More functions to be introduced to both XRPL and Sologenic DEX.
Sologenic Development Foundation, the team behind the Sologenic decentralized exchange based on Ripple’s XRP Ledger (XRPL), has announced that it will be upgrading its current DEX to enable the platform to have new and improved components.
Sologenic noted in a press release today that the move will contribute immensely to the growth of the XRPL and its decentralized exchange, by unlocking its full potential to conduct new activities in the near future.
Bridges Between XRPL & Other Networks’ Tokens
According to the announcement, Sologenic plans to add more crypto assets from other networks to the decentralized trading platform.
Per the announcement, Sologenic has connected with Allbridge, a cross-chain bridge allowing users to swap tokens between the XRP Ledger and other blockchains, in order to integrate tokens hosted on other networks to its DEX.
The integration, when complete, will enable Sologenic clients to conveniently swap between tokens on XRPL and other blockchains like Binance Smart Chain (BSC), Ethereum, Terra, and Polkadot, etc.
Solving DEX Fiats On and Off Ramps
Aside from adding assets based on other networks, Sologenic noted that it plants to tackle the issue of Fiats on and off-ramps.
The team noted that it will make provision for the ramps by embarking on multiple partnerships, which will make its ecosystem fully decentralized.
At the moment, Sologenic said it has already partnered with BANXA and the financial institution will be in-charge of Know-Your-Customer (KYC) and customer support, thus allowing the process of purchasing crypto assets directly on the DEX using credit card.
The upcoming update to Sologenix DEX will also introduce an IDO launchpad for new tokens to make their debut on the platform, giving developers the opportunity to raise funds for their innovative projects.
Real-Time Price Index for Tokens on XRPL
Furthermore, Sologenic is planning to introduce an accurate market index featuring real-time metrics and pricing of tokens on the XRP Ledger.
This will be made possible by connecting the market index directly to the SOLO decentralized exchange.
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
-Advertisement-
