Algorand FAQs – Learn more about ALGO
Everything you need to know about Algorand (ALGO) inside of Exodus.
ALGO staking ended in April 2022. Learn how to continue earning rewards from your Exodus wallet here: How do I earn Algorand (ALGO) rewards with Algorand’s new governance model?
In this article:
How can I explore Web3 on Algorand?
Would you like to experience the world of DeFi, collect NFTs, and connect to your favorite Web3 apps on the Algorand network? With Exodus, you can easily explore the Algorand ecosystem with Exodus Web3 Wallet!
Connect your Exodus Web3 Wallet to Algorand Web3 apps, dApps, and DeFi platforms, and securely sign Web3 transactions. To learn more, visit: Getting started with Exodus Web3 Wallet.
Want to connect to an Algorand Web3 app with Exodus Mobile instead? With WalletConnect in Exodus Mobile, you can connect to Algorand Web3. To learn more, visit: WalletConnect in Exodus.
Why was Algorand’s previous staking program phased out?
Algorand’s passive staking rewards program ended in April 2022, so you can’t earn ALGO rewards just by holding ALGO in your wallet anymore.
The good news is that it was replaced by Algorand’s new Governance Rewards program, which offers even higher rewards.
If you’re interested, you can learn how to participate from your Exodus wallet here: How do I earn Algorand (ALGO) rewards with Algorand’s new governance model?
These resources are not affiliated with Exodus. As such, Exodus cannot guarantee that the steps shown and the information provided will always be accurate.
What are Algorand Standard Assets (ASAs)?
Algorand Standard Assets or ASAs is the name given to any asset on the Algorand blockchain. Assets on the Algorand blockchain can range from tokens like stablecoins to NFTs.
The minimum balance for an account increases by 0.1 ALGO for every Algorand (ASA) token or NFT an account opts in to.
Before receiving an ASA token, your Algorand address has to opt in to receive it. To learn more, go to: What is an Algorand opt-in transaction?
All ASA transactions require Algorand to pay transaction fees.
Which Algorand (ASA) tokens does Exodus support?
Currently, Exodus supports Algorand tokens and NFTs. To add your favorite Algorand token, follow our guide to add it as a custom token.
What is Algorand’s minimum balance?
The Algorand network requires minimum balances to prevent spam transactions and accounts from overwhelming the network.
The current minimum balance for a new ALGO account with no other assets on the network is 0.1 ALGO.
The minimum balance increases by 0.1 ALGO for every Algorand (ASA) token or NFTs an account opts in to. For Example, if you opt in to one Algorand token and one NFT, your minimum balance increases to 0.3 ALGO.
The minimum balance will also increase for every Web3 app you opt in to.
To decrease the minimum balance, you would need to opt out of the ASA tokens, NFTs, or Web3 apps your address opted in to.
This resource is not affiliated with Exodus. As such, Exodus cannot guarantee that the steps shown and the information provided will always be accurate.
How does Exodus handle ALGO minimum balances?
In Exodus, you will need to maintain the minimum balance required by the Algorand network.
When using ALGO in your Exodus wallet:
- If it is your first time using ALGO, you will need to deposit 0.1 ALGO or more to your ALGO wallet.
- For every Algorand (ASA) token or NFT you add to your wallet, your minimum balance will increase by 0.1 ALGO.
- Your minimum balance will increase if you opt in to Algorand Web3 apps.
- When swapping crypto for ALGO using Exodus Swap, your wallet ensures you’ll receive more than the 0.1 ALGO minimum.
How do I withdraw my 0.1 ALGO minimum balance?
Every address on Algorand must have a minimum balance of 0.1 ALGO. It’s not possible to send out this minimum balance with Exodus.
However, it is possible that you could withdraw your 0.1 ALGO by using Pera wallet on your mobile device and your Exodus ALGO private key from Exodus Desktop. Note that this has the risk of exposing your private keys.
Pera wallet is a third-party platform that is not affiliated with Exodus. As such, Exodus cannot guarantee the performance of its products/services or that the steps shown and the information provided will always be accurate.
Before you can send out your remaining ALGO, you must first send out any remaining balance of any Algorand (ASA) tokens or Algorand NFTs, and then opt out following these instructions: How do I opt out or remove Algorand (ASA) tokens?
Please be very careful with your private keys because they control access to your funds. Never share them with anyone, and only import them into platforms that you trust 100%. If you choose to import your private keys into a third-party platform, you do so at your own risk. To find out more, check out this article from our Knowledge Base: How do I keep my money safe?
If you have any Algorand ASA tokens in your ALGO address, you will need to send any remaining balance and opt out of any Algorand (ASA) tokens before trying to empty your ALGO address. To learn how to opt out of Algorand tokens, jump to: How do I opt out or remove Algorand (ASA) tokens?
12. Tap the MAX icon to select your whole balance and then click Next
13. Enter the destination address or scan the receive address QR code.
The destination address will appear under Account. Tap the destination address.
14. You will now see the transaction confirmation screen. Verify that the destination address is correct and then tap Send.
15. You will now see your ALGO address balance at zero. All your ALGO, including your minimum balance, has been sent out of your ALGO address.
What is an Algorand opt-in transaction?
Before receiving an Algorand (ASA) token, NFT, or interacting with a Web3 app, your Algorand address has to actively opt in to receive it.
An opt-in transaction is an on-chain transaction that will incur a network fee, and increase an accounts minimum balance requirement by 0.1 ALGO for tokens and NFTs. For every Web3 app you opt in to, the minimum reserve requirement will also increase. To learn more about the minimum reserve requirement, visit: How Exodus handles ALGO minimum balances.
In Exodus, the opt-in transaction will occur when you enable an Algorand (ASA) token, add a custom Algorand (ASA) token or ALGO NFT, or connect to a Web3 app. This means it is not possible to receive an Algorand (ASA) token or NFT unless you first opt-in.
In Exodus, it is not possible to opt out Algorand (ASA) tokens added to your wallet. However, you can opt out Algorand tokens by importing your Exodus wallet into a wallet that supports it. To learn more, jump to: How do I opt in and enable Algorand tokens?
For step-by-step instructions on how to opt in to receive ASA tokens and ALGO NFTs, see the guide below:
How do I opt in and enable Algorand tokens?
The Algorand network requires that your wallet opt in before you can receive any Algorand ASA tokens.
For every Algorand ASA token you add to your wallet, a small transaction fee will incur, and your Algorand minimum reserve requirement will increase by 0.1 ALGO. To learn more, visit: What is an Algorand opt-in transaction?