Algorand is a Layer 1 blockchain designed for fast, low-cost transactions, smart contracts, and digital assets.
ALGO is the native cryptocurrency of the Algorand network, used to pay transaction fees and participate in its Pure Proof-of-Stake (PPoS) consensus.
Algorand was founded by MIT professor and Turing Award winner Silvio Micali, with its mainnet launching in 2019. Unlike proof-of-work networks, Algorand uses Pure Proof-of-Stake: eligible participants are selected cryptographically to propose and validate blocks based on their stake. Once a block is added, transactions have immediate finality rather than requiring multiple additional blocks to reduce the risk of reversal.
The network supports smart contracts and native digital assets, making it infrastructure for payments, DeFi, tokenization, and other blockchain applications.
What is ALGO used for?
ALGO crypto has several uses within the Algorand ecosystem:
- Transactions and payments: ALGO can be sent between Algorand wallets and used for payments.
- Network fees: transaction fees are paid in ALGO.
- Staking and consensus: ALGO holders can participate in securing the network directly or through supported staking options.
- DeFi: ALGO can be used in decentralized applications for activities such as liquidity provision.
- Digital assets and applications: ALGO is used alongside tokens, NFTs, and applications built on Algorand.
If you want to get ALGO for one of these use cases, you can buy Algorand with available fiat payment methods or swap another supported cryptocurrency for ALGO on this page.
How much are Algorand fees?
The standard minimum Algorand transaction fee is 0.001 ALGO (1,000 microAlgo) when the network is not congested. Fees can increase depending on network conditions and certain transaction characteristics, so always check the actual fee before making a transaction.
This network fee is different from the rate and fees associated with a crypto exchange. When you swap ALGO on SwapSpace, compare the available provider offers and the amount you are expected to receive before choosing an option. SwapSpace doesn’t add its own markup to the exchange, and network fees and partner commissions are already included in the rate displayed.
How does Algorand staking work?
Algorand staking lets ALGO holders participate in network consensus and potentially receive protocol rewards. Independent validators keep control of their ALGO while participating: Algorand does not require a protocol lockup period or use slashing for staked ALGO.
An account can participate in consensus with as little as 1 ALGO, but direct eligibility for staking rewards currently requires at least 30,000 ALGO committed to consensus. Holders below that threshold can use staking pools or supported delegation services, each of which may have its own terms, fees, and risks.
Staking rules and rewards can change over time, so check the latest Algorand documentation before participating.
Where can I follow Algorand news?
Algorand news can affect interest in the network and ALGO market activity, so it is useful to distinguish protocol developments from short-term price movements. For primary information, follow official Algorand channels for protocol upgrades, ecosystem reports, staking changes, and developer updates. For price context, use the Algorand price chart on this page.
ALGO crypto wallets
Algorand is supported by a range of wallets, providing users with options for secure storage and easy access to their ALGO holdings. Whether you prefer a native wallet, a hardware device, or a multi-asset solution, you can find a wallet tailored to your needs for exchanging or holding ALGO.
- Pera Wallet: The official mobile wallet for ALGO, supporting asset management, staking features, and direct integration with Algorand DApps.
- Ledger Nano S/X: Hardware wallets offering offline storage for ALGO and other cryptocurrencies, enhancing security for long-term holders.
- Trust Wallet: Multi-coin mobile wallet supporting ALGO and thousands of other assets, with a built-in DApp browser for DeFi and swaps.
- Exodus Wallet: Multi-asset software wallet available for desktop and mobile, allowing users to hold, exchange, and monitor ALGO alongside other digital assets.
Because ALGO is the native asset of the Algorand network, always check the receiving network and Algorand wallet compatibility before making an ALGO swap. Sending an asset over an unsupported network can result in lost funds.
On SwapSpace, you can swap Algorand for another supported cryptocurrency or exchange another asset for ALGO.
