Sologenic, a company that is building on the XRP Ledger, has announced that XRP holders wil be receiving 100 million $SOLO tokens in an airdrop estimated to be worth over $500 million. This article goes over their announcement and explains how to claim the free $SOLO tokens.

What Is Sologenic?

Sologenic says that its mission is “to become the most influential blockchain-based project in the world by bridging the gap between traditional financial markets and cryptocurrencies”.

The Sologenic team also says that they are building the Sologenic ecosystem on the open-source public XRP Ledger (XRPL) — which was created in 2012 by David Schwartz, Jed McCaleb, and Arthur Britto, and the native currency of which is $XRP — since it offers features, such as high speed, high security, and transparency, that they need.

What Is the $SOLO Token?

Here is how Sologenic describes $SOLO:

“Sologenic deploys SOLO coins for market-making and liquidity providing. SOLO coins are issued on the XRP Ledger allowing liquidity to be moved almost instantly.

“The ecosystem aims to eliminate entry barriers for individual and institutional crypto investors, allowing them to trade non-blockchain asset classes, such as stock, ETFs, and commodities, with one single cryptocurrency – SOLO.

“To put it simply, the coins will enable people all around the world to buy and sell stock in their favourite companies with SOLO, without the need for traditional brokerages.

“SOLO will be available for trading on Sologenic’s DEX, and other major global exchanges. There is a total supply of 400,000,000 SOLO available.“

Sologenic’s Upcoming Airdrop

On December 14, Sologenic issued a press release to announce the details of an upcoming 200 million $SOLO airdrop to holders of $SOLO and/or $XRP tokens.

The press release started by menting that on November 11, the Sologenic Development Foundation had announced “its decision to develop a new completely decentralized NFT Marketplace on the XRP ledger, in order to benefit users with extremely low transaction costs to mint, bid, and trade NFTs on the existing Sologenic DEX”.

It went on to say that “in order to engage the community to participate in the ecosystem and proposed governance utilities, an amount of 200M SOLO will be unlocked as part of an airdrop to the XRP and/or SOLO holders around the world”. At the time of writing (08:00 a.m. UTC on December 19), $SOLO is trading around $5.34 (e.g. on Bitforex), which makes this airdrop “one of the largest that has ever been distributed in the crypto space”.

The airdrop will be “sourced from the tokens that are currently locked in the SOLO Community Fund (SCF), and SOLO Expansion Fund (SEF) which were designed to build and expand the SOLO community when the ecosystem was launched in early 2020”.

The snapshot is “scheduled to be taken on December 24th, 2021 at 20:00 UTC from all the XRP and/or SOLO wallets that have created a Trustline with the Sologenic oracle”. Users can “hold their assets on the centralized exchanges that are supporting the airdrop or create a Trustline directly from their own private wallets to claim it”.

Based on information given in an article published on December 14 by a popular Croatian crypto cryptoinvestor and XRP educator (@stedas on Twitter), the $SOLO airdrop will take place at 20:00 UTC on 20 January 2022. The size of the airdrop is 200 million $SOLO tokens (100 million for $SOLO holders and 100 million for $XRP holders).

His article contains step-by-step guides (in the form of infographics) for claiming this airdrop.

Disclaimer

The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, or other advice. Investing in or trading cryptoassets comes with a risk of financial loss.

Image Credit

Featured Image by “vjkombajn” via Pixabay