BitMart, a premier global digital asset trading platform, will list Algodex on May 31, 2022. For all BitMart users, the Algodex/USDT trading pair will be officially available for trading at 06:00 AM EDT.
What is Algodex?
Algodex is a decentralized exchange that enables buyers and sellers to trade algos with Algorand Standard Assets that are hosted on the Algorand Blockchain. Any person can already mint any number of tokens on Algorand using tools such as algodesk.io, which are known as fungible tokens or non-fungible tokens (NFTs). All of these are tradeable on Algodex. The trading pairs will always be in terms of “ALGOs” which are the native currency of Algorand, and all network transaction fees across the Algorand blockchain must be paid in ALGOs.
Project Vision
Algodex utilizes Algorand Smart Contracts and their escrow function to create a buy or sell order for ASAs on behalf of the user. When creating a limit buy or sell order, the user selects what ASA, how much ASA, and the price in ALGOs at which they want to transact. All user limit orders are compiled into a ledger called an order book. The order book is accessible on Algodex and is filtered by price. Many orders at the same price will be summed into one for display purposes. However, each order remains within its own escrow contract.
The Algodex team is actively working on releasing a trading SDK and market making bots that will improve liquidity on the platform and lower bid – ask spreads. Furthermore, the team soon plans to open up the platform to US trading. Additionally, the team has recently mentioned a new stablecoin origination and trading platform in an interview.
Algodex Mailbox
Algodex Mailbox is a second decentralized web application created by the team that allows users to send Algorand Standard Assets to any recipients regardless of their opt-in status. Smart contracts are used to hold the assets for the recipients to redeem at a later time. Furthermore, it allows batch sending via uploading a spreadsheet to hundreds of users. This is a token distribution and utility DApp that solves a core need on the Algorand blockchain for token managers and NFT artists.
Algodex Token
The Algodex Token, symbol ALGX, will launch as an ASA on May 31, 2022, a few months 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. Additionally, after the token is integrated, the token holders will be entitled to rewards and trading fees generated by the platform according to the project’s white paper. Token holders will be incentivized to stake their tokens via limit orders to receive the rewards from rewards pools.
About BitMart
BitMart Exchange is a premier global digital assets trading platform with over 9 million users worldwide and ranked among the top crypto exchanges on CoinMarketCap. BitMart currently offers 1000+ trading pairs with one of the lowest trading fees in the market. To learn more about BitMart, visit their Website, follow their Twitter, or join their Telegram for more updated news and promotions. Download BitMart App to trade anytime, anywhere.
About Algodex
Algodex has the ability to receive information from the Algorand blockchain, compile user orders for the orderbook, and write smart contracts to the Algorand blockchain. The Algodex platform provides a user-friendly interface that also shows price charts, orders, trade history, and other asset information. To learn more about Algodex, please visit their Website, follow their Twitter and join their Telegram
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