Sologenic: New Components and Upgrades in Q2–2022
Over the past 12 months, the development team at Sologenic has remained fully dedicated to the improvement and implementation of new components to the ecosystem. Some of the components which have been already completed are:
- Sologenic Client SDK Libraries
- Sologenic XRPL-STREAM
- Sologenic JSON-RPC
- Sologenic Assets Tokenization Ecosystem on Testnet.
- Sologenic DEX
- SOLO DEX App on iOS and Android
- Sologenic Decentralized NFT Marketplace
The SOLO team believes in the XRP Ledger and its potential to make a massive disruption within the blockchain industry. In that sense, the SOLO team’s prime vision for the future of Sologenic, as the most significant ecosystem ever built on the XRPL, is to develop a fully decentralized ecosystem that allows both retail and institutional investors to benefit from the following new components:
- Bridge: Cross-Chain and Interoperability between XRPL and other blockchains
- SOLO Cards & Fiat Ramp: Buy and spend Cryptocurrencies directly on the SOLO DEX
- SOLO Launchpad: Allowing Start-Up Projects to raise funds directly On-Chain (IDO)
- Market Index: Most trustable price-tracking index for XRPL Tokens within the ecosystem
- NFT XLS-20D: Swap and Migration
Now let’s dive more into each new component to understand how they will contribute to the ecosystem.
Bridge: Cross-Chain and Interoperability between XRPL and other blockchains
On Jan 26th, 2022, Ripple announced a strategic partnership with the Allbridge team in order to support a cross-chain token swap between the XRP Ledger and multiple other blockchains. Allbridge is a cross-chain bridge with more than $500 million in total value locked.
The SOLO DEX, as the most popular decentralized exchange on the XRPL, has been introduced to the Allbridge team to integrate these new assets onto the SOLO DEX. The SOLO and Allbridge teams have proposed to create a bridge on the SOLO DEX to allow users to swap digital assets between XRP Ledger and other blockchains such as Ethereum, Avalanche, Solana, Terra, Polygon, Fantom, Binance Smart Chain, Celo, Aurora, Harmony, Heco, $AVAX, $SOL, $LUNA and $MATIC — as well as the $USDT, $USDC and $UST.
Both teams are currently working on the integration and have estimated the bridge to be available to the public by late April 2022. The impact of the bridge and the flow of other tokens into the XRP Ledger will be massive for both the XRP and SOLO community as users will be able to hold all their favourite assets in one wallet. Additionally, the release of SOLO cards will allow these assets to be used on daily real-world expenditures.
Fiat On and Off-Ramps & SOLO Cards
One of the major obstacles of any decentralized ecosystem is being able to have “Fiat” on and off-ramps. The SOLO team was able to tackle this issue by providing the ramps through multiple successful partnerships that allow the ecosystem to remain fully decentralized. In that sense, said partners will be in charge of KYC/Operations and Customer Support.
Fiat Ramps: One of the most anticipated features for the SOLO DEX and NFT Marketplace is the ability to purchase tokens using fiat payment methods like Mastercard, Visa, and Apple Pay, as well as other commonly used payment options. The SOLO team has partnered up with BANXA to provide fiat ramps to all users. With the fiat ramp, the entry barrier to start trading and minting on the ecosystem will be eradicated. This will go live in mid-March 2022.
SOLO Cards: Users will also be able to off-ramp crypto assets through the use of SOLO cards allowing cardholders to spend digital assets wherever traditional credit cards are accepted globally. Users will also have access to the SOLO Card App in order to view balances, top-up funds, and view exclusive rewards.
The first batch of 5,000 SOLO Cards will soon be available through a waiting list allowing the community to pre-order and receive detailed updates on the launch of this service.
SOLO Launch-pad & Token Issuance
The SOLO Launch-Pad is a new “fully decentralized” component that will be added to the SOLO DEX providing a unique opportunity for start-ups to raise funds and launch their innovative projects. Projects will be able to issue tokens and raise funds directly on the XRP Ledger following a few simple steps within the SOLO Launch-Pad.
Each project shall provide a white paper, team background, tokenomics, as well as a detailed roadmap that may incentivize investors to fund the project.
Trust Score: The SOLO team has introduced a fully decentralized voting mechanism allowing users to vote “one-time” in favour or against a project on the IDO launch-pad by signing a transaction on the XRP ledger. Each project’s Trust Score will be displayed on the project page bringing more transparency to the users within a decentralized ecosystem.
The SOLO Launch-pad will proliferate the growth of the XRP Ledger, and increase SOLO’s deflationary rate as each project participating will be required to burn a certain amount of SOLO for their token to be issued.
Market Index: Price-tracking Index for XRPL Tokens
Considering the fast-paced growth of the XRPL, 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 or CoinGecko 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 and Migration
As the XRP ledger prepares for the release of the XLS-20D methodology on the Mainnet, the SOLO Team has already developed a swap to efficiently migrate from the current XLS-14D/SOLO to the new standard of XLS-20D that will unlock many new features such as royalties for artists and creators on the XRPL.
Upon release of the XLS-20D, Sologenic will allow NFT minters to transfer their collections to the new standard.