Sologenic Set To Launch A New Cost-Efficient NFT Marketplace along with $500M Airdrop

The team at the Sologenic Development Foundation has revealed plans to build an NFT marketplace on the XRP ledger, which will be powered by the XRP cryptocurrency. The primary goal of the platform is to alleviate the high transaction costs and slow transaction times associated with current NFT marketplaces on the Ethereum blockchain, allowing users to mint, bid, and trade NFTs on the existing Sologenic DEX at significantly lower transaction costs than they would otherwise be able to afford. The

The SOLO team is making a lot of noise right now in the cryptocurrency market, garnering comments and endorsements from well-known publications such as Nasdaq. To read more, please visit this page.

In a statement, Reza Bashash, Tech Lead at Sologenic Development Foundation, said, “The SOLO core team senses the excitement in the crypto community as the upcoming NFT marketplace on the Sologenic DEX approaches. We believe that this new marketplace will eliminate current barriers and problems, such as extremely high transaction costs and slow networks, that prevent people from minting, bidding, or trading NFTs.”

SOLO tokens worth more than $500 million are being distributed via airdrop.
Additionally, the Sologenic Development Foundation declared its decision to release 200,000,000 SOLO by distributing them via airdrop to all existing XRP and/or SOLO holders around the world. The action will definitely attract more individuals to the ecosystem, particularly given the current price of SOLO, and the airdrop is expected to be one of the largest in the cryptocurrency sector. The tokens currently locked in the SOLO Community Fund (SCF) and SOLO Expansion Fund (SEF), which were created with the goal of growing and expanding the SOLO community, will be used as the source of the airdrop, according to the organisers.

All XRP and/or SOLO wallets that have established a Trustline with the Sologenic oracle are slated to be included in the snapshot, which will take place on December 24th, 2021. Users have the option of storing their assets on the supporting centralised exchanges or creating a Trustline directly from their private wallets in order to claim the airdrops straight from the exchange. There is more information available here.

What Makes SOLO So Special?

One of the most appealing aspects of SOLO is the tokenization of traditional assets, which allows investors to trade tokenized stocks, ETFs, and other securities, with the platform offering over 40,000 different securities to choose from. The “proof-of-solvency” mechanism included into the platform is particularly noteworthy, since it allows anyone to audit Sologenic’s reserves and certify the value of their underlying assets, something that has never been done before.

Other outstanding aspects that have drawn the attention of millions of people around the world to Sologenic include the projected debut of a cryptocurrency credit card with up to 2 percent reward cash back, as well as the massive airdrop.

Characteristics of the Sologenic DEX

Recent years have seen an increase in demand for the Sologenic Decentralized Exchange, particularly among members of the XRP and SOLO communities, owing to its low transaction fees, which allow users to trade a wide range of crypto assets and even fiat through various gateways that issue stable coins on the XRP ledger. Over 10 million page views per month are already being generated by the innovative decentralised trading platform, which also processes more than 350K transactions per week.

Users can trade (peer-to-peer) a wide range of cryptocurrencies and forthcoming tokenized assets, such as stocks and exchange-traded funds (ETFs), with the highest level of security and trust. Among the other features of the DEX are the integration of various wallets, including SOLO Wallet, Ledger Devices, D’cent, and XUMM, transaction fees starting at $0.000005, dynamic and fully customizable widgets, multi-lingual support, prompt transaction execution, professional charting tools, as well as light and dark themes for the user interface.

In addition, users will be able to mint and advertise their NFTs on the planned Sologenic NFT marketplace by burning SOLO Tokens, which will be available in the near future. Users will also be able to include non-financial tokens (NFTs), with SOLO serving as the payment method through a bidding system.

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Evangeline Christina is a Cyber Security Enthusiast, Security Blogger, Technical Editor, Certified Ethical Hacker, Author at Cyberspecial.net. Previously, he worked as a security news reporter in a reputed news agency.