What is Sologenic (SOLO)?
SOLO is the native token of Sologenic, which is a derivatives protocol that aims to close the gap between crypto and traditional markets. Sologenic is built on the XRP blockchain, which provides the protocol with fast and efficient transactions, security, censorship resistance, and transparency.
For more detailed information about the token, check out the Sologenic price chart above.
Sologenic was developed to give users the ability to tokenize non-blockchain assets such as securities, commodities, stocks, and so on. Each tokenized asset on Sologenic is created in the form of a stablecoin. The stablecoins are backed by non-blockchain assets at a 1:1 rate. The tokenized assets get the suffix Ƨ at the end of their ticker symbols.
Tokenization is a process when real-world assets are converted into digital ones. It is often utilized in decentralized derivatives markets. Assets called "derivatives" get their value from other assets. When it is inconvenient to buy the actual real-world asset (e.g., a gold bar), investing in derivatives is a good option to avoid all the inconveniences associated with that asset.
Moving on, four main products of the Sologenic ecosystem are:
- Sologenic DEX
- SOLO Wallet
- SOLO Cards
- SOLONEX
Sologenic DEX allows users to trade their tokenized assets along with SOLO and XRP tokens. Since the DEX is built on the XRP Ledger, it provides traders with reasonable fees and fast transaction speeds. Additionally, traders' options go beyond token swaps. They can make use of such trading tools as limit orders, market orders, stop losses, and many others. Besides, the users of Sologenic DEX maintain full control over their assets thanks to self-custody, which allows the exchange to access funds through a user-owned wallet.
In terms of the SOLO Wallet, just like most crypto wallets, it allows users to store and manage their digital assets. Just note that SOLO Wallet is a mobile wallet, which is available on both – iOS and Android devices. Apart from storing digital assets, it also allows users to deposit or withdraw them. Besides, users can track their transactions and live markets through the wallet.
Talking about tokenized asset spending, Sologenic also offers the SOLO Card. This essentially is a physical card that allows users to spend their assets in shops, restaurants, and so on. It also allows them to convert their assets inside their cards.
Moving on to SOLONEX, it’s a tokenization brokerage solution. It’s developed solely for institutional investors and financial institutions. It provides investors with fractional trading, liquidity control, fundraising options, asset tokenization, and so on. In essence, it gives investors access to decentralized markets while maintaining the same efficiency and security as traditional finance has.
Don't forget that you can track the trends of the SOLO price on the graph above.
The Founder of Sologenic
The Sologenic crypto project was launched in April 2018 by the CoinField exchange. Bob Ras is the founder of Sologenic. Ras has a degree in marketing. Before founding Sologenic, he was the CEO and later the senior global expansion advisor at Hardex Manufacturing, as well as the CEO of CoinField. Besides, he also co-founded Coreum.
The Purpose of SOLO Tokens
SOLO tokens are stored on the XRP blockchain. They are mainly used as a payment method when purchasing and selling commodities, stocks, and other non-blockchain assets.
However, with the help of the SOLO Card, the tokens can be used for shopping, utility bill payment, and other things that can be purchased or paid with traditional cards.
Besides that, the holders of SOLO tokens can take part in the Liquidity Provider Reward Program (LPRP), which offers various limited-time programs with a daily reward payout mechanism.
Lastly, SOLO tokens provide Sologenic DEX users with discounts on transaction fees.
The Supply of SOLO Tokens
The max supply of Sologenic coins is 400 million. The coins are issued on the XRP Ledger. To reduce the overall amount of SOLO tokens, Sologenic uses a deflationary mechanism. It burns all of the transaction fees by transferring them to the issuing address of the gateway.
If you intend to purchase Sologenic tokens, be aware that the SOLO price is subject to fluctuation. This occurs as a result of the volatility of the entire crypto market having an impact on the pricing of almost all crypto assets.
There are various tools that help to track these changes. For example, you can check out the graph above to see the SOLO price history and other important details.
