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Algorand Ecosystem For Beginners
In this post I'll present the most essential dApps and websites to know about as an Algorand novice. I've already made an Extensive List of Algorand Utility, but I figured it might be overwhelming to those new to the ecosystem.
The development of Algorand started in 2017, but it was launched only in April of 2019. Thanks to the fundamental technology being exceptional, growing pains haven't really been a problem to this particular blockchain and cryptocurrency.
However, it has taken time for the ecosystem to grow, with the current wide range of dApps only being available as of late. The ecosystem growth accelerated by the developers launching a virtual machine for smart contracts, which made smart contract integration much easier for programmers of all backgrounds.
Nevertheless, the larger a blockchain ecosystem growths, the more difficult it can be come to navigate inside of it. Especially for beginners. Hence I've tried to make a short list about the 6 most important dApps and websites on Algorand, so that you can calmly start your DeFi journey.
💡Pro Tip 💡
You'll need to have an Algorand Wallet installed on your phone in order to engage with the ecosystem. Check out the Algorand Wallet Guide to read more about it and learn how to set it up.
List of Algorand Websites for Beginners
- Tinyman
- Yieldly
- AlgoExplorer
- Algorand Foundation
- Algorand Stats
- NFTExplorer
1. Tinyman
Tinyman is the first decentralized exchange (DEX) for swaps of all the ASA tokens on the Algorand blockchain. It was launched on 7th of October 2021.
The Tinyman platform is one of the most important tools in the Algorands ecosystem. It allows liquidity pools to be formed between Algorand and different ASAs, or even between the ASAs themselves. In other words, you don't need a token to be listed on an exchange to trade it. Are you looking to buy Yieldly, DEFLY or HDL? Tinyman is the place to go.
In addition, users and developers can set up their own liquidity pools for token pairs previously not existing. Not only that, but all of this is provided by Algorands underlying secure, cheap and fast protocol.
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| Yieldly dApp Website |
2. Yieldly
Yieldly was launched in June 2021 is the first decentralized finance (DeFi) platform on the Algorand blockchain protocol. In short it's what Polygon is to the Ethereum blockchain.
Yieldly have stated that their mission is to allow secure and fast swapping of ASA's on the platform, as well as allowing crosschain transactions (i.e ALGO<->ETH, ALGO<->BTC, etc). Furthermore, they're also aiming to provide an easy way for ASA developers to create their own staking pools and prize games.
At launch it offered No-Loss Prize Games as well as ALGO and Yieldly Token staking. Currently Yieldly also offers Staking Pools for several ASAs - including GEMS, Choice, XET, and more! Staking APY ranges from everything between 17-76%. This number is changes dynamically depending on the amount of total tokens staked in one pool. No lock-up required, which means you're able to withdraw your staked amount and reward at any moment.
If you stake your ALGO on Yieldly you'll automatically participate in the No-Loss Lottery where you have a chance to win tens of thousands of ALGO each week.
Finally, Yieldly are also launching an E-Sports focused NFT marketplace called Yesports.gg.
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| AlgoExplorer Interface |
3. AlgoExplorer
4. Algorand Foundation
💡 Learn More About Algorand Governance 💡
If you're not familiar with Governance you can find all the information you need in this AlgoDaddy Guide to Governance & Staking. The Governance Program a great way to earn interest on your ALGO while also taking part in deciding on Algorands future.
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| AlgorandStats.com |
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