Sologenic – The First Major DeFi Ecosystem on XRP Blockchain 

Sologenic, a DeFi ecosystem with infrastructure connecting traditional financial markets with blockchain-based assets, is currently launching new initiatives to support its already vast tokenized asset ecosystem. 

The Sologenic tokenized assets are tradeable 24/7, and the Sologenic DEX is built on top of the XRP Ledger, where users can trade tokenized assets against SOLO or XRP.

The XRP Ledger settles SOLO transactions instantly without the energy costs associated with proof of work (or mining).

The current Sologenic DEX allows SOLO token holders to access securities from more than 30 global stock exchanges in North America, Europe, Asia, and Oceania and trade 40,000+ stocks, ETFs and commodities.

The token architecture of SOLO is also deflationary, meaning that mechanisms can bring down the total supply of SOLO tokens. One hundred percent of the transaction fees get burned when sent to the gateway’s issuing address (Blackhole). This practice makes an equilibrium that, in the long term, makes it impossible for the SOLO tokens to deplete due to higher valuation of tokens and lower supply. 

Sologenic’s Role In Society & Technology

Sologenic seeks to cut the cost of cross border transactions through cryptocurrency and allow anyone from a country like the UK to invest in companies listed in China or Japan Stock exchanges. It’s often required for an investor to set up separate bank accounts and brokerage accounts to gain exposure directly to companies listed internationally. The current system prevents the underbanked, for example, from accessing many market opportunities. 

Trading assets will happen in real-time, offering fast, secure and transparent transactions. Building the Sologenic ecosystem on the XRP Ledger allows Sologenic to focus on functionalities rather than underlying technology. The XRP Ledger offers a significant advantage in its speed. For example, a bitcoin transaction could take 10 minutes or even hours, but XRP Ledger sends transactions in 4–5 seconds. Therefore, Sologenic users will be able to tokenize assets and trade almost instantly. 

Sologenic also generates stablecoins backed 1:1 with real-world assets to provide increased transparency and accessibility to users who wish to self-custody investments that provide exposure to real-world assets. Each stablecoin represents the ownership of real-world assets. Once tokenized, the asset issued on the blockchain is denominated with the suffix Ƨ, for example, a tokenized asset of TSLA is represented as TSLAƨ.

Sologenic’s Developer Platform

The Sologenic team integrates with the XRP Ledger with its open-source API. The company also has Open Source Developers programs to help create exciting new projects and SDK’s toolkit for seamless integration of applications and XRP Ledger and bounty programs. 

The Sologenic API allows developers and exchanges to easily integrate with the XRP Ledger to sign transactions and send & receive tokenized assets and SOLO coins. The API is open source and is extendable to meet the developer’s needs.This JSON-RPC server provides a set of API methods to be used by exchanges for fast & easy SOLO and tokenized asset integration.

Sologenic hosts two networks, the mainnet, and Testnet, for developers who would like to use the public API. The mainnet is used to interact with the mainnet XRP Ledger and is encouraged only to use production environments. Testnet is used to interact with the testnet XRP Ledger, and it is a recommendation to consider this for development and testing projects.

Sologenic SDKs are essential for seamless integration of back-end and front-end applications to interact with the XRP Ledger. This library provides reliable transaction handling following the guide provided by XRPL.org. 

Sologenic’s Banking Related Services

SOLO holders can voluntarily participate in the SOLO Savings Program (SSP) to aid with treasury management. The SSP is a community airdrop program exclusive to the SOLO community. Rewards are distributed to loyal SOLO holders who stake and lock their SOLO holdings for some time and can range from 6% to 20% APR and are distributed daily in partnership with CoinField Exchange.

With Sologenic’s SOLO Cards, anybody can spend their digital assets globally, online, or in stores, to pay for everyday purchases and services. Available in 193 countries, there are four tiers of cards available in three different materials – plastic, metal, and carbon fiber. Each level comes with varying benefits. Users will qualify for each tier, depending on how many SOLOs they hold. SOLO holders can upgrade to the next level when they reach the next threshold.

SOLO Cardholders can spend their tokenized assets with a swipe or a tap in real-time without having to go through a brokerage to liquidate the tokenized assets. SOLO Card benefits include up to 2% monthly cashback paid in SOLO every month, airport lounge access, access to the Liquidity Provider Reward Program, Spotify, Netflix, Playstation Plus, and Amazon Prime rebates  up to 100% and SOLO Store credit.

Where to Buy SOLO 

Users can buy Sologenic (SOLO) on eleven global digital currency exchanges with trading pairs, including USDT, USD, EUR, GBP, and XRP. This ecosystem facilitates investing and trading between crypto and non-blockchain assets such as stocks, ETFs, and commodities from the top 30+ global stock exchanges. 

Anyone can access both traditional financial markets and crypto markets by completing the KYC & AML onboarding procedure on CoinField and then converting their existing accounts and connecting their CoinField wallets to begin trading on the Sologenic platform in one simple click. 

For more information, visit the Sologenic website: Sologenic.com

Angela Scott-Briggs: Editor TechBullion.com | Interested in Innovations in Business, Finance, and Technology .
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