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Algorand FAQs - Learn more about ALGO
Algorand FAQs - Learn more about ALGO

Everything about Algorand (ALGO) inside of Exodus. Learn about minimum balances, ASA tokens, earning rewards, and Algorand web3 options.

Updated over a week ago

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?

Need a crypto wallet that gives you full control of your assets? You can download Exodus here.


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 the Web3 Browser and WalletConnect in Exodus Mobile, you can connect to Algorand web3. To learn more, visit the articles:

If you'd like to learn more, visit: Explore the Algorand web3 ecosystem with 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?

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


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.

You can also display your Algorand NFTs in your NFT Gallery in Exodus. To learn more, visit: What is the NFT Gallery in Exodus?


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.


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?

  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.

    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?

  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.

  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 balance in your Pera wallet.

  9. Tap the Send button.

  10. Select your Algorand address.

  11. 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.

  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 transaction 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, go to the next section.


How do I opt in and enable Algorand tokens?

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 Exodus Mobile 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?


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 Exodus Desktop 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?

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?

  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 the Web3 Wallet?

  2. In the Web3 Wallet, a) click the Wallet icon, then b) select the Algorand token you wish to enable.

  3. 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?


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

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

However, it is possible to opt out of ASA tokens by using the 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 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.

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.

  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.

    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?

  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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