Introducing AgriDex - a Solana Backed RWA Marketplace Reshaping the Global Agricultural Industry
Agridex is a groundbreaking platform that brings the power of web3 to the traditional agricultural sector. We are set to transform supply chains, increase transparency, and empower farmers with direct access to global markets. This isn’t just about technology – it’s about reshaping the entire agricultural ecosystem for the better. AgriDex uses blockchain to dramatically reduce the cost and friction of transacting across borders.
Agriculture trade is a large and notoriously opaque industry, with inefficiencies caused by opacity and outdated processes. Leveraging blockchain technology, AgriDex will create a more sustainable, fairer supply chain for the world’s food products. With advances in digital payments, regulatory compliance, and knowledge-sharing, AgriDex will provide a suite of services for all stakeholders in the agricultural supply chain.
Describe your project in 5 sentences.
AgriDex is set to revolutionize global agricultural trade by integrating all stakeholders into a blockchain-powered digital marketplace, significantly increasing transparency and efficiency. It reduces transaction costs through smart contracts and accelerates payments, transforming days into seconds with digital payment options like USDC and Solana-pay. AgriDex tackles food fraud and improves traceability and certificate verification across multiple jurisdictions, enhancing trust and reducing risks. By addressing inefficiencies in agricultural trading, AgriDex aims to democratize access to markets, ensuring fair access and supporting sustainable practices as mandated by regulatory standards like the EU’s Sustainable Finance Disclosure Requirements. The platform is designed to attract a wide user base by simplifying interactions and ensuring compliance with stringent security and data protection standards.
Team members:
Here is a brief description of some of the Agridex team and their history and backgrounds:
Henry Duckworth - Co-Founder & CEO
Henry started his career as the youngest trader at Trafigura, quickly advancing to manage complex trading operations involving cobalt from the Democratic Republic of Congo to China. With a foundation in law from Leeds University, Henry’s early experiences in high-stakes trading environments honed his skills in supply chain optimization and strategic decision-making. After over a decade in trading and agriculture investments, he transitioned to EFA Group, where he established and led the EMEA desk. Here, he expanded the company’s environmental, social, and governance (ESG) investments, particularly in the cocoa industry, focusing on initiatives that enhanced female participation in the workforce while securing robust financial returns. His work not only reflects his adeptness at navigating complex markets but also his commitment to impactful and sustainable investment practices.
Twitter: x.com | LinkedIn: Henry Duckworth - AgriDexPlatform | LinkedIn
Russell Duckworth - Co-Founder & Executive Chairman
Russell is a seasoned financier and serial entrepreneur with a sharp eye for innovation. After earning a BSc in Economics from The City University, Russell qualified as a Chartered Accountant with PWC. His career in finance took off with roles in M&A at S.G. Warburg, followed by a stint in Equities at Warburg and Deutsche Bank, where he ascended to Global Head of Research. Not content with corporate success, Russell ventured into entrepreneurship, founding several companies and two funds. Russell launched Plan with Grace, bringing funeral services online, and Gazeal, which introduces reservation agreements to simplify residential housing transactions.
He was the first outside investor and one of the earliest shareholders in Deep Mind, the pioneering AI startup now integrated into Google. He assisted in taking it from an idea to sale to Google for $500 million. He believes that Agridex is an even more exciting opportunity.
LinkedIn: https://www.linkedin.com/in/russell-duckworth-18067918/
Shawn Derouard - CTO
Shawn Derouard brings over 25 years of rich experience as a developer, technical architect, and digital strategist. With a background that includes roles like Technical Director at major agencies such as Razorfish, Digitas, and Publicis, Shawn has a well-rounded profile. His most recent stint was at Applied Blockchain, the UK’s leading group specializing in Blockchain, zero knowledge, and confidential computing solutions. Shawn’s portfolio is robust, featuring the development of critical trading systems, supply chain provenance systems, DeFi protocols, and cross-border payments. His work has supported initiatives for prominent clients like Total, BP, Nissan, Levi’s, Eli Lilly, Pfizer, and DHL, showcasing his ability to handle high-stakes projects in complex environments. He has built several large scale blockchain products including the $1 trillion USD derivatives desk for Shell Oil.
Twitter: x.com | LinkedIn: https://www.linkedin.com/in/shawnderouard/
Edward Monckton - CSO
Edward brings a rich background in military leadership, diplomacy, and strategic advisory spanning 15 years. His career has taken him across Europe, the Middle East, and Africa, where he specialized in resilience, fostering sovereign partnerships, and advocating for multilateralism. Edward’s diverse international experience equips him with unique insights and strategic approaches vital for navigating complex global challenges and fostering sustainable partnerships.
Jupiter Ecosystem, Solana & AgriDex
AgriDex’s main pitch is centered around revolutionizing the agricultural supply chain through the Jupiter & Solana ecosystems. Our collaboration aims to enhance the efficiency, transparency, and accessibility of agricultural trading by leveraging Jupiter’s advanced decentralized finance capabilities and Solana’s high-speed blockchain infrastructure. In particular, AgriDex aims to leverage the Giant Unified Market (GUM) to provide real-world opportunities for organic value creation to the DeFi community. The GUM carries enormous potential to act as a bridge between the DeFi community and agricultural trade. On a mission to support fair finance and trade terms, Agridex aims to offer yield opportunities for investment in agricultural trade to investors whilst increasing global food supply and quality. For more details about AgriDex X Jupiter collaboration on GUM, our team posted last week AgriDex’s introduction to the GUM initiative on Jupiter’s forum here: GUM Introduction: AgriDex - Tokenisation of Global Trade and Agriculture
The Solana Foundation has emerged as a crucial partner for many projects, including AgriDex, providing significant financial and technical support for product development and public relations activities. Following the initial grants from Solana that helped launch our venture, their ongoing development support and cutting-edge technology have become foundational to AgriDex’s success. Solana has also played a crucial role in identifying a team of skilled developers to create our platform. AgriDex requires a high-performance and future-proof blockchain to develop a next-generation marketplace, and Solana fulfills this need within a dynamic ecosystem characterized by rapid processing and predictable fees. Thanks to their support, AgriDex will be among the pioneering real-world application projects in the agricultural industry on the Solana blockchain, thereby enhancing the ecosystem further.
For users of Jupiter, DAO members, and token holders, the collaboration offers substantial benefits. AgriDex’s platform significantly reduces transaction costs, accelerates payment processes, and provides easier access to market data—all essential for traders and suppliers in the agricultural sector. Jupiter users will find themselves participating in a more inclusive market, accessing a global network of agricultural trade with greater efficiency and transparency.
AgriDex and its related foundation have a strategic partnership with the Media group: Mediae (https://mediae.org/), a leading media conglomerate with over 30 million monthly viewers. This collaboration aims to empower farmers in Kenya and Tanzania through “Don’t Lose the Plot,” a popular reality TV show focused on agricultural education and innovation. Together, we are committed to transforming the agricultural landscape and uplifting the farming communities in these regions.
Mediae Group’s founder is now the chairman of the Agridex Foundation. One aspect of this groundbreaking partnership is the wildly popular East African reality TV sensation, “Don’t Lose the Plot.” This show empowers young farmers across Kenya (population 50 million with 4.5 million farmers) and Tanzania (population 65 million with 10 million farmers). Purchasing just 10 $AGRI tokens offers farmers and aspiring agriculturalists a chance to appear on a popular show, attracting over 4 million weekly viewers. Four contestants will be chosen to manage their own land, compete using the AgriDex platform to market crops, and vie for a grand prize comprising an acre of land and cash. This initiative not only engages hundreds of thousands of active farmers but also introduces non-crypto natives to select exchanges, significantly advancing our mission to transform agricultural trade and accelerate web3 adoption. The show’s wide reach, combined with SMS and social media engagement, promises to dramatically boost visibility and traffic for Jupiter, potentially enhancing ecosystem volume to new heights. Not only is Mediae tying up with Agridex in East Africa, they plan to release a new show in Indonesia (population 300 million with 29 million farmers) and the Philippines (population 115 million with 11 million farmers). This could further the integration of non-traditional crypto holders by millions, whilst also positively affecting food supply and local education.
AgriDex’s commitment to sustainability aligns with the broader goals of the Jupiter community, fostering shared initiatives in environmental and social governance. In addition to its commitment to the SDGs, AgriDex takes proactive measures to address environmental and social impact issues. Through the AgriDex foundation, AgriDex focuses on educating and informing people about sustainable farming techniques, resource conservation and responsible agricultural practices. The Chairman of the AgriDex Foundation, David Campbell OBE, brings over 40 years of experience in education initiatives focused on food security. His successful education shows, such as ‘Shamba Shake up’ and ‘Makutano Junction,’ have played a significant role in raising awareness and promoting sustainable agricultural practices in Africa and the developing world. Shamba Shape Up is educating millions of smallscale farmers in Kenya, Uganda, Tanzania, and Zambia. Participants will be able to bid for support from the AgriDex Foundation in raising their sustainability standards and therefore generating a premium on their product in medium term.
AgriDex understands that sustainability and impact are essential pillars of its business model. By integrating these principles into its operations, initiatives, and partnerships, AgriDex strives to create a positive and lasting difference in the agricultural sector and the communities it serves. This collaborative approach not only broadens market opportunities but also enhances the operational efficiencies and economic prospects of all parties involved in the agricultural supply chain.
Approximate date for TGE: September 2024
VISION
If your project were to succeed, how would it fundamentally change the web3 space?
If AgriDex succeeds, it will redefine the agricultural supply chain by leveraging blockchain to enhance transparency and efficiency. AgriDex will be the key example of real world applications of blockchain that can improve people’s lives in the agricultural space.
Agridex brings web3 to web2 communities. We unlock doors for an entire community of individuals and businesses who otherwise would likely never find a real-world use case or need to join a web3 project. The web3 ecosystem will have an opportunity to directly participate and influence how the agricultural trade operates on an international level. This isn’t about forcing web3 onto reluctant users. It’s about creating genuine value that makes adoption a no-brainer.
The impact of this will be immense, as we’re aiming to reshape international agricultural trade from the ground up. For example, suppliers and farmers will now be engaging directly with the web3 community and will have the chance to help revolutionise how the entire agricultural industry operates. This empowerment could lead to improved agricultural practices and greater economic stability in rural areas. Thus, AgriDex is set to transform not just how we trade in agriculture, but also the very livelihoods of those who feed the planet, making the daunting world of blockchain an accessible and beneficial technology for the agricultural sector.
Providing immediate economic value inside a vibrant ecosystem will catalyse a revolution for agricultural trade.
On the consumer side, with real-time, immutable transaction records, AgriDex will drastically reduce the prevalence of food fraud, restoring trust in the food supply chain. This will not only safeguard consumers but also protect the livelihoods of honest farmers around the world. Agri-food chain fraud can pose a threat to public health, food quality, and reputation, resulting in a loss of consumer, business and trading partner confidence in the sectors affected and in the official control systems. AgriDex is set to provide a solution to consumers for transparent tracking of the food users buy, allowing businesses to enhance their trustworthiness towards those that buy their food.
What would you say is your biggest challenges or obstacles as a project?
One of our main hurdles at AgriDex is making the leap from familiar web 2.0 technologies to the new frontier of web 3.0, especially for customers who’ve experienced blockchain before. Unlike many AgriTech startups, we don’t see adoption as a towering challenge. Reports from Venture Capital firms suggest that AgriTech generally faces adoption rates 50-100% slower than other sectors. The reasons? Farmers often shoulder a hefty share of the risks when they introduce new tech on their fields, battling a slew of unpredictable factors more than most industries. Plus, the upfront costs can be steep, with the payoff not materializing for several harvests.
But here’s where AgriDex changes the game: there’s zero capital cost to start, and farmers see benefits immediately—no waiting for several seasons to judge the worth.
Still, the shift to web3 can seem daunting. The solution? We’re beefing up our support system. From video tutorials to detailed guides on managing web3 payments and securing digital wallets, we’re committed to making the transition as smooth as possible. AgriDex is set to have a customer success team to be on standby to tackle any issues in real-time, ensuring each transaction is as straightforward as possible.
Beyond smoothing out day-to-day operations, our grand vision is to reshape the future of farming. It’s tempting to rev up the hype engine to spike our token’s trading volume, but at AgriDex, we’re playing the long game. We’re here to revolutionize, not just digitize. Ongoing dialogue with our users is crucial—we listen, tweak, and evolve based on real-world feedback. Our goal is to craft a tool that keeps farmers connected and active around the clock, overcoming small yet significant challenges along the way.
Investing in AgriDex isn’t just about purchasing a token; it’s about backing a transformative shift in how the agricultural supply chain operates. We’re not just selling a product; we’re inviting our customers to join a movement towards a smarter, more sustainable agricultural ecosystem. That’s the promise of AgriDex, and we’re here to deliver it every step of the way.
What advice would you give to another team launching a token in web3?
We recognise this might be basic advice but it is still the most important so far when it comes to launching a token: Utility is key, the main concern teams that are planning to launch their token should have is why would users buy and hold their token. What value added does the token bring? How would people use it? what would they use it for? It is not sufficient to rely on the hype or concept just as a user acquisition strategy, your token should provide a vision of what the holder is supporting and at the same time provide utility that differentiates you from other projects.
What is something most tokens get wrong, and what steps are you taking to ensure that you won’t experience these pitfalls?
One big issue with many tokens is that there are too many of them available too quickly, which can make their value drop. Nobody wants their investments to suddenly be worth a lot less. AgriDex handles this smartly by gradually releasing tokens to the market. This means not all tokens are available at once, helping prevent a sudden drop in value. We have special rules about when different groups, like the team behind AgriDex or early investors, can sell their tokens (2 year cliff’s followed by slow unlock). This careful approach helps keep the token’s value more stable, whilst also allowing us to bring in great talent on long term incentivisation programs.
Another problem in the web3 space is that often, the people who own the tokens don’t have much say in what happens with the project. AgriDex changes this by letting token holders vote on big decisions, like who manages the foundation or what new projects to start. We have exciting side projects that can be financed by the treasury, allowing people who want to change the world of agriculture a say in steering how this money is invested.
Then there’s the real usefulness of the tokens. If you use these tokens on the AgriDex platform, you can get discounts and even earn more tokens just by being an active user. This encourages more people to use AgriDex actively instead of just paying and praying.
Lastly, to make sure the tokens keep their value over time, AgriDex has a plan to buy back and burn tokens using half of all profits. This reduces the number of tokens out there, which will help make the remaining tokens more unique and valuable, especially as AgriDex grows and increases its scale and profitablity. AgriDex is not just throwing out tokens and seeing what happens; we’re planning things out to build something lasting and valuable for token holders.
Appendix/About
- Website: https://agridex.com/
- Our X account: x.com
- Our Discord: Agridex
- Whitepaper: Agridex Whitepaper.pdf - Google Drive
- Video from our CEO: x.com
