AgriDex Executes First Agricultural Trade on Solana

The Solana-based trading platform AgriDex has completed its inaugural transaction involving agricultural products, as reported by company representatives to CoinDesk. 

The agreement, which involves the delivery of over 200 bottles of olive oil and several cases of wine from a farm and vineyards in South Africa to London, will be fully concluded upon the delivery of the goods. 

AgriDex “settled the transaction almost instantly, charging only a 0.15% fee from each party,” whereas in traditional systems, “fees can amount to several percentage points.”

“We have executed the first-ever trade on a public blockchain, and it is now en route from South Africa to London. The funds reached our AgriDex account in seconds, not days, with a fee of £5,” stated Adrian VanderSpuy, CEO of wine supplier Oldenburg Vineyards. 

In May, AgriDex raised $5 million through investments from Endeavour Ventures, the agricultural group African Crops, and Oldenburg Vineyard.

The trading platform aims to move a significant portion of its goods online to reduce payment times as well as transaction and transfer costs. Essentially, the firm’s activities represent the tokenization of real-world assets (RWA). 

“With every 1% of global trade we participate in, billions of dollars are saved, and millions of people benefit,” noted AgriDex co-founder and CEO Henry Duckworth.

Previously, the total assets under management of the tokenized BlackRock USD Institutional Digital Liquidity (BUIDL) fund surpassed $500 million. It is backed by US Treasury bills, REPO agreements, and fiat currency. The number of security token holders in the fund reached 17. 

Analysts at McKinsey have estimated the RWA market capacity to reach $1.9 trillion by 2030. In a more optimistic scenario, this figure could be twice as high.