By
Temitope Olatunji
April 26th, 2024
The SOLX token will be used for governance rights, paying transaction fees on the platform, and staking capabilities on the Soldex platform.
Popular Indian entrepreneur, speaker, and influencer Evan Luthra has invested in an upcoming third-generation crypto exchange dubbed Soldex. Notably, Soldex is a first of its kind decentralized exchange that offers non-custodial crypto exchange services.
As a young tech enthusiast, Luthra has invested in other tech companies, more so crypto and blockchain-related companies. Reportedly, Luthra joined the crypto community back in 2014, where he has invested in several crypto startups. Recently, he invested in a seed round for a crypto company dubbed Hashgraph.com.
As a prolific speaker, Luthra has participated in talks including the TedX stage. Additionally, he has given speeches for global economic organizations including the United Nations, Nielsen, Blockchain Life, Google among others.
Consequently, he has been revered for his ability to deliver despite his young age.
On different social media platforms, Luthra has gained popularity. For instance, he has over 2 million followers on Instagram where he uses the platform to educate his followers on crypto markets.
Luthra follows what most family offices are doing, by investing in crypto-related businesses, particularly promising Defi apps. Furthermore, the returns from most Defi platforms have surpassed traditional investment opportunities.
However, it is not clear the amount of capital invested by Luthra in the Solana-based crypto startup Soldex. Luthra is likely to have chosen a project on Solana thanks to its scalability and the huge proliferation of institutional and retail investors onto the Sol blockchain.
Soldex and the Defi Ecosystem
Soldex is venturing into a highly competitive market that has been dominated by other crypto exchanges and DEXs for a long time. However, according to its Whitepaper, through Soldex.ai, users can be guaranteed top-notch services.
“The soldex.ai protocol will power the new wave of flexible financial markets by serving as a foundation layer for settlement, market making, custody, and liquidity. The new wave of market makers will own unique algorithms, customize their trading strategy, and adjust their desired risk exposure while keeping custody of their funds,” Soldex noted in its whitepaper.
The Defi ecosystem has emerged as a lucrative market for most institutional investors. According to market analytics provided by CoinGecko, the total Defi market cap stands at $123,340,074,982. Uniswap dominates the industry by up to 10%.
Defi platforms on the Solana ecosystem on the other hand have tremendously grown in the past few weeks. Consequently, the Sol value has skyrocketed to new ATH. However, Soldex will be utilizing its native token dubbed SOLX. The SOLX token will be used for governance rights, paying transaction fees on the platform, and staking capabilities on the Soldex platform.