Sologenic (SOLO) is a decentralized exchange (DEX) built on the XRP ledger. As of right now (Mar 2, 22), it is confined to trading XRPL coins by adding trustlines, but its new decentralized NFT platform is exploding. Here’s my video overview:
This is due to the speed and ZERO GAS FEES allowed by the XRP Ledger. The Ethereum blokchain and DEX is losing out to these more sophisticated Proof-of-Stake projects, in my view. Many new chains allow for Ethereum DApps to be easily ported over, but all that is for another post…
The Sologenic team hopes to allow tokenized trading of almost every traditional asset in existence. Their aim is over 40,000 assets.
Think: stocks, bonds, funds, and commodities all being traded against crypto 24/7. How does that tickle your trading fancy? To reach this goal, they realized they needed their own new blockchain with built in smart contracts and better cross-chain interoperability.
This interview from the Thinking Crypto Youtube channel launched me into my SOLO and CORE obsession. He is interviewing the co-founder and tech lead of Sologenic, Reza Bashash. (fyi, he has a Twitter imposter with the last name of Beshash, so beware.)
They wanted native tokenization and smart contracts. The XRP Ledger does not have built in smart contracts, so their team started brainstorming and building a new chain just for Sologenic.
Coreum (CORE) is the name they are giving this upcoming blockchain. Here is my video overview for that piece of the puzzle.
Key Coreum Points
- A 3rd generation, 1st layer blockchain to expand the functions of the Sologenic DEX.
- Aiming to launch in August 2022.
- Building on Tendermint for: consensus and its Cosmos ecosystem with cross chain functions.
- Smart contracts will be native and run with the safe and fast WebAssembly (WASM), a cutting edge web technology allowing for many different programming languages to be run by browsers.
Throw in Some Binance Smart Chain, Why Not?!
From the Reza Bashash interview above, he told us the Sologenic DEX will also run in parallel on Binance Smart Chain. This is a new, growing, open ecosystem. SOLO coins will be locked on the XRP Ledger so that amount can be used on Binance. They had a SOLO airdrop in early 2022, fyi.
I tied the pieces of the Sologenic / XRP Ledger / Tendermint / Cosmos / Binance Smart Chain puzzle together in this even more obsessive video. I feel like I just blacked out and had verbal diarrhea on that one!
Final Thoughts about Sologenic (SOLO)
This is a fascinating DEX that is taking off even in its early stages. I see their NFT marketplace success fueling rapid growth. If they can get all the planned parts working, it will be revoluationary. All the technology is maturing quickly.
If they can get tokenized traditional assets working both on the XRP Ledger and Binance Smart Chain while at the same time having access to the Cosmos ecosystem, then I’ll just let your mind wander for Sologenic value.
Disclaimer: I am a holder of SOLO tokens, but have not been paid for this study. These are just my opinions and does not constitute financial advice. Do your own research before investing.