The token of one of the top projects on XRP Ledger, Sologenic (SOLO), has been listed on the BitMart crypto exchange. The Cayman Islands-based exchange, with trading volume in excess of $500 million, is another centralized crypto platform along with Huobi and Gate that decided to launch trading of perhaps the most hyped token on XRPL other than XRP.
Trading of SOLO on BitMart is already open on the spot market against USDT. The token trades at $0.17, per SOLO, which has 100% of its 400 millionth offering in circulation and is valued at $67.54 million market capitalization.
What's up with Sologenic and SOLO?
Sologenic is an open-source decentralized finance platform on XRP Ledger. In addition to the classic decentralized exchanges and NFT marketplace opportunities, it is possible to create and trade tokenized assets yourself on Sologenic. In addition, SOLONEX, a tokenized brokerage solution for financial institutions, has been developed. The platform also issues its own cryptocurrency debit cards and runs a decentralized wallet.
One of the architects of XRP Ledger and current Ripple CTO, David Schwartz, has also expressed support for Sologenic. As a big NFT enthusiast, Schwartz exhibited his work on the Sologenic marketplace, saying it was "pretty amazing."
The token itself, SOLO, is actively used as a payment method on the decentralized exchange and NFT platform, and it is also used as a voting asset for managing Sologenic.