AgriDex completes first agricultural RWA trade on Solana

The agricultural real-world asset (RWA) marketplace executed its first trade on the blockchain network Solana.

AgriDex helped over 200 bottles of olive oil and numerous cases of wine travel to London from their sources in South Africa. The platform settled the transaction and took 0.15% in fees on each side of the trade, according to a release shared with The Block. 

"We settled the first-ever trade on a public blockchain, and it is now on its way from South Africa to London. The funds came into our AgriDex account in seconds rather than days and the fees were £5 ($6.45)," said Oldenburg Vineyards owner and CEO Adrian Vanderspuy in a statement. "We look forward to continuing our partnership and bringing more of our stock on-chain. This will help us to reduce transaction and remittance costs, as well as the time it takes to receive payments."

AgriDex tokenizes agricultural goods, commodities and other RWAs. The firm previously raised $5 million in pre-seed funding led by Endeavour Ventures, with additional support from African Crops Limited, Oldenburg Vineyards and former Goldman Sachs executive Hank Oberoi in May.

Solana is the fifth largest cryptocurrency by market capitalization, coming in at $80.6 billion, according to The Block Prices.

AGRI token generation

AgriDex is on track to launch its forthcoming token AGRI on "several major exchanges" in September, the firm's co-founder and CEO Henry Duckworth told The Block.

Duckworth added that half of AgriDex's profits will go toward buying and burning AGRI tokens.

"The platform is forecast to generate revenue from end 2024, with profits of £1.5 million ($1.93 million) forecast for the first year in 2025," Duckworth said. "Launch partners with turnover in excess of $4.5 billion will help Agridex reach profits of more than £18 million ($23.3 million) in 2026."