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Is AlgoDex not working? What would be the purpose of rushing out tools and smart contracts that need to be verified and routinely cause irreparable damage due

Is AlgoDex not working? What would be the purpose of rushing out tools and smart contracts that need to be verified and routinely cause irreparable damage due to security and bugs? There are already two HN startups using Algorand: 1) Lofty.AI, which has been a smash hit for tokenizing real estate and making daily income and 2) Algofi, which is S21 and intended for lending. There's also ANote + Opulous for owning tokenized music royalties, and AlgoGems for NFTs + Yieldly for NLLs, etc. With the recent news that El Salvador will use Algorand for their infra and the $100M+ ArringtonXRP investment fund, Algorand is only getting started. Devs are flocking to Algorand for how easy it is to use the wallet and create unique tokens on a fast and scalable network.

Tenoke 5y ago
>Is AlgoDex not working? According to their site[0] no, but now they do have a testnet demo. Looking at the demo it's Order Book, not AMM which further makes me think that AMMs are still impossible there while Order Book-style can always be done with some centralization. The docs are sadly one tiny page that has no technical details so I won't dig further. >What would be the purpose of rushing out tools and smart contracts that need to be verified and routinely cause irreparable damage due to security and bugs? But they did publish smart contracts. More than a year ago. They also hyped them up, and hyped up a DEX which was supposed to come last October. Some random PR articles from 2020[1,2,3]. This clearly failed quietly despite supposedly smart contracts already being functional then. >There are already two HN startups using Algorand: 1) Lofty.AI, which has been a smash hit for tokenizing real estate and making daily income and 2) Algofi, which is S21 and intended for lending. Cool, if I see them working how I see similar dapps working on so many other chains maybe I'll change my mind. >Devs are flocking to Algorand for how easy it is to use the wallet and create unique tokens on a fast and scalable network. Are they? I see devs that try and fail to build there, and less devs discussing it than other chains. I see a lot of PR. That's it. Maybe it has a future but it seems much further behind, despite claiming it was already there in respect to smart contract last year. At this point if they catch up I'll give it another look but for now their PR seems to just make claims that don't reflect reality. 0. https://about.algodex.com/ https://about.algodex.com/ 1. https://blockonomi.com/idex-complete-rebuild-ethereum-scaling-solution/ https://blockonomi.com/idex-complete-rebuild-ethereum-scalin... 2. https://coinpedia.org/press-release/algorand-crypto-hidden-gem/ https://coinpedia.org/press-release/algorand-crypto-hidden-g... 3. https://www.coindesk.com/markets/2020/08/06/idex-raises-25m-to-rebuild-hybrid-exchange-for-algorithmic-traders/ https://www.coindesk.com/markets/2020/08/06/idex-raises-25m-...
- dQw4w9WgXcQ 5y ago
  >Cool, if I see them working how I see similar dapps working As if installing a custom browser plugin and managing a wallet thru the browser is convenient for any average user. Lofty.AI is far better than the current crap-dapps workflow. Add the token to your Algo wallet, buy them on Lofty with CC or bank account. Done. >Are they? I see devs that try and fail to build there I literally just provided two HN startups that are using it now, including one that pivoted to use it. There's also $50M+ in assets on Yieldly and there is still no simpler crypto wallet to use than the Algorand branded wallet.
  - Tenoke 5y ago
    By see them working I mean have a working dapp on the mainnet I can use. Not a few static pages and a waitlist.
    - dQw4w9WgXcQ 5y ago
      It is on MainNet, I already own property tokens that are paying me rental cash daily. https://www.lofty.ai/account/register https://www.lofty.ai/account/register
      - Tenoke 5y ago
        Ok cool. That is something. I'm not going to give them my ID to try it out but looking at it it seems like they just use basic tokens and then pay to holders, rather than any complex smart contracts. Maybe something like yieldly but with property? At any rate, fair enough that looks like a real business on it which people are at least using, even if I doubt they're leveraging much smart contracts or that there's anything about Algo that helps here.

Tenoke 5y ago

>Is AlgoDex not working? According to their site[0] no, but now they do have a testnet demo. Looking at the demo it's Order Book, not AMM which further makes me think that AMMs are still impossible there while Order Book-style can always be done with some centralization. The docs are sadly one tiny page that has no technical details so I won't dig further. >What would be the purpose of rushing out tools and smart contracts that need to be verified and routinely cause irreparable damage due to security and bugs? But they did publish smart contracts. More than a year ago. They also hyped them up, and hyped up a DEX which was supposed to come last October. Some random PR articles from 2020[1,2,3]. This clearly failed quietly despite supposedly smart contracts already being functional then. >There are already two HN startups using Algorand: 1) Lofty.AI, which has been a smash hit for tokenizing real estate and making daily income and 2) Algofi, which is S21 and intended for lending. Cool, if I see them working how I see similar dapps working on so many other chains maybe I'll change my mind. >Devs are flocking to Algorand for how easy it is to use the wallet and create unique tokens on a fast and scalable network. Are they? I see devs that try and fail to build there, and less devs discussing it than other chains. I see a lot of PR. That's it. Maybe it has a future but it seems much further behind, despite claiming it was already there in respect to smart contract last year. At this point if they catch up I'll give it another look but for now their PR seems to just make claims that don't reflect reality. 0. https://about.algodex.com/ https://about.algodex.com/ 1. https://blockonomi.com/idex-complete-rebuild-ethereum-scaling-solution/ https://blockonomi.com/idex-complete-rebuild-ethereum-scalin... 2. https://coinpedia.org/press-release/algorand-crypto-hidden-gem/ https://coinpedia.org/press-release/algorand-crypto-hidden-g... 3. https://www.coindesk.com/markets/2020/08/06/idex-raises-25m-to-rebuild-hybrid-exchange-for-algorithmic-traders/ https://www.coindesk.com/markets/2020/08/06/idex-raises-25m-...

dQw4w9WgXcQ 5y ago
>Cool, if I see them working how I see similar dapps working As if installing a custom browser plugin and managing a wallet thru the browser is convenient for any average user. Lofty.AI is far better than the current crap-dapps workflow. Add the token to your Algo wallet, buy them on Lofty with CC or bank account. Done. >Are they? I see devs that try and fail to build there I literally just provided two HN startups that are using it now, including one that pivoted to use it. There's also $50M+ in assets on Yieldly and there is still no simpler crypto wallet to use than the Algorand branded wallet.
- Tenoke 5y ago
  By see them working I mean have a working dapp on the mainnet I can use. Not a few static pages and a waitlist.
  - dQw4w9WgXcQ 5y ago
    It is on MainNet, I already own property tokens that are paying me rental cash daily. https://www.lofty.ai/account/register https://www.lofty.ai/account/register
    - Tenoke 5y ago
      Ok cool. That is something. I'm not going to give them my ID to try it out but looking at it it seems like they just use basic tokens and then pay to holders, rather than any complex smart contracts. Maybe something like yieldly but with property? At any rate, fair enough that looks like a real business on it which people are at least using, even if I doubt they're leveraging much smart contracts or that there's anything about Algo that helps here.