Sologenic - FAQ (2024)

IMPORTANT: Sologenic is currently running on SIMULATOR mode and therefore all transactions must take place on the TESTNET XRP Ledger.

Trust Lines

What’s a Trustline?

A “Trustline” is a relationship between the tokenized asset holder (you) and the issuer of the tokenized asset (Sologenic). It’s essential for users to establish this relationship in order to be able to withdraw their tokenized assets and trade on the XRP Ledger Decentralized Exchange.
In a nutshell, Trustlines are simply a two-way link between the Blockchain user and Sologenic.

Why are Trustlines required?

Trustlines enable Sologenic users to conduct transactions in the XRP Ledger where they can trade fractions of their assets 24/7 with other Blockchain users. By having a Trustline, users become eligible to receive possible dividends for their assets on the Blockchain.

How to set a Trustline?

To establish a Trustline you are required to hold a minimum of 5 XRP as a reserve for each Trustline in your external XRP wallet. Once your account meets this minimum reserve requirement, simply use one of the tools or guides suggested in the instructions to establish the Trustline to Sologenic from your external wallet.

How to remove a Trustline?

You can remove any Trustline by simply transferring your assets to Sologenic (or another wallet) and proceed to removing the Trustline using the guide provided. Once a Trustline is removed, your 5 XRP reserve becomes available to you.

How many Trustlines can be established?

You can establish as many Trustlines as you want with Sologenic. Remember, that for each Trustline you need to add 5 XRP to your wallet to be used as a reserve.

Pool Orders

What is the pool order?

It’s a new trading feature on Sologenic. Pool Order will allow you to invest in stocks regardless of what the share price is. This means that no share is too expensive and makes it easier for you to diversify your portfolio. An excellent example of this is when you split a bill with your friends at a restaurant. Each of you pulls your money together to pay for the bill, the only difference here is that you receive a fraction of a tokenized stock depending on how much you have contributed to the pool share.

How to buy fractional shares?

To buy fractional shares, navigate to the Trade section of the Sologenic asset tokenization simulator dashboard, select "Pool Order," choose which fiat currency or crypto you want to use to purchase the asset, and enter the amount you want to buy. Click continue to confirm the trade.
Alternatively you can buy fraction of shares using the DEX.

How to sell fractional shares?

To sell fractional shares, navigate to the Trade section of the Sologenic Tokenization asset simulator dashboard, select “Pool Order”, choose which fiat currency or crypto you want to use to sell the asset, and enter the amount. Click continue to confirm the trade.
Alternatively you can sell fraction of shares using the DEX.

How to cancel a pool order?

To cancel a pool order, click on the “Orders” section on the Sologenic Tokenization asset simulator dashboard and press on X in the platform's right area.

Tokenization

What is tokenization?

Tokenization is the process of converting physical (and non-physical) assets into digital tokens on a blockchain. The concept has grown relatively popular in the blockchain and DeFi space and is beginning to inch its way into traditional industries as well. Real estate, artwork, stocks – just a shortlist of the assets that companies are beginning to tokenize.

What benefits tokenization has?

Tokenization reveals the potential for a more transparent, efficient and fair transactions

Greater Liquidity
Faster and cheaper transactions
Globalized access
Transparency
Accessibility

How assets are tokenized?

The tokenization of assets refers to the process of issuing a blockchain token (specifically, a security token) that digitally represents a real tradable asset—in many ways similar to the traditional process of securitization, with a modern twist. These security tokens can then be held on the Sologenic platform, user’s private crypto wallet or traded on DEX- decentralized exchange.

How to track and see the tokenized assets in real-time?

All tokenized assets held on the Sologenic platform are available for review under the Portfolio section of the Sologenic platform. In order to see actual tokens on the XRP ledger, navigate to the History section and switch Tokenizations tab. All tokenizations are available on that page, by clicking on “View TX'' button a user can see the proof of his asset tokenization on the XRP Ledger explorer.

Deposits and Withdrawals

How to deposit tokenized assets?

To deposit tokenized assets, click on the “Portfolio” section -> Sologenic Assets -> Scroll down to “Your Tokenized Assets” section and press “Deposit Asset”. Note that a Trustline needs to be established prior to making deposits of tokenized assets.

How to deposit and withdraw Fiat?

The “Portfolio” section allows you to easily deposit and withdraw your fiat currencies using various payment methods such as wire transfers, e-transfers, faster payments, SEPA.

What wallets are supported at Sologenic?

Sologenic only has fiat currencies wallets and tokenized asset wallets. However, any user with a CoinField account can use crypto funds that are held on CoinField crypto wallets.

How can I withdraw or transfer tokenized assets?

To withdraw, click on the “Portfolio” section, scroll down to the tokenized assets section and click withdraw under the asset for withdrawal. Enter the amount you want to withdraw, then enter your wallet address and press Continue. Note that a Trustline needs to be established prior to making withdrawals of tokenized assets.

DEX

What is DEX?

DEX is a fully-functional decentralized exchange built on top of XRP Ledger’s where users can trade issued tokenized assets for SOLO or XRP. Sologenic is building a simple, intuitive, and powerful UI with the same development standards as used within CoinField Centralized Exchange.

How can I trade on DEX?

Once you have a tokenized asset in your Sologenic account, you can withdraw these funds to your personal wallet and trade them on the decentralized exchange. To do so, you must first create a Trust-line by going to the DEX section.

Who controls the DEX?

XRP Ledger's DEX is a decentralized exchange that exists on the Blockchain. Users have full control over their trades and keys.

Trade

What assets can I trade?

Our target is to provide our users with access to stocks and ETFs from over 30 different global stock exchanges. We are starting with global exchanges such as New York Stock Exchange (NYSE) and National Association of Securities Dealers Automated Quotations (NASDAQ) and most popular stocks. More stocks and exchanges are coming soon.

How can I search for an asset?

You can search for assets by clicking on the Trade Section. To help narrow down your search results, you can search individual assets, filter by specific stock exchanges, by geographical region or only search for exchanges that are currently open. Move search filters are coming soon.

What exchanges are available?

Currently, simulator mode allows you to monitor, research, trade stocks from Nasdaq and New York Stock Exchange. We will be adding more exchanges and assets as we develop the platform.

What are the order types Sologenic supports?

First version of the Simulator has Pool order, market order and limit order. More order types are coming soon.

How can I cancel my order(s)?

If you decide you’d like to cancel an order, you can do this in the Orders section. Any orders that are still open will be shown there. To cancel any of these orders, press the X button.

Can I trade using my crypto assets?

Yes, you can trade using your crypto assets that are held on CoinField. Please note that your crypto will be automatically converted to the base currency of the exchange that you are using. This means that if you decide to cancel your trade, you will receive base fiat currency instead of your original crypto.

When I can expect a refund after cancelling my order(s)? OR. Why am I getting fiat after cancelling an order whereas I paid in crypto?

You will receive a refund as soon as you cancel your order, however, if you used crypto for your trade, your funds were automatically converted to the exchange's base currency with a market order. Thus you will receive fiat. If you would like to convert it back to crypto, it is possible to transfer fiat to CoinFiled and convert to any supported crypto.

Portfolio

How to view my portfolio?

On your dashboard, click on the Portfolio section, where you can see both your Sologenic Assets and your CoinField asset.

Why are my Crypto assets on CoinField?

Your cryptocurrency funds are always held in your CoinField wallets, so there will be no need to transfer your cryptocurrencies between the platforms. When you select a cryptocurrency to trade an asset, such as SOLO, your SOLO will be automatically converted, with a market order using CoinField’s trading pair, to the base currency of the Stock Exchange you are using.