Ripple (XRP) holders will receive tokens from the Sologenic ($SOLO) project in early 2022 in an airdrop with a total value approaching $1 billion.
An Airdrop of Solo, the token of the project, combining traditionnel and new finance
On December 14, 2021, the Sologenic Development Foundation announced in a press release an airdrop of 200 million SOLO tokens to SOLO or XRP holders – 100 million tokens for SOLO and XRP owners respectively.
Sologenic explains that it wants to bridge the “gap between traditional financial markets and cryptocurrencies.” To that end, the project has created a platform that uses the XRP Ledger, and allows investors to trade traditional assets like stocks on it.
The SOLO token is issued on the XRP Ledger and is used for market making and liquidity provision. In particular, it allows investors to buy and sell shares, for example, without the need for intermediaries like traditional brokers. SOLO’s total offering is 400 million tokens. SOLO tokens can be traded on DEX Sologenic or other major exchanges.
SNAPSHOT, TRUST LINE : Important Dates and all the details of the $SOLO Token Airdrop
SOLO is trading at $3.80 at the time of this writing. This puts the airdrop at $760 million (and was even over $1 billion a few hours ago, before a stall in the asset)).
This airdrop aims to “encourage the community to participate in the ecosystem and the governance services offered”. The tokens distributed are from the SOLO Community Fund and the SOLO Expansion Fund. These funds were designed to “build and expand the SOLO community when the ecosystem launched in early 2020.”
A snapshot of the XRP and SOLO portfolios that have created a Trust Line with the Sologenic oracle, will take place on December 24, 2021 at 20:00 UTC. This snapshot will identify accounts eligible for airdrop. The Trust Line is a feature that allows to add a token account under the XRP mainnet account. To better understand the Trust Line, an analogous but technically different functionality would allow the addition of an ERC-20 token account under the Ethereum mainnet (ETH).
The airdrop will take place on January 20, 2022, according to a December 14, 2021 post by the Croatian investor known as @stedas on Twitter. SOLO or XRP holders who want to claim their tokens in this airdrop, can “hold their assets on centralized exchanges that support airdrop or create a Trustline directly from their own private wallets.”
XRP holders are in for a treat. They will benefit from the airdrop of SOLO tokens in early 2022, while they had already benefited from the airdrop of Songbird (SGB) tokens in 2021.