A partnership between Allbridge and Sologenic allows the flow of SOLO tokens into the Binance Smart Chain and unlocks limitless DeFi opportunities.
DUBAI, United Arab Emirates, April 14, 2022 (GLOBE NEWSWIRE) -- The Sologenic Development Foundation
Following a series of upgrades and new components being implemented to the Sologenic ecosystem, a cross-chain bridge has been integrated between the XRP Ledger and the Binance Smart Chain for the flow of SOLO - Sologenic’s ecosystem token through a partnership with Allbridge.
In late Jan 2022, the Sologenic and Binance teams agreed upon the issuance of SOLO tokens on the BSC networks allowing all XRP holders on the Binance exchange to receive their SOLO airdrops on the platform. The new cross-chain bridge integration will enable SOLO holders on Binance to move their assets from BSC directly to the XRP Ledger. In addition, it will unlock limitless DeFi opportunities such as Lending, Borrowing, Staking and Token Swaps for the SOLO holders.
The partnership sets the path for bridging more popular assets to the XRPL by connecting it to a large variety of EVM and non-EVM compatible chains, such as Solana, Terra, Protocol, Fantom and more. Along with the integration, Allbridge is implementing the support of the SOLO Wallet for the convenience of SOLO DEX users.
Visit Sologenic to interact with the ecosystem and use the Allbridge platform to transfer SOLO between networks.
Cross-Chain bridge between XRPL and other Blockchains
On Jan 26th, 2022, Ripple announced a strategic partnership with the Allbridge, a cross-chain bridge with more than $500 million in total value locked, in order to support token swap between the XRP Ledger and multiple other blockchains. Considering the Sologenic DEX is the most popular decentralized exchange on the XRPL, the SOLO team was connected with Allbridge to work on the integration of these new assets onto the trading DEX.
Upon integration, users will be able to swap digital assets between the XRPL and other popular blockchains such as Ethereum, Avalanche, Solana, Terra, Polygon, Fantom, Binance Smart Chain, Celo, Aurora, Harmony, and stablecoins such as USDT, USDC and TUSD. Both teams are currently working on the integration and have estimated the bridge to be available for the public on both Sologenic DEX and Allbridge platforms in Q2 2022.
About Sologenic
Sologenic is disrupting the asset trading industry by offering: Tokenized Securities, Crypto Assets and NFT’s in a decentralized ecosystem. The Sologenic Development Foundation is formed by independent developers who maintain, build and expand the Sologenic ecosystem.
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About Allbridge
Allbridge is a simple, modern, and reliable way to transfer assets between different networks. It is a bridge between both EVM and non-EVM compatible blockchains that aims to cover L2 solutions and NFT transfers in the future.
Allbridge’s mission is to make the blockchain world borderless by providing a tool to freely move assets between various blockchains.
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