Within the Polkadot ecosystem, the fiat-optimized blockchain infrastructure provider Pendulum has created history by successfully completing its parachain crowdloan and achieving its hard cap of 300,000 $DOT in an astounding three minutes. This is the largest auction hard cap since May and the fastest parachain crowdloan that has ever been completed in the history of the Polkadot ecosystem.
Pendulum’s entrance into the Polkadot ecosystem broke records, which not only illustrates the company’s strong position in the market but also positioned it for further expansion and continuing success. In addition, the emphasis that has been given to the project by the Polkadot community as well as thousands of retail investors demonstrates the increased degree of interest in the project’s future.
Pendulum CMO Daniel Kisluk said, “The fact that our crowdloan reached its cap in record time, even in a bear market, and with a soft commitment of $4-5 million from nearly 3000 people on our waitlist, is a clear and tangible validation of the belief our community and investors have in our vision, mission, and technology. It shows that they have faith in our path to success. We are grateful for their support and will continue working hard towards our ultimate goal of launching Pendulum on mainnet in February 2023.”
Strong Support for Pendulum’s Integration into the Polkadot Ecosystem
Built on top of Substrate, Pendulum is designed to make it possible for DeFi applications and protocols to connect without any friction to the market for foreign exchange (often known as “forex”). Additionally, it gives already existing DeFi dApps and protocols the infrastructure they need to develop automated market makers (AMMs), which enables these companies to develop highly scalable liquidity pools for fiat currencies.
As a consequence of this, it will also assist in unlocking more prospects for the generation of yields for users who own fiat tokens. Pendulum will launch a number of innovative solutions once it is live on the Polkadot network. These include trust-minimized cross-chain bridges, support for a wider range of fiat-pegged stablecoins, cutting-edge smart contracts, native-level compliance and privacy layers, and on-chain and off-chain standards for supporting local banking channels.
The crowdloan was successfully completed, which not only establishes a new standard for the quickest possible parachain crowdloan but also shows that there is significant support and excitement for Pendulum’s incorporation into the Polkadot ecosystem. In addition, the results are a promising sign of the project’s potential in terms of its mission and technology, which positions the platform for continued success and expansion.
Pendulum is a smart contract blockchain that is open-source and tailored for fiat currency. It was developed by the fintech company SatoshiPay. The platform, which is powered by Substrate, is linking the fiat and DeFi ecosystems so that DeFi applications can be integrated into the foreign exchange market, automated market makers can be created for scalable liquidity pools, and yields can be generated for holders of fiat tokens. In order to meet the ever-increasing demand for fiat liquidity, Pendulum enables reliable and compliant fiat-pegged tokens to be deployed into thriving DeFi ecosystems.