DUBAI, United Arab Emirates, July 20, 2022 (GLOBE NEWSWIRE) — On June 10th, 2022 the Sologenic team disclosed the birth of a partnership with Beethoven X – the first next-generation AMM protocol on the Fantom Opera Network. Today, two SOLO pools are going live with FTM and USDC pairs respectively, introducing powerful DeFi capabilities for the XRPL-native token.
As a highly scalable blockchain with low transaction fees, Fantom has become the home of numerous DeFi protocols with a total value locked (TVL) of $853.98M as of June 30th, 2022. Leveraging the blockchain’s capabilities, and with the support of the AMM model technology from Balancer, Beethoven X has become one of the leading DEXs in the Fantom ecosystem.
The “Solo Fortissimo” and “Solo & Steady” pools will work virtually as a single-sided staking option for SOLO holders since the pool heavily favours the token with an 80 to 20 token balance. In spite of the lack of smart contracts and DeFi on the XRP Ledger, users will now have a cross-chain SOLO Yield Farming solution.
One Step Closer to Interoperability with All Blockchains
In efforts to interoperate with all blockchains, the Sologenic team has established a partnership with Multichain, the ultimate router for Web 3.0. Its infrastructure, developed for arbitrary cross-chain interactions, facilitates transactions from almost any blockchain without the need to route or issue from each token’s native chain.
Sologenic’s cross-chain collaborations will continue shaping the path to interoperability with other popular networks in the pipeline, such as ETH, AVAX, NEAR, ATOM, and MATIC.
The “Sologenic Development Foundation” is an independent community of developers actively working on various open-source projects and use-cases around the SOLO and CORE tokens. More information can be found on www.sologenic.org
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