Token Description & Project Background

Sologenic is a decentralized exchange (DEX) constructed on the XRP Ledger (XRPL), leveraging its reputation for rapid settlement and economical transaction fees. Through the Sologenic DEX, users have the ability to seamlessly exchange a variety of XRPL-based tokens including XRP, SOLO, CORE and even non-fungible tokens (NFTs). the native token of the Sologenic ecosystem, SOLO, serves multiple purposes, including staking for participation in market making, liquidity provision and covering network gas fees.

Sologenic was founded by Bob Ras and Reza Bashash, both esteemed entrepreneurs with significant presence in the blockchain and cryptocurrency communities.

Risks of SOLO

Like an investment in other crypto assets, there are some general risks to investing in SOLO. These include: (i) volatility risk and liquidity risk, (ii) short history risk, (iii) demand risk, (iv) forking risk, (v) code defects, (vi) regulatory risk, (vii) electronic trading risk, and (viii) cyber security risk. For additional information of these and other general risks associated with crypto assets and Uphold’s platform, please refer to the Risks Specific to Holding Digital Assets statement.

In addition to these general risks, an investment in SOLO is subject to the following specific risks:

• Compared to other well-established layer 1 blockchains, the XRPL ecosystem is still in its early stages of development, particularly concerning the creation and utilization of NFTs and other native XRPL tokens. the success and progress of SOLO and dependent on the ongoing expansion of the XRPL network and collective efforts of the wider community.

We emphasize that this Crypto Asset Statement is not an exhaustive description or summary of all risks associated with SOLO. Investors should conduct their own research and perform their own assessment before trading any crypto asset to determine the appropriate level of risk for their personal circumstances.

The SOLO community and the Sologenic Development Foundation are not under any legal or regulatory obligation to disclose material information to the public regarding its activities. Holders of SOLO have no recourse to the Sologenic Development Foundation or Uphold if SOLO declines in value for any reason.

Changes to applicable law may adversely affect the use, transfer, exchange, or value of any of your crypto assets, and such changes may be sudden and without notice.

Uphold’s Evaluation Process

Prior to listing SOLO on the Uphold Platform, Uphold performed due diligence on SOLO and determined that SOLO is unlikely to be a security or derivative under relevant securities legislation. Uphold’s analysis including reviewing publicly available information on the following: 

• The creation, governance, usage, and design of SOLO, including ensuring the source code being open-source, audited and peer reviewed, security, and roadmap for growth in the developer community. 
• The supply, demand, maturity, utility, and liquidity of SOLO.
• Marketing materials put forward by the SOLO social team including, Twitter, Medium blog, LinkedIn posts, Discord and Telegram channels.
• Material technical risks associated with SOLO, including any code defects, security breaches and other threats concerning SOLO and its supporting blockchain (such as the susceptibility to hacking and impact of forking), or the practices and protocols that apply to them.
• Legal and regulatory risks associated with SOLO, including any pending, potential, or prior civil, regulatory, criminal, or enforcement action relating to the issuance, distribution, or use of SOLO. 

General

Uphold has prepared this Crypto Asset Statement based on publicly available information. Although Uphold has taken steps to obtain information from apparently reliable sources, information contained in this Crypto Asset Statement may be inaccurate, incomplete or out-of-date. This overview is a starting point for you to perform your own research prior to investing in a crypto asset.

Uphold users should read the Risks Specific To Holding Digital Assets statement for additional discussion of general risks associated with crypto assets made available through the Uphold platform.  

Canadian residents, please note that Uphold has filed an application for registration in certain Canadian jurisdictions but has not yet obtained registration. Until such time as Uphold obtains registration, Uphold has agreed to abide by the terms of an undertaking available at the following link. Please also review the Uphold Canada – Crypto Risk Statement for additional discussion of general risks associated with the crypto assets made available through Uphold Platform. Please be aware that statutory rights of action for damages or rescission in section 130.1 of the Securities Act (Ontario) and, if applicable, similar statutory rights under securities legislation in the other provinces and territories of Canada do not apply in respect of this Crypto Asset Statement or other disclosures on the Uphold website and Risks Specific To Holding Digital Assets statement. 

Last updated on June 21, 2023.