Huobi announced the inclusion of Sologenic’s SOLO token on its quotation list. Previously, the token was listed on centralized platforms such as MEXC or Gate. Still, the listing on Huobi allowed speaking about the first case of XRPL ecosystem project circulation on the first-tier exchange.
The SOLO token has several uses, including voting power, fee for minting and listing Sologenic NFTs, DEX utility token, staking reward, and liquidity. The token is quoted at $0.20 at press time, with an absolute maximum price of $6. There were originally 400 million SOLOs available in circulation, but due to it being burned in transactions on Sologenic DEX, the current circulating supply of the token is 399.498 million.
The choice of Sologenic (SOLO) to list on such a large platform does not seem strange. The project is an absolute independent unit built within XRPL, which takes from its foundation and gives in many ways. So, the decentralized trading solution from Sologenic is one of the most popular ways to enter the XRPL ecosystem.
In addition, the platform is almost the only one of its kind providing asset tokenization services. Its product Solonex, designed for financial institutions and institutions, is similar to its distant relative, Ripple. Among other things, the Sologenic team is developing several projects useful to the XRPL community. For example, Market Index was announced, which will track the prices of all XRPL-based tokens; a launchpad, already known to the crypto community as a tool for launching new projects; a cross-chain bridge between XRP Ledger and other blockchains; and a SOLO card with a native application, which will include an on-ramp exchange to fiat directly at the moment of payment.