Offering a suite of applications that allows users to organize around capital assets, tokens or currencies using a decentralized structure, the Aragon Network may provide an invaluable service moving forward in the realm of large-scale decentralized application introduction.
Our guide for beginners will help you learn a little more about the Aragon Network and invest in its token ANT.
What is Aragon?
Aragon is a decentralized application (dApp) that runs on the Ethereum network and allows users to create and manage their own decentralized organization. Decentralized organizations allow users to complete functions and execute commands within a network without incurring many of the budgetary needs associated with traditional network administration.
The Aragon team’s vision is to provide users with a frictionless experience developing and implementing their own decentralized organizations to cut costs and streamline contract executions.
The Aragon Network has a governance token called ANT, which trades on major cryptocurrency exchanges. ANT is an ERC-20 token, which means that holders can store their tokens using almost any wallet that’s compliant with Ethereum. Holding ANT provides users with proportional voting rights that they can eventually use to vote on future network developments.
Brief History of ANT
Developed in 2016, the ANT token entered the market in May 2017 at an initial price point of about $1.47 per token. In 2021, the price of each ANT token is about $12.11 per token, with prices peaking at a price of $13.56 on March 25, 2021.
Aragon currently has an overall market capitalization of about $480 million. It’s ranked as the 139th largest cryptocurrency project when measured by total market cap.
How to Buy Aragon
- Open an online account.
The easiest way to purchase Aragon’s token is to open an account with a broker that supports Aragon trading. Likely the best platform is Binance (or Binance.US for U.S. investors). A cryptocurrency broker is similar to a stockbroker — when you open your account, your broker will provide you with a trading platform that you can use to place buy and sell orders.
In exchange, your broker will usually take a small percentage of the crypto that you’re buying in the form of a commission. Commissions are typically deducted from the total crypto deposited into your exchange wallet after your transaction is complete.
Depending on where you live, you may have few options when it comes to opening an account with a broker that offers ANT trading. Some of the qualities you might want to look for when you compare brokers include:
Funding methods: Some brokers offering ANT trading require that you fund your account with an existing cryptocurrency (like Bitcoin or Ethereum). If you’ve never invested in crypto before, you’ll want to search for a broker that allows you to invest using fiat currency.
Type of trading platform: If you’re a beginner investor, you may want to search for a platform that offers a straightforward buying process. If you’ve traded before, you might want to search for a broker that offers more advanced charting and research tools.
Availability of other coins and tokens: If you’re only interested in investing in ANT, you can open an account with any broker that supports ANT trading. However, if you’re looking to invest in a wider range of cryptocurrencies, you’ll want to search for a broker that can offer you a 1-stop-shop for investing. To do this, look at each broker’s list of “supported tokens” before you open an account.
- Buy a wallet (optional).
If you don’t plan on actively trading your ANT, it’s a good idea to store your tokens outside of your exchange wallet.
Storing your tokens in a private wallet helps keep your investments safer by ensuring that your account won’t be targeted in the event that your brokerage is hacked. Private wallets provide you with a personal set of keys that only you can access, which helps keep your investment safer.
There are 2 major types of cryptocurrency wallets:
Hardware wallets: Hardware wallets are physical devices that store your crypto in offline storage.
Software wallets: Software wallets are computer or phone programs that store your tokens using private online storage.
ANT is an ERC-20 token, which means it runs on the Ethereum network. This also means that you’ll have plenty of options when it comes to selecting how you want to store your investment. Get started by exploring our favorite hardware and software wallet options for ANT.
- Make your purchase.
After your account has been fully opened and you’ve decided how you want to store your tokens, it’s time to place your order to buy ANT. Though the specific process that you’ll see when you buy cryptocurrency will vary depending on your broker, here are the basic steps you can expect to go through:
Step 1: Fund your account. Depending on where you’ve opened an account, you may be able to fund your account with a credit card, bank transfer or with an existing cryptocurrency wallet.
Step 2: View Aragon’s current market price. The cryptocurrency market is always open and operating, which means that prices can change on a minute-to-minute basis. Take a look at the current market price and select an entry point that fits your funding and budget.
Step 3: Place your buy order. After deciding how many ANT tokens you’re interested in purchasing, place a buy order. Your broker will then fill the order according to the specifications in your order. The type of buy order that you place will affect the price that you pay per token, and there are multiple types of buy orders that you can use.
From here, your broker will carry out the order according to your specifications. If your broker is able to fill your order, you’ll see your tokens in your exchange wallet.
Bonus: Aragon developers have recently announced the release of the upgraded ANTv2 network. This continuing development and improvement in the project’s infrastructure may attract additional investor attention to the token.
Best Online Broker
Best Crypto Wallets
Best Hardware Wallet: Trezor Model T
The Trezor Model T is a cryptocurrency hardware wallet that supports both independent blockchain projects (like Bitcoin) alongside all ERC-20 tokens. The Model T supports more than 1,000 individual crypto projects, meaning that the wallet provides you with a singular place to store all of your investments.
The wallet features both high-level security and constitution features, meaning that you’re free to take the Model T through an airport, on a plane and anywhere else you need to go. Connecting and transferring your tokens is also exceptionally easy — simply plug into your desktop computer, transfer your tokens and disconnect for simple cold storage.
Best Software Wallet: Coinbase Wallet
If you’re a new crypto investor, you may have opened your first brokerage account through Coinbase, one of the United States’ most popular brokerages. Now, Coinbase has launched a software wallet option — and its supported tokens extends far beyond the investments that you can buy and sell on the Coinbase platform.
The Coinbase Wallet supports all types of ERC-20 tokens, as well as decentralized applications and a host of independent blockchain projects. It also features an easy crypto payment system, which allows you to pay friends in cryptocurrency with usernames — not long addresses.
Trade, Sell or Convert your ANT
Once your broker closes your order, your final decision that you’ll need to mask is how you want to store your tokens and earn an eventual return on your investment. Most investors take 1 of 3 strategies to see a return on their investment:
- Trading: If you believe in the long-term potential of ANT and your goals is to accumulate more tokens, you might want to become an active trader. Active investors invest in an initial selection of ANT tokens and convert them to backed stablecoins (like Tether) when the price of ANT rises. The investor may then take profits from this trade or convert their lot back to ANT with the goal of accumulating more tokens.
- Selling: Sellers take a long-term approach to ANT investing, storing their tokens in a private wallet until the price has risen to meet a specific price target. From here, the investor might sell them for a stablecoin or directly for fiat currency depending on the broker they’re using.
- Converting: If you’re searching for a minor crypto asset that isn’t available on major exchanges, you may want to use ANT as a transitory currency on a wider exchange like Uniswap. The currencies that you can convert to will depend on the exchange you open an account on.
Current Crypto Prices
Keeping track of cryptocurrency prices can help you decide when you want to place your buy order. Get an idea of how some of the top cryptos are moving today using our chart below.
Is Aragon a Good Investment?
If you’re an investor interested in an easy way to put money into the emergency decentralized application sphere, investing in ANT can offer both returns on your initial investment as well as future governance rights on the network.
However, it’s important to remember that the currency suite of products is still in its infancy and may see a rocky road of price movements again. To ensure that your initial investment is protected, never invest more money than you can afford to lose in cryptocurrency assets.
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