SoloPrice

(SOLO)

Sologenic is a Web3 ecosystem built on the XRP Ledger (XRPL) designed to bridge traditional financial markets with blockchain technology. Its primary focus is the tokenization of Real-World Assets (RWA), such as stocks and ETFs. By leveraging the speed and efficiency of the XRPL, Sologenic allows for the creation of asset-backed tokens that can be traded decentrally, making global financial markets more accessible to a wider range of participants.

The SOLO token serves several critical functions. It is used to pay for trading fees on the decentralized exchange and is required for minting NFTs, where a specific amount of SOLO is burned per minting action. Additionally, SOLO holders can participate in ecosystem governance and provide liquidity to various pools. It acts as the native asset that facilitates seamless interaction across the ecosystem's various decentralized applications and tools.

SOLO features a deflationary model designed to reduce total supply over time. The ecosystem implements a mechanism where 100% of the transaction fees generated within the network are sent to a "black hole" address, permanently removing them from circulation. This includes fees from trading and the 3 SOLO tokens required to mint each NFT. This process ensures that as network activity increases, the circulating supply of SOLO naturally decreases.

Because SOLO is an issued currency on the XRP Ledger, the network requires a "TrustLine" to be established between the user's wallet and the Sologenic gateway. A TrustLine is a technical setting that allows a wallet to hold, send, and receive a specific token. Setting up a TrustLine requires a small reserve of XRP (typically around 2 XRP) to be locked in the wallet. This process can be managed through major XRPL-compatible decentralized wallets or supported hardware wallets.

The system allows for the minting of tokens that are backed 1:1 by real-world shares held by licensed custodians. This enables users to trade and hold digital representations of traditional stocks on the blockchain. A significant feature is the distribution of dividends; when the underlying real-world asset pays a dividend, the system is designed to distribute the proportionate amount directly to the wallet addresses of the tokenized asset holders, mirroring the benefits of traditional stock ownership.

No, Sologenic is not leaving the XRP Ledger. SOLO remains a native token on the XRPL. Coreum is a sister Layer-1 blockchain used to provide advanced smart contract functionality and yield opportunities that the XRPL does not natively support. Users can bridge their assets between the two networks to access different features, but the project maintains its core foundation on the XRP Ledger while using Coreum as a complementary ecosystem for expanded utility.