AgriDex sold agricultural products on the Solana blockchain
Date: 2024-07-25 Author: Gabriel Deangelo Categories: BLOCKCHAIN
The AgriDex platform has successfully completed the first transaction for the sale of agricultural products using the Solana blockchain. As reported by The Block, AgriDex completed this innovative transaction in the shortest possible time and with minimal fees, which highlights the potential of blockchain technologies in the agricultural sector.
The first deal involved more than 200 bottles of olive oil and several cases of wine from the Oldenburg Vineyards winery in South Africa. The buyer of the products was an importer from London. Payment processing took just a few minutes and the fee was 0.15% of the transaction amount on each side, for a total of £5 (about $6.5).
Adrian Vanderspuy, CEO of Oldenburg Vineyards, noted the significant benefits of using blockchain:
“We conducted the first-ever transaction of this kind on a public blockchain, and now the cargo is on its way from South Africa to London. Funds arrived in our AgriDex account in seconds rather than days, and the fee was just £5. We look forward to continuing our partnership and bringing the rest of our stock to market.”
Product tokenization
Oldenburg Vineyards' products were tokenized on the AgriDex platform, allowing transactions to be completed quickly and securely. This technology opens up new opportunities for trading real assets (RWA) digitally. Previously, we talked about asset tokenization and its advantages in the agricultural sector.
AgriDex co-founder Henry Duckworth told The Block about plans to launch the platform's own token, AGRI. The token is scheduled for release in September 2024 and is expected to be listed on major crypto exchanges. Duckworth also noted that AgriDex intends to use up to half of its net profits to buy back and burn AGRI tokens, which should support their value in the market.
Financial prospects
During the pre-seed investment round in May 2024, the AgriDex project raised $5 million. The platform's revenue is expected to be approximately $1.9 million by 2025. This indicates significant growth potential and demand for the solutions offered by AgriDex in the agricultural industry.
The first successful transaction on the Solana blockchain demonstrates the possibilities and benefits of using blockchain technologies in the agricultural sector. With the launch of its own token and the further development of the platform, AgriDex is ready to make significant changes to the agricultural market, making it more transparent and efficient.
