MyAlgo Wallet integrates Swaps

That’s right. MyAlgo is moving towards a DeFi-focused future. Users can now carry out asset swaps within the Algorand blockchain directly from their wallets. Let’s go over some of the basics of this change.

What is a swap?

An exchange of assets to acquire one token type using another token type.

What kind of accounts can benefit from swaps?

MyAlgo accounts that use mnemonic phrases or Ledger devices can use the swaps feature. Multisignature account support is not currently available, but it is coming in Q1 2023.

How will this work?

For step-by-step instructions for swapping, please visit our guides for How to make a swap within MyAlgo wallet using a mnemonic account or How to make a swap within MyAlgo wallet using a Ledger device.

Are there other parties involved?

Yes. Our swaps integration is currently powered by Deflex, an Algorand DEX aggregator offering you the best quote route for your swap, optimizing your time, liquidity, and fees. Thanks to this collaboration, we can bring a robust and reliable interface with a short implementation timeframe.

You can learn more about swaps by reading Deflex’s documentation.

This is the first significant milestone for MyAlgo to become a powerful DeFi tool in the Algorand ecosystem. Expect more comprehensive changes coming to MyAlgo over the next few months.

You can start swapping at myalgo.com

We hope you enjoy this new feature and share your thoughts.