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EXA Finance: A Peer-to-Peer Exchange on the Algorand Blockchain

By 2sats | 2sats | 13 Aug 2022


*obligatory not financial advice*

 

What is EXA Finance?

EXA is a special kind of exchange on Algorand. It allows its users to trade normal tokens and NFTs as well as "baskets" of up to 4 different digital assets.

If you want to sell an asset or multiple ones then you can upload an offer on the marketplace, for example you can create an offer to sell 4 different NFTs for 1,000 ALGO and if somebody wants to buy them they can accept the offer anytime. Needless to say, fungible tokens can be faster sold on a normal decentralized exchange, like Pact, way faster so it’s mostly a marketplace for NFTs of which you could sell or buy multiple ones at once.

However, you can exchange any type of Algorand token for any other type of Algorand token, so you are not limited to only ALGO as payment. You could also use EXA to create NFTs that are backed by multiple different assets by creating a sell offer of those assets for that NFT. The marketplace also has much lower transaction fees and higher speed than similar sites like OpenSea and Rarible because its blockchain is more scalable.

The developers are also working on a feature called EXA Studio, which will be a tool for minting new NFTs and also entire NFT collections. They are also building their own Algorand Wallet and bridges to other blockchains.

Currently the entire dApp only exists on the Algorand testnet but it could launch on the Algorand mainnet soon, although the launch has been postponed multiple times before.

After the mainnet launch there will also soon be public sales and a distribution of the EXA token. The exact tokenomics are still unknown but the marketplace will charge a small fee for every exchange on the platform and it’s possible that the token holders will receive that fees. Anyone who has used the testnet for free will be eligible for an airdrop and the more features one has tried the more EXA they can receive.

The project is behind its road map but it brings many unique features to NFT marketplaces and is building other great tools for Algorand too and it could get a lot of traffic, assuming the NFT hype continues.

 

 

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