XRP & Solo Holder Community Benefit From 300m Airdrop
Sologenic, a cryptocurrency investment platform, has announced the launch of a new non-fungible token (NFT) marketplace on the XRP Ledger, which is intended to benefit consumers due to low transaction fees. Prior to the launch, it is giving away $250 million in tokens to XRP holders. According to a press release, the Sologenic Development Foundation wants to unleash 200,000,000 SOLO tokens and airdrop them to XRP and SOLO holders around the world to “encourage the community to participate in the ecosystem and suggested governance utilities.”
According to the release, the airdrop would be supported by tokens held in the SOLO Community Fund (SCF) and SOLO Expansion Fund (SEF), which were established to “grow and expand the SOLO community when the ecosystem was launched in early 2020.” One SOLO token is currently worth more than $1.7, meaning that around $340 million worth of tokens will be distributed to XRP and SOLO holders. The airdrop snapshot will be taken at 20:00 UTC on December 24.
To be qualified, wallets must establish a Trustline with the Sologenic oracle. Users can either create a Trustline with their XRP in their wallets or maintain it in centralised trading platforms that support the airdrop. The company’s new NFT marketplace will debut on the Sologenic DEX, a “advanced decentralised trading platform” that allows users to trade a range of cryptoassets, including upcoming tokenised assets such as stocks and ETFs, while keeping ownership of their private keys.
By burning SOLO tokens, users will be able to mint and list their own NFTs. It will be possible to use SOLO as a payment method to feature NFT collections. The platform’s tokens are destroyed.
The XRP Ledger has exceptionally cheap transaction fees. According to CryptoGlobe, a cryptocurrency whale shifted $12 billion in XRP in a transaction that cost next to nothing because to the network’s low fees.
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