DUBAI, United Arab Emirates, April 08, 2022 (GLOBE NEWSWIRE) — The Sologenic Development Foundation has announced the addition of some new key components to the existing DEX. The new additions will play a crucial role in the growth of both; Sologenic, and XRP Ledger ecosystems by unlocking its full potential and bringing new assets from the other blockchains to the Sologenic decentralized exchange as the most popular XRPL DEX.
Cross-Chain bridge between XRPL and other blockchains
On Jan 26th, 2022, Ripple announced a strategic partnership with the Allbridge, a cross-chain bridge with more than $500 million in total value locked, in order to support token swap between the XRP Ledger and multiple other blockchains. Considering the Sologenic DEX is the most popular decentralized exchange on the XRPL, the SOLO team was connected with Allbridge to work on the integration of these new assets onto the trading DEX.
Upon integration, users will be able to swap digital assets between the XRPL and other popular blockchains such as Ethereum, Avalanche, Solana, Terra, Polygon, Fantom, Binance Smart Chain, Celo, Aurora, Harmony, and stablecoins such as USDT, USDC and TUSD. Both teams are currently working on the integration and have estimated the bridge to be available for the public by late May 2022.
Fiat On and Off-Ramps
One of the major obstacles that decentralized ecosystems face is the ability to have “Fiat” on and off-ramps. To tackle this issue, the SOLO team is providing the ramps through multiple partnerships that allow the ecosystem to remain fully decentralized.
For the on-ramping, Sologenic has partnered with BANXA to be in charge of KYC/Operations and Customer Support, allowing the purchase of tokens directly on the DEX using Mastercard, Visa, and Apple Pay, as well as other commonly used payment options eradicating the entry barrier to start trading and minting on the ecosystem.
Launch-pad & Token Issuance
Another new component that was announced by the team was an IDO Launchpad to be implemented on the SOLO DEX providing a unique opportunity for start-ups to raise funds and launch their innovative projects. In the aim of making the process seamless, projects will be able to issue tokens directly on the XRP Ledger following a few steps and providing some detailed information such as a white paper, team background, tokenomics, as well as a roadmap that may incentivize investors to fund the project.
Market Index
Considering the fast-paced growth of the XRPL and the Cross-Chain Bridge introduced by Sologenic to bring crypto assets from the other blockchains, there is a lack of data curation around projects thriving in the ecosystem. The Sologenic team aims to provide an accurate market index with real-time metrics, and pricing of all XRPL Tokens as it will be directly connected to the SOLO DEX.
This index will act as the CoinMarketCap of the XRP Ledger. Tokens will be ranked based on market cap, volume, and community trust. The SOLO Index will be the most trustable price-tracking index for all XRPL Tokens within the ecosystem.
NFT XLS-20D Swap
The Sologenic NFT Marketplace was launched in early March this year with great reception from the community bringing no Gas-fees, fast transactions and no commissions for the minting and trading of NFTs on a fully decentralised ecosystem. As Ripple prepares for the release of the XLS-20D methodology on the mainnet set to bring native support for NFTs on the Ledger, the SOLO Team has already developed a swap to efficiently migrate from the current XLS-14D/SOLO to the new standard of XLS-20D.
This new standard will unlock many new features such as the distribution of royalties without the need of smart contracts which truly benefits artists and creators.
About Sologenic
Sologenic is disrupting the asset trading industry by offering: Tokenized Securities, Crypto Assets and NFT’s in a decentralized ecosystem. The Sologenic Development Foundation is formed by independent developers who maintain, build and expand the Sologenic ecosystem.
