No items found.

Sologenic

price
change

Discover Sologenic's fundamentals and latest news.

This content was generated by Whalee (BETA), an AI crypto assitant that analyses cryptocurrencies. Informations can be incomplete and/or erroneous. Please always double check and DYOR.

What is Sologenic?

Sologenic (SOLO) is a decentralized exchange (DEX) built on the XRP Ledger (XRPL), enabling users to seamlessly exchange various XRPL-based tokens, including XRP, SOLO, CORE, and non-fungible tokens (NFTs). The native token, SOLO, serves multiple purposes, such as staking for market making, liquidity provision, and covering network gas fees. Founded by Bob Ras and Reza Bashash, Sologenic aims to bridge the gap between traditional financial markets and cryptocurrencies, offering a comprehensive ecosystem of tokenized assets, a decentralized exchange, and a non-custodial crypto wallet application.

How is Sologenic used?

Sologenic (SOLO) is a utility token primarily used for buying and selling tokenized assets such as stocks, ETFs, and commodities within the Sologenic ecosystem. It is deployed on the XRP Ledger and facilitates liquidity and market-making purposes. The token is essential for removing entry barriers, allowing institutional and retail investors to trade non-blockchain assets seamlessly. SOLO is used for various functions, including:

  • Tokenized Asset Trading: SOLO enables users to access and trade over 40,000 assets from more than 30 global exchanges, including stocks, ETFs, and commodities.
  • Liquidity Provision: The token is used to provide liquidity, ensuring that trades can be executed efficiently.
  • Market-Making: SOLO facilitates market-making activities, helping to maintain a stable and active market.
  • SOLO Cards: Users can receive a free SOLO card if they hold a certain amount of SOLO in their wallets, allowing them to spend their cryptocurrencies and tokenized assets anywhere standard credit cards are accepted.
  • Sologenic DEX: SOLO is used on the decentralized exchange (DEX) built on the XRP Ledger, where users can trade and hold SOLO, stocks, ETFs, and commodities.
  • SOLONEX: The token is part of the tokenization brokerage solution designed for financial institutions, enabling them to access decentralized markets with advanced trading features.

Overall, SOLO plays a central role in the Sologenic ecosystem, bridging traditional financial markets and cryptocurrencies.

How do I store Sologenic?

To store Sologenic (SOLO) tokens, you can use either the XUMM wallet or the Sologenic wallet. Here are the steps to set up each wallet:

XUMM Wallet
  1. Download and Install XUMM:

    • Download the XUMM app on your smartphone.
    • Create a new account by following the in-app prompts.
    • Activate your account by sending 10 XRP to it.
  2. Create a Trust Line:

    • On the XUMM home page, press "Add account" and then "Create a new account."
    • Follow the steps to create the account.
    • To create a trust line, press the "Add" button near "Other tokens," choose the token you need, and sign the transaction. This will lock 2 XRP and create the trust line.
Sologenic Wallet
  1. Download and Install Sologenic:

    • Download the Sologenic app on your smartphone.
    • Create a new wallet by following the in-app prompts.
    • Activate your wallet by sending 12 XRP to it.
  2. Create a Trust Line:

    • On the Sologenic assets page, press "Add wallet" and then "Create new wallet."
    • Follow the steps to create the wallet.
    • To create a trust line, go to the assets page, press "Add asset," choose the asset you need, and sign the transaction. This will lock 2 XRP and create the trust line.

Both wallets are compatible with the Sologenic DEX, allowing you to trade and manage your SOLO tokens effectively.

How to buy Sologenic?

To buy Sologenic (SOLO) tokens, follow these steps:

Buying on MEXC
  1. Open an Account: Create an account on MEXC and complete the KYC (Verify Identification) process.
  2. Choose a Payment Method: Select a payment method, such as credit card, debit card, or wire transfer.
  3. Deposit Funds: Deposit funds into your MEXC account.
  4. Buy SOLO: Use your deposited funds to buy SOLO tokens on the spot market. You can also consider buying a stablecoin like USDT first and then use it to purchase SOLO.
Buying on Other Exchanges
  1. Choose an Exchange: Select a reliable exchange that supports SOLO trading, such as Uphold, Gate.io, or HTX Global.
  2. Create an Account: Register and verify your account on the chosen exchange.
  3. Deposit Funds: Deposit funds using a supported method, such as credit card, debit card, or wire transfer.
  4. Buy SOLO: Use your deposited funds to buy SOLO tokens on the exchange.
Buying on Decentralized Exchanges (DEX)
  1. Choose a DEX: Select a DEX that supports SOLO trading.
  2. Download a Wallet: Download and set up a Web3 crypto wallet, such as Metamask or Trust Wallet.
  3. Transfer Funds: Transfer the corresponding mainnet cryptocurrency (e.g., ETH or BNB) to your wallet.
  4. Connect to DEX: Connect your wallet to the DEX.
  5. Swap for SOLO: Swap your cryptocurrency for SOLO tokens on the DEX.
Additional Tips
  • Ensure you understand the risks involved in trading cryptocurrencies.
  • Be cautious of scams and fake tokens on DEXs.
  • Consult local tax authorities for tax implications.
  • Verify the availability of exchanges and methods in your region.
Discover
Sologenic
We give you the tools to invest your time and money in 1000+ tokens.
Subscribe

History of Sologenic

Sologenic (SOLO) is a cryptocurrency that has been active in the market for several years. Its history is marked by significant price fluctuations and notable events.

Sologenic's all-time high was recorded on December 2, 2021, when its price reached $6.63. This peak was followed by a significant decline, with the price dropping to $0.05448 on October 28, 2021, which is its all-time low. Since then, the price has stabilized, currently trading around $0.11.

The project focuses on disrupting the asset trading industry by tokenizing securities, crypto assets, and NFTs. There are two separate teams working on the Sologenic ecosystem: the SOLO Core team, which focuses on expanding the decentralized ecosystem, and the team behind sologenic.com, which is working on the launch of securities tokenization.

Sologenic has a circulating supply of approximately 399.95 million tokens and a maximum supply of 400 million tokens. Its market capitalization is around $43.34 million, ranking it 625th among all known cryptocurrency assets.

The cryptocurrency is listed on several exchanges, including Kraken and Uphold, where users can buy and sell SOLO tokens.

Discover
Sologenic
We give you the tools to invest your time and money in 1000+ tokens.
Subscribe

How Sologenic works

Sologenic (SOLO) is a cryptocurrency that operates on the XRP Ledger, a blockchain network known for its scalability and fast transaction times. The core purpose of Sologenic is to bridge the gap between traditional financial markets and cryptocurrencies by tokenizing non-blockchain assets. This allows users to trade and hold tokenized stocks, ETFs, and commodities alongside cryptocurrencies.

Tokenization and Trading

Sologenic's tokenization process involves converting real-world assets into digital tokens that can be securely circulated on the blockchain. This enables users to trade these assets on the Sologenic DEX (decentralized exchange), which is built on the XRP Ledger. The DEX supports advanced trading features such as market orders, limit orders, and stop losses, making it comparable to centralized exchanges. Fees on the DEX are extremely low, at $0.000005 per trade, and it can process up to 1500 trades per second.

SOLO Wallet and DEX

The SOLO Wallet is a non-custodial crypto wallet application available on both iOS and Android. It allows users to store cryptocurrencies and tokenized assets, track live markets, and manage transactions. The wallet also hosts the Sologenic DEX, which can be accessed directly from the wallet. This integration provides users with a seamless trading experience.

SOLONEX and Institutional Access

SOLONEX is a tokenization brokerage solution designed specifically for financial institutions and institutional-level investors. It offers advanced features such as fractional trading, 24/7 trading, and custodial services. SOLONEX is built on the XRP Ledger and is not accessible to retail investors without a scheduled demo with the Sologenic team.

Utility and Adoption

The SOLO token is the native coin of the Sologenic ecosystem and is used for liquidity-providing and market-making purposes. It is essential for removing entry barriers that prevent institutional and retail investors from trading non-blockchain assets. The token's utility is fundamental to the project's goal of mass adoption of cryptocurrency globally.

Challenges and Future

Despite its innovative concept and features, Sologenic faces the challenge of adoption. To compete with dominant derivatives platforms, it needs to attract a significant user base and provide highly competitive features to draw in investors from other networks.

Discover
Sologenic
We give you the tools to invest your time and money in 1000+ tokens.
Subscribe

Sologenic's strengths

The token Sologenic (SOLO) has several strengths that contribute to its value and functionality within the Sologenic ecosystem.

Tokenization and Trading

One of the primary strengths of SOLO is its ability to tokenize real-world assets such as stocks, ETFs, and commodities into stablecoins. This allows users to trade these assets on the Sologenic DEX, which is built on the XRP blockchain. This feature sets Sologenic apart from other DEXs that typically only trade crypto and digital assets.

Low Fees and High Throughput

The Sologenic DEX offers low gas fees, as low as $0.000005, and a high throughput of up to 1,500 transactions per second, with transaction finality in about 3 seconds. This makes it an attractive platform for users who need to execute trades quickly and efficiently.

Staking and Rewards

SOLO holders can participate in the Liquidity Provider Reward Program (LPRP), which allows them to earn rewards of up to 20% annually by staking their SOLO coins. This incentivizes users to hold and support the platform, contributing to its liquidity and overall health.

Security and Compliance

Sologenic has a strong focus on security and compliance. The platform requires users to pass "Know Your Customer" (KYC) and "Anti-Money Laundering" (AML) procedures to prevent fraud and ensure that transactions are processed securely and in compliance with external market rules.

Airdrops and Community Engagement

Sologenic has organized airdrops in the past, which have been well-received by the community. These airdrops have helped to distribute SOLO tokens to a wider user base and have contributed to the platform's growth and adoption.

Overall, the strengths of the Sologenic token lie in its ability to tokenize and trade real-world assets, its low fees and high throughput, its staking and reward mechanisms, its focus on security and compliance, and its community engagement through airdrops.

Sologenic's risks

Sologenic (SOLO) is a cryptocurrency project that aims to bridge the gap between traditional financial markets and the world of cryptocurrency. Despite its innovative concept and benefits, SOLO carries significant financial risks.

High Risk Assessment

InvestorsObserver analysis gives Sologenic a high risk assessment, indicating that the token is highly susceptible to price manipulation. This is based on the amount of money required to shift its price over a 24-hour period, as well as recent changes in volume and market capitalization.

Price Volatility

The recent price movement of SOLO has been marked by significant volatility, which further contributes to its high-risk profile. This volatility is a result of the token's sensitivity to market changes and the potential for large price swings in a short period.

Market Fluctuations

As with any cryptocurrency, Sologenic is exposed to market fluctuations, which can lead to significant losses for investors. The project's reliance on the XRP Ledger and its connection to global financial markets also makes it vulnerable to broader economic trends and potential downturns.

Regulatory Risks

As a cryptocurrency project, Sologenic is subject to regulatory risks. Changes in laws and regulations governing cryptocurrencies can significantly impact the project's operations and the value of the SOLO token.

Investment Risks

Investing in Sologenic carries inherent risks, including the potential for significant losses. Investors should carefully consider these risks and their own financial situation before deciding to invest in SOLO.

Discover
Sologenic
We give you the tools to invest your time and money in 1000+ tokens.
Subscribe

Did Sologenic raise funds?

Discover
Sologenic
We give you the tools to invest your time and money in 1000+ tokens.
Subscribe

Sologenic's ecosystem

No items found.
No items found.
Discover
Sologenic
We give you the tools to invest your time and money in 1000+ tokens.
Subscribe

Sologenic’s team

  • Bob Ras: Co-Founder of Sologenic, a sophisticated ecosystem built on top of the XRP Ledger, facilitating investing and trading between crypto and non-blockchain assets.

Whalee AI

The fundamental analysis assistant for crypto value investors.

Sologenic NEWS REPORT

Latest news

Want an analysis of Sologenic? Tell us on discord.

Similar tokens

Looks like we're missing similar tokens!
Help us improve!
Tell us what you think of this page and which features you would like to see next.
OPEN FORM