What is Sologenic?
Sologenic is a fast & secure DEX but also an NFT marketplace built on the XRP ledger. It has two separate teams which are working on entirely different things. The Sologenic.org team is focused on expanding Sologenic as a decentralized ecosystem. Sologenic.com is working on an important use case of the Sologenic ecosystem: Securities Tokenization.
Sologenic has caused a massive wave in the cryptocurrency community with the previously distributed airdrop for all XRP holders. This big event made SOLO known in the space while raising its price quite a bit, peaking at around $6.07 per SOLO token.
After the airdrop has concluded, the price has not held up to the levels it has risen due to people selling for quick profits and the bearish sentiment the cryptocurrency market has experienced, which has dropped the Sologenic price down to as low as $0.13 per token. However, it has slowly gained traction and recently risen to $0.28 per token.
So, we know the Sologenic airdrop has been a massive push for the project, which put them on the radar for many people, especially XRP holders since it is built on the XRP ledger. But why is Sologenic a sleeping giant that could erupt into greatness in the future? Let's see what it has to offer to the world.
Decentralization & Securities
As mentioned previously, Sologenic has two separate teams working on different uses for the project. The decentralized ecosystem part of the development has already been established, and there are many cool things you can do with it. Sologenic has unique dapps with which you can trade your digital assets quickly & securely on the XRPL network. You can mint & trade NFTs on their cost-effective decentralized marketplace and use their bridge to swap your digital assets between the XRP ledger and other blockchains, and much more like the SOLO Card, with which you will be able to spend your crypto in the real world. Another great thing is the Sologenic DEX, where you can securely trade crypto, including SOLO, XRP, and upcoming tokenized assets such as stocks, ETFs, and commodities from anywhere in the world. The DEX facilitates swift transactions and quick settlements with trading fees as low as $0.000005, which is insanely low compared to other DEXs.
Now let's talk about the other team's work - Asset Tokenization. The Sologenic Asset Tokenization is a sophisticated ecosystem utilizing the on-demand tokenization of a wide range of assets from traditional financial markets or privately owned. This platform is being launched by Manticore Securities AS, a Public Limited Company registered in the EU, intending to obtain a MiFID ll Investment Firm license to tokenize securities such as Stocks and ETF on the XRP Ledger using Sologenic technology. Manticore Securities AS's testnet has been launched and is available on the Sologenic website today.
Sologenic has been on a great path to success, and their goals are massive for such a new project, and it seems to be relatively overlooked by the cryptocurrency community. However, this might not last long because the team isn't stopping and has huge plans in their roadmap. So let's see what's next to come:
For Q4 of 2022, Sologenic has an NFT marketplace XLS-20 migration, with many new features that will be unlocked, such as NFT royalties on the XRPL. The latest news on their website shows the migration tool has been completed, and the XLS-20 amendment approval is currently pending. For the same quarter, they have planned an IDO launchpad, native XRPL stablecoin support. Solo cards, which will be available for day-to-day purchases, and a Securities Broker-Dealer license are expected to come in Q1, 2023.
As you can see, the Sologenic project has a lot going on. It has established quite a few things over time and doesn't seem to stop anytime soon. However, the current amount of interest it gets is meager compared to what it deserves for the things the team has been doing. It tends to get overlooked cause of the current market sentiment and the temporary hype trends the market had been experiencing in 2021. Nevertheless, this project is a serious one, and it has the potential to rise to the top in the future if everything goes well. If you want to know more about Sologenic and what they are building, visit the links provided below: