Bitget App
Trade smarter
Open
HomepageSign up
Bitget>
News>
Solana-based tokenization platform AgriDex raises $5 million, plans token airdrop

Solana-based tokenization platform AgriDex raises $5 million, plans token airdrop

The Block2024/05/09 14:10
By: The Block
SOL+4.92%NFT-0.69%
Quick Take AgriDex has raised $5 million in a pre-seed funding round. The Solana-based platform tokenizes agricultural commodities and enables trading of those tokenized commodities.
Solana-based tokenization platform AgriDex raises $5 million, plans token airdrop image 0

AgriDex, a Solana SOL -2.40% -based platform focused on tokenizing agricultural commodities, has raised $5 million in a pre-seed funding round.

Endeavour Ventures, a tech-focused venture capital firm, led the round, with African Crops Limited, Oldenburg Vineyards and Hank Oberoi, a former Goldman Sachs and Citadel executive, participating, London-based AgriDex said Thursday.

AgriDex began raising for the round last September and closed it in February, co-founder and CEO Herry Duckworth told The Block. It was an equity round and brought AgriDex's valuation to around $18 million, Duckworth said, adding that as part of the deal, Endeavour Ventures co-founder and CEO Bill Cunningham has also joined AgriDex's board.

What is AgriDex?

AgriDex is a Solana -based platform that tokenizes agricultural commodities and enables trading of those tokenized commodities. Each transaction on AgriDex is represented by minting a non-fungible token (NFT) that permanently records all products, pricing, payment and other details.

AgriDex aims to help investors, farmers, and governments save costs and improve their profitability. "AgriDex has the potential to save stakeholders billions of dollars a year, and we're only just scratching the surface," Duckworth said, noting Solana's fast settlement, high throughput, and low fees.

AgriDex plans to initially tokenize and list agricultural commodities such as sugar, grains, and cocoa, Duckworth said, adding that the platform will support more commodities in the future with new partners and investments.

AgriDex platform and token launch

Duckworth said AgriDex is expected to launch its platform and token AGRI in the third quarter of this year.

"AgriDex tokens will be used to incentivize and reward users based on trade volumes, platform engagement and community engagement," he said.

AgriDex will conduct a token airdrop for its community in the coming months, Duckworth said. AgriDex has set aside 5% of its token's total supply, or 50 million tokens from the total 1 billion, for airdrops, according to its whitepaper.

Duckworth said AgriDex also plans to hold a public sale of its token at a price of $0.10 per token. 

The startup also plans to use 50% of its profits to buy back tokens and burn them, Duckworth said. Profits will be accrued quarterly, and the buyback process will be undertaken daily, according to the whitepaper.

There are nearly 20 people working for AgriDex, and Duckworth plans to grow the team as needed.


Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
PoolX: Earn new token airdrops
Lock your assets and earn 10%+ APR
Lock now!

You may also like

New spot margin trading pair — HOLO/USDT!
Bitget Announcement2025/09/12 07:46
FUN drops by 32.34% within 24 hours as it faces a steep short-term downturn

- FUN plunged 32.34% in 24 hours to $0.008938, marking a 541.8% monthly loss amid prolonged bearish trends. - Technical breakdowns, elevated selling pressure, and forced liquidations highlight deteriorating market sentiment and risk-off behavior. - Analysts identify key support below $0.0080 as critical, with bearish momentum confirmed by RSI (<30) and MACD indicators. - A trend-following backtest strategy proposes short positions based on technical signals to capitalize on extended downward trajectories.

Bitget-RWA2025/09/12 06:14
OPEN has dropped by 189.51% within 24 hours during a significant market pullback

- OPEN's price plummeted 189.51% in 24 hours to $0.8907, marking its largest intraday decline in history. - The token fell 3793.63% over 7 days, matching identical monthly and yearly declines, signaling severe bearish momentum. - Technical analysts cite broken support levels and lack of bullish catalysts as key drivers of the sustained sell-off. - Absence of stabilizing volume or reversal patterns leaves the market vulnerable to further downward pressure.

Bitget-RWA2025/09/12 06:14
New spot margin trading pair — LINEA/USDT!
Bitget Announcement2025/09/11 10:04

Trending news

More
1
New spot margin trading pair — HOLO/USDT!
2
FUN drops by 32.34% within 24 hours as it faces a steep short-term downturn

Crypto prices

More
Bitcoin
Bitcoin
BTC
$115,897
+1.17%
Ethereum
Ethereum
ETH
$4,614.16
+4.12%
XRP
XRP
XRP
$3.07
+1.91%
Tether USDt
Tether USDt
USDT
$1
+0.02%
Solana
Solana
SOL
$240.54
+5.75%
BNB
BNB
BNB
$917.38
+2.27%
USDC
USDC
USDC
$0.9998
-0.00%
Dogecoin
Dogecoin
DOGE
$0.2701
+8.18%
TRON
TRON
TRX
$0.3502
+1.39%
Cardano
Cardano
ADA
$0.9040
+2.57%
How to sell PI
Bitget lists PI – Buy or sell PI quickly on Bitget!
Trade now
Become a trader now?A welcome pack worth 6200 USDT for new users!
Sign up now
Trade smarter