Solana
$5 million investment paves the way for agricultural tokenization on Solana
AgriDex, a Solana (SOL) which symbolizes agricultural products, was able to complete its pre-seed funding round of $5 million. The funding round, led by Endeavor Ventures, a technology-focused venture capital fund, benefited from contributions from African Crops Limited, Oldenburg Vineyards, as well as Hank Oberoi – a renowned Goldman Sachs and former Citadel executive. These investments actually increased the market value of AgriDex to approximately nineteen million dollars.
The funding round, which began in September 2022 and ended in February 2023, consisted primarily of an equity fundraising round. As part of this investment, Bill Cunningham, co-founder and CEO of Endeavor Ventures, was invited to join the AgriDex board of directors, which is a sign of strong partnerships in the future. Herry Duckworth, co-founder and CEO of AgriDex, highlighted the importance of strategic partnerships and capital injections, which led to this crucial financial milestone.
Solana Powers AgriDex’s Agricultural Tokenization
The decentralized finance protocol AgriDex uses the Solana blockchain to tokenize agricultural products, making them available for trade as digital assets. Each transaction on the platform creates a non-fungible token (NFT) which has all product details, payment details, pricing, etc. permanently engraved on it. This new outlook aims to reduce expenses and boost profits for all stakeholders, including investors, farmers and government agencies.
The performance of Blockchain Solana, known for its speed, high capacity and low fees, is the key factor in the feasibility of this platform. Duckworth showed that AgriDex has the opportunity to revolutionize harvesting, which will reduce billions of dollars per year for stakeholders. The first products targeted by the platform are sugar, cereals and cocoa. Further investments and collaborations will follow to add more products to the platform.
AgriDex will launch AGRI token this year
AgriDex is expected to launch its dedicated token, AGRI, in the third quarter of the current year. This token will form the basis of the entire ecosystem, where it will be used to incentivize and reward users for their trading volume, platform activity, and community participation. Additionally, the platform has a token airdrop program in the coming months, where it will allocate 5% of the total token supply to its community.
Additionally, in addition to community benefits, AgriDex has a strategic plan to maintain its symbolic value in the long term. Thanks to this procedure, which will be carried out on the cumulative quarterly profits, the company will buy back 50% of the tokens and burn them, a procedure which will be valid on a daily basis. This approach not only maintains the symbolic value, but is also part of the company’s long-term financial strategy.
The real-world asset (RWA) tokenization industry. A recent CoinGecko report highlighted RWAIt is the second most profitable category in the cryptocurrency market for the first quarter of 2024, returning a staggering 285.6%.
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