Can I send a token/asset create on Algorand to any exchange that is able to receive ALGO?
ASA ==> Exchange
To create an asset, you need to send a special transaction. It cannot be done on an exchange.
To use an ASA/token on an exchange, the exchange must be specifically designed to accept it.
Several Exchanges accept ALGO which mean they have the configuration for it. Since ASA survives in layer1 which virtually same as where ALGO stays, then if I create an aseet called
SEND
and send my asset to an exchange that accepts ALGO, then SEND should go through as well. Ain’t it?
There are two reasons for that:
- Like for other blockchain tokens (like ERC20 on Ethereum), the exchange does not necessarily want to have to support all the created tokens.
- The address to which you are sending the ASA needs to opt-in to receive the ASA first: https://developer.algorand.org/docs/features/asa/#receiving-an-asset. Furthermore, for each asset that you opt in, the minimum balance required increases (https://developer.algorand.org/docs/features/asa/#assets-overview). So it is not possible for an exchange address to opt-in to receive all the existing assets.
OK great. Now I get it. Thank you.
If I have a non-zero ALGO balance on my address, can I agree to accept the ASA ? Or will my consent just be a 0.1 ALGO fee transaction for my address to work with a specific ASA ?
Welcome @IgorFromSPB !
Is it a deposit address for an exchange or is it an address you own through a wallet?
In the former case, you need the exchange to support the ASA.
In the latter case, you can optin to the asset. It will cost you 0.001 Algo and then your minimum balance will increase by 0.1 Algo.
I made a video to show how it works in real world… The exchange transfer of USDt asa to the wallet, the wallet tranfer to other wallet using qr code (merchant payment), and transfer of USDt to the exchange…