Algorand FAQs - Learn more about ALGO

ALGO staking rewards ended in April 2022. However, you can earn income on your ALGO by participating in Algorand's new Governance Rewards program!

You can read about how to participate from your Exodus wallet here: How do I earn Algorand (ALGO) rewards with Algorand's new governance model?


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What is Algorand?

Since ALGO staking rewards have been phased out as of April 2022, the section in the video that mentions ALGO rewards is no longer applicable. To earn rewards with your ALGO, please see our Knowledge Base article: How do I earn Algorand (ALGO) rewards with Algorand's new governance model?


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? WalletConnect in Exodus Mobile makes the process of connecting to Algorand Web3 apps a breeze. To learn more, visit: WalletConnect in Exodus.

If you'd like to learn more about Web3 apps, visit: What are dApps and Web3 apps?


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 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?

For more information, you can also visit the Algorand Foundation's Introducing Governance and Frequently Asked Questions.


Why does Algorand have a minimum balance?

The Algorand network requires minimum balances to prevent spam transactions and accounts from overwhelming the network.

To use your Algorand wallet, you need to deposit at least 0.1 ALGO.

For every Algorand (ASA) token or Algorand NFT held in the address, the minimum balance increases by 0.1 ALGO.

The minimum balance for an Algorand address varies depending on how many Algorand (ASA) tokens or Algorand NFTs the address holds. If an address only has Algorand (ALGO), the minimum is 0.1 ALGO. The minimum balance increases by 0.1 ALGO for each ASA token or Algorand NFT held by the address.

For more information, visit: Algorand reserve requirements in the official documentation.


How Exodus handle ALGO minimum balances

In Exodus, you will need to maintain the minimum balance required by the Algorand network. If your Algorand balance is less than the required minimum balance, you will not be able to send Algorand and Algorand (ASA) tokens.

The minimum balance for an Algorand address varies depending on how many Algorand (ASA) tokens the address holds. The minimum reserve increases by 0.1 ALGO every time you add a custom token or NFT to your wallet.

By default, the required Algorand minimum balance is 0.1 ALGO. If you only hold Algorand and no ASA tokens or Algorand NFTs, the minimum balance is 0.1 ALGO. The minimum balance requirement increases by 0.1 ALGO for each ASA token (e.g. EXIT, USDC or USDT) or Algorand NFT your address holds.

For example, If you have both ALGO and EXIT, your minimum ALGO balance will be 0.2 ALGO. If you have ALGO, EXIT, and ALGO-USDT, the minimum balance required would be 0.3 ALGO, and so on.

In Exodus, if you try to receive Algorand or ASA tokens when your balance is below the minimum requirement, then Exodus will display an alert.

When exchanging other assets for ALGO using the Exodus in-app exchange feature, Exodus will always ensure that you will receive more than 0.1 ALGO to cover these account minimums.


How do I withdraw my 0.1 ALGO minimum reserve?

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, while we cannot vouch for the safety or security of any third-party platforms, it is possible that you could send 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. 

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?

1

To withdraw your 0.1 ALGO minimum reserve, you will need to view your Algorand 25-word private key using Exodus Desktop. If you do not have the desktop version of Exodus then you can follow this guide to sync Exodus Mobile or Exodus Web3 Wallet to Desktop: How do I sync my wallet to a computer?

2

Copy your Algorand 25-word private key from your Exodus desktop wallet. Here's how you can view your private keys.

3

Go to the Pera wallet website from your mobile device and click on the download button for your operating system (Android or iOS) to install the Pera wallet app.

4

Your Pera wallet will give you the option to create a new account or import an existing ALGO account. Select  I already have an account.

5

Tap on Recover an account.

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Tap on Recover an Algorand account.

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Enter your Algorand 25-word private key from step 2 and then tap Recover.

8

You will now see your ALGO address balance in your Pera wallet.

9

Tap the Send button.

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Select your Algorand address.

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Select ALGO from the asset list.

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.

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You will now see the transaction confirmation screen. Verify that the destination address is correct and then tap Send.

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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 token?

Similar to how Ethereum has ERC20 tokens, Algorand has its own tokens. Algorand tokens are built on the Algorand Standard Assets (ASA) protocol and work in the same way that ERC20 tokens work on Ethereum.

ASA tokens run on the Algorand network, and take advantage of the high speed, high security, and low transaction cost of the Algorand blockchain.

The Algorand blockchain requires every ALGO address to have a minimum balance of 0.1 ALGO. For every ASA token you add to your wallet, your minimum ALGO balance increases by 0.1 ALGO. So, for example, if you have ALGO plus 2 ASA tokens in your wallet, your minimum balance will be 0.3 ALGO.


Which Algorand tokens does Exodus support?

Currently, Exodus supports the following Algorand tokens:

Exodus Shares (EXIT) ASA token Send, receive
Tether USD (USDT) ASA token
Send, receive
USD Coin (USDC) ASA token
Send, receive
Smile Coin (SMILE) ASA token
Send, receive
Yieldly (YLDY) ASA token
Send, receive
AlgoStable (STBL) ASA token
Send, receive
ALGO Gems (GEMS) ASA token
Send, receive
Opulous (OPUL) ASA token
Send, receive

If you want to interact with Algorand (ASA) tokens that are not on this list, you can now add these as custom tokens!

All ASA token transactions require Algorand to pay transaction fees.


What is an Algorand opt-in transaction?

Before receiving an Algorand (ASA) token or an Algorand NFT, your Algorand address has to actively opt in to receive it. This makes it impossible to send an ASA token or an ALGO NFT to the wrong address.  

You can't receive Algorand tokens or NFTs if your address has not performed an opt-in transaction for the token or NFT you are receiving.

An opt-in transaction is an on-chain transaction that will incur a network fee. For every Algorand (ASA) token or NFT added to an address, the minimum reserve requirement will increase by 0.1 ALGO. 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 ASA token, or add an ALGO NFT. 

This will increase your Algorand minimum reserve requirement and incur a transaction fee, even if you do not yet have a balance of the Algorand token you have enabled. In Exodus, it is not possible to opt out Algorand (ASA) tokens added to your wallet. 

For step-by-step instructions on how to opt in to receive ASA tokens and ALGO NFTs, please refer to our platform-specific guides below.


How do I opt in and enable Algorand tokens?

Web3 Wallet

The Algorand network requires that your wallet opt in before you can receive any Algorand ASA tokens.

For every 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?

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First, ensure you have enabled the Algorand token you want to opt in. To see a guide on how to enable a token, visit: How do I enable and disable an asset on the Web3 Wallet?
2
In the Web3 Wallet, a) click the Wallet icon, then b) select the Algorand token you wish to enable.

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Next, click Enable. This will create an opt-in transaction, which will incur a small transaction fee and increase your minimum reserve requirement by 0.1 ALGO.

4
To confirm you want to enable the token, click Enable.

And you are done! You can now receive the enabled Algorand token. For more information on how to receive crypto, visit: How do I receive crypto on Web3 Wallet?

Desktop

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?

1
First, ensure you have enabled the Algorand token you want to opt in. To see a guide on how to enable a token, visit: How do I enable and disable an asset on Desktop?
2
Next, go to the wallet of the asset you want to opt in, then click Receive.

3
To confirm you want to enable the token, click Enable. This will create an opt in transaction, which will incur a small transaction fee and increase your minimum reserve requirement by 0.1 ALGO.

And you are done! You can now receive the enabled Algorand token. For more information on how to receive crypto, visit: How do I receive crypto on Desktop?

Mobile

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?

1
First, ensure you have enabled the Algorand token you want to opt in. To see a guide on how to enable a token, visit: How to enable or disable an asset on Mobile.
2
Next, go to the wallet of the asset you want to opt in, then tap the Receive icon.

3
To confirm you want to enable the token, tap Enable. This will create an opt in transaction, which will incur a small transaction fee and increase your minimum reserve requirement by 0.1 ALGO.

And you are done! You can now receive the enabled Algorand token. For more information on how to receive crypto, visit: How do I receive crypto on Mobile?


How do I opt out or remove Algorand (ASA) tokens?

It's not possible to opt out of Algorand (ASA) tokens using Exodus.

However, while we cannot vouch for the safety or security of any third-party platforms, it is possible that you could opt out of ASA tokens 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.

Opting out of an asset will remove the ASA token from your ALGO address and decrease the minimum balance requirement for that address by 0.1 ALGO. To opt out of Algorand assets using the Pera wallet, follow the instructions below.

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?

1

To opt out and remove your Algorand (ASA) tokens you will need to view your ALGO 25-word private key using Exodus Desktop. If you do not have the desktop version of Exodus then you can follow this guide to sync Exodus Mobile or Exodus Web3 Wallet to Desktop: How do I sync my wallet to a computer?

2

Copy your ALGO private key from your Exodus desktop wallet. Here's how you can view your private keys.

3

Go to the Pera wallet website from your mobile device and click on the download button for your operating system (Android or iOS) to install the Pera wallet app.

4

When Pera wallet asks you to create a new account or import an existing ALGO account, select I already have an account.

5

Tap on Recover an account.

6

Tap on Recover an Algorand Account.

7

Enter your Algorand 25-word private key from step 2 and then tap Recover.

8

You will now see your ALGO address ASA token balances in your Pera wallet. Before you can opt out of an asset, you will need to send out any remaining balance of the Algorand (ASA) token you wish to opt out of.

You can use Exodus to send out your remaining Algorand (ASA) token balance before opting out. For more information on how to send crypto, visit: How do I send crypto out of Exodus?

After your ASA token balances are zero, you can now opt out of the asset by tapping the Manage button.

9

Tap on Remove Assets.

10

You will now see the ASA tokens that you can opt out of. Tap on the Remove icon next to the asset to complete the process and opt out of the token.

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