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Agridex
editAgridex, styled as AgriDex, is a blockchain-based online agricultural marketplace that facilitates the listing and buying of crops using the Solana blockchain. Agridex aims to tokenise the agricultural industry.
Agridex was founded by Russell Duckworth, a founding investor in DeepMind and former Head of Global Equity Research at Deutsche Bank, along with Henry Duckworth, who led the EMEA desk for EFA Group. The company launched the Agridex platform in 2022. Agridex plans to establish a decentralised autonomous organisation (DAO), in which decisions on platform governance and future development will be made collectively by holders of the platform’s governance token.[1]
Agridex Platform
editThe Agridex platform is a real-world assets (RWA) marketplace tokenising agricultural trade.[2] Specifically, Agridex tokenises contracts: it provides a unified legal structure for trade by putting contracts on the blockchain.
The platform automatically sets the terms of transactions at fair market rates, and creates legal and accounting documentation, using the Ricardian contracts mechanism.[3] It then instantly secures and resolves transactions using the smart contract protocol. The mechanism is supported by current legislation, including the UK’s Electronic Trade Documents Act 2023 (ETDA).[4]
Once a deal on Agridex is finalised, it's secured by minting a non-fungible token (NFT) that will permanently preserve all product, pricing, payment, and any other relevant details.[5] This digitally assures the ownership and rights of a physical commodity transaction. Since all information is stored on the Blockchain, it is censor-resistant, tamper-proof, and publicly verifiable.[6]
- Instant Settlements: Blockchain technology resolves transaction settlements almost instantly.[7]
- Low Fees: The platform charges a fee of 0.15% per transaction side, compared to several percentage points in traditional trading systems.[8]
- Supply Chain Transparency: NFTs provide a censorship-proof record of all trades on the blockchain, ensuring that the system records every transaction transparently.[9]
- Scalability: Solana’s ability to compress NFTs allows the creation of a scalable NFT-based supply chain solution.[10] Agridex claims this will cut costs by 10-40% on each transaction.[11]
Ricardian Contracts
The company utilises Ricardian contracts, a mechanism which aggregates online and on-chain data and uses it to draw up a legal contract which sets the contractual terms of the blockchain’s smart contracts.[3]
Agridex' procedure is as follows.[1] The process begins with the verification of product quality through certificates of origin and phytosanitary certificates, ensuring that the product meets specific standards and is safe for export and consumption. Following this, the seller obtains export clearance and prepares a packing list detailing the shipment.
During the shipping process, critical documents like the bill of lading and insurance documents are issued. These serve as proof of shipping terms and insurance coverage, respectively.
Once the product arrives at the destination, import clearance is required for the goods to enter the country, and shipments are subject to duties and customs checks.
These documents are collated and drawn up into a legally binding contract. Agridex uses Ricardian contracts to generate this automatically, based on the terms agreed upon by both the buyer and the seller. The transaction is then tokenised into an Order NFT, which provides a record of the agreement and transaction on the blockchain.[3] The use of Ricardian contracts ensures that the contracts created are legally enforceable across jurisdictions.
History
editAgridex was founded by Henry Duckworth and Russell Duckworth, who have a multi-generational farming background. Henry lived through the farm invasions of Zimbabwe in 2000 and the subsequent famine that occurred in the region.[12] This fuelled his desire to create a technological product that helped the world of agriculture and food. Agridex was founded with the mission to remove friction from the global agricultural trade, a sector traditionally plagued by high transaction costs, slow settlement times, and opaque supply chains.
Major Milestones
edit- May 9, 2024: Agridex announced that it raised $5 million in pre-seed funding.[13] The investment round was led by Endeavour Ventures, with significant contributions from Hank Oberoi, African Crops Limited, and Oldenburg Vineyards. The funds are allocated towards further platform development, including product refinement, beta testing, and strategic partnership efforts.
- July 24, 2024: Agridex executed the first-ever agricultural trade on the Solana blockchain.[14] This transaction involved the shipment of over two hundred bottles of extra virgin olive oil and multiple cases of wine from South Africa to London.
References
edit- ^ a b c Agridex. White Paper. 2024. Agridex.com, https://drive.google.com/file/d/1yuo1lPssoiisbtmNprYxKl6arq3hqvdM/view?usp=sharing.
- ^ Sarkar, Arijit. “How Solana is transforming cross-border agricultural trade.” CoinTelegraph, 24 July 2024 https://cointelegraph.com/news/solana-transform-cross-border-agricultural-trade?utm_source=rss_feed&utm_medium=rss&utm_campaign=rss_partner_inbound
- ^ a b c Brown, Oliver. “AgriDex: Revolutionizing the Agricultural Industry.” Blockster, 16 April 2024, https://blockster.com/agridex-revolutionizing-the-agricultural-industry.
- ^ UK Parliament. “Electronic Trade Documents Act 2023.” Parliamentary Bills, 11 September 2023, https://bills.parliament.uk/bills/3344. Accessed 17 September 2024
- ^ Pannone, Alessia. “Solana: AgriDex raises $5 million to tokenize the agricultural industry.” The Cryptonomist, 9 May 2024, https://en.cryptonomist.ch/2024/05/09/solana-agridex-raises-5-million-to-tokenize-the-agricultural-industry/
- ^ Wang, Lynn. “Solana Explains Why Its Network is “Promising” for Real-World Asset Tokenization.” BeInCrypto, 13 June 2024, https://beincrypto.com/solana-real-world-asset-tokenization-rwa-ecosystem/
- ^ Porcelli, Andrea. “AgriDex: the first agricultural trade on the Solana blockchain.” The Cryptonomist, 24 July 2024, https://en.cryptonomist.ch/2024/07/24/agridex-the-first-agricultural-trade-on-the-solana-blockchain/
- ^ Singh, Amitoj. “AgriDex Settles First Agricultural Trade on Solana Blockchain.” CoinDesk, 24 July 2024, https://www.coindesk.com/markets/2024/07/24/agridex-settles-first-agricultural-trade-on-solana-blockchain/?utm_medium=social&utm_source=twitter&utm_campaign=coindesk_main&utm_term=organic&utm_content=editorial.
- ^ Redman, Jamie. “Agridex Raises $5 Million to Expand Agricultural Tokenization on Solana.” Bitcoin.com News, 10 May 2024, https://news.bitcoin.com/agridex-raises-5-million-to-expand-agricultural-tokenization-on-solana/
- ^ Brown, Oliver. “AgriDex, RWA Marketplace on Solana, Raises $5M to Bring the $2.7T Agriculture Industry On-chain.” Blockster, 10 May 2024, https://blockster.com/agridex-rwa-marketplace-on-solana-raises-5m-to-bring-the-2-7t-agriculture-industry-on-chain
- ^ Duckworth, Henry. “How AgriDex leverages NFTs to secure agricultural trade: Interview.” CryptoSlate, 30 June 2024, https://cryptoslate.com/how-agridex-leverages-nfts-to-secure-agricultural-trade-interview/
- ^ Gantzer, Olivia. “Jeremy Clarkson praised by farming expert over key takeaway from Amazon show: 'Better understanding.'” GB News, 10 9 2024, https://www.gbnews.com/celebrity/jeremy-clarkson-farming-expert-amazon-clarksons-farm
- ^ Khatri, Yogita. “Solana-based tokenization platform AgriDex raises $5 million, plans token airdrop.” The Block, 9 May 2024, https://www.theblock.co/post/293510/solana-tokenization-agridex-funding-token-airdrop?utm_source=rss&utm_medium=rss
- ^ Wang, Lynn. “Solana’s RWA Marketplace AgriDex Executes First Agri Trade on Blockchain.” BeInCrypto, 24 July 2024, https://beincrypto.com/agridex-rwa-agri-trade-solana-blockchain/
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