desired. You can buy or sell your digital assets with a market order based on the current market price. While limit order enables users to set a particular price which they want to sell or buy a digital asset. Thus, the order will only trigger at the price you set.
As of today, many Algorand Standard Assets (ASAs) are already listed on the DEX ahead of the scheduled launch on 10th, February. Though all ASAs on the Algorand blockchain is supported by default, the ASA owner needs to add liquidity for transactions.
Moreover, the purchase and trade of Non-Fungible Tokens (NFTs) can now be made directly within the AlgoDex marketplace. The DEX is not available for United States users and other few countries for legal reasons. But AlgoDex hopes to make it accessible for them probably after some confirmations. However, the security audit of AlgoDex has been completed. Runtime verification Inc. completed the second security audit of AlgoDex on December 23rd 2021.
Benefits of AlgoDex to Choice Coin and other ASAs.
Here are some of the many benefits of AlgoDex on the Algorand ecosystem.
Easy Trading Options
The decentralized exchange will enhance swift transactions significantly faster than on the Tinyman. Algorand ASAs users will enjoy this functionality similar to a centralized exchange even without being regulated or monitored by the government. Users will face each other in direct trading without the involvement of any third party in the exchange. You’ll have access to your private keys and assets, and there is NO KYC; no personal documents or address is required to enjoy such functionalities. Also, users will enjoy relatively low-cost trading with many trading pairs. — You don’t need to opt-in every time.
Choosing Respective Trading Option and Price
With the easy-to-use interface, you have the opportunity to choose the price of your choice to sell or buy ASAs. Even beginners can easily understand the processes and procedures quickly without complications. You can freely determine how you want to carry out your transactions, whether with market or limit order. You don’t need to store your asset on AlgoDex.
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