What is Agridex?
- Digital marketplace built on Solana that offers instant, low-cost settlements for agricultural trades
- Uses USDC for transactions with near-instantaneous settlement.
- Reduces transaction costs from 12.4% to 5.8%
- Reduces transaction time from 65 days to 40 days
- B2B focused platform, not for retail users
Key Problem Being Solved
- Example: Nigerian farmers paying 12.4% in transaction costs to move cocoa to Rotterdam
- Costs include:
- Sourcing
- Legal bills
- Crop certifications
- Warehousing
- Shipping
- Physical inspection
- Currency conversion (3-6% bank fees)
- Currency volatility risks
How Agridex Works
- Onboarding Process:
- Farmers join through existing supply chain partners or direct application
- Required documentation for KYB/AML checks
- Sustainability and crop-specific certifications needed
- Platform Features:
- Built-in trust scores for sellers
- Real-time crop pricing
- Automated settlement through smart contracts
- Integration with local currency partners for on/off ramping
- Transaction Process:
- Uses Ricardian contracts (human and machine readable)
- Smart contracts handle automatic settlement
- Future plans to integrate IoT, AI, and ML for automation
Technical Implementation
- Built on Solana blockchain
- Uses USDC for settlements
- Tokenizes the trade itself rather than the crops
- Creates NFTs of contracts for immutable record-keeping
- Partners help with currency conversion to local currencies
Business Development
- Working with large launch partners like Paragate Group
- Targeting higher levels in supply chain to reach more farmers
- Focus on education and accessibility
- Strong leadership team with agricultural and financial background
- Planning Latin American expansion in future
Upcoming Developments
- Token listing in November
- Features DAO governance
- Staking mechanism with environmental/agricultural development benefits
- Platform moving from beta to full rollout in Q1 2025
- Partnership with Solana Saga and Seeker
- Running airdrop campaigns
Notable Partnership
- Working with Bridge (recently acquired by Stripe for over $1B)
- Demonstrates growing traditional finance acceptance of stablecoins
Legal Framework
- Based in UK, benefiting from UK Electronic Trade Document Act 2023
- Can use English High Court for dispute resolution
- Provides trusted legal framework for international trades
Target Market Response
- High crypto adoption in target markets (claimed 70%+ in Nigeria)
- Farmers showing interest in digital solutions
- Need for simple, intuitive interface that abstracts blockchain complexity
- Focus on presenting as Web3 solution rather than crypto
Long-term Vision
- Move toward fully decentralized DAO governance
- Expand beyond current markets into Latin America
- Become “Amazon of agricultural trading”
- First transaction completed in July with South African olive oil
Solana Weekly 