Blockchain Firm Pendulum Makes History With Fastest Parachain Crowdloan on Polkadot
Within the Polkadot ecosystem, fiat-optimized blockchain infrastructure provider Pendulum has made history by completing its parachain crowdloan and achieving its $300,000 DOT hard cap in an astonishing three minutes. This is the largest auction hard cap since May and the fastest parachain crowdloan ever completed in the history of the Polkadot ecosystem.
Pendulum’s entry into the Polkadot ecosystem broke records, not only illustrating the company’s strong position in the market, but also positioning it for further expansion and continued success. In addition, the weight that has been added to the project by the Polkadot community, as well as thousands of retail investors, shows the increased level of interest in the future of the project.
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 3,000 people on our waiting list, is a clear and tangible confirmation of our belief community and investors have on our vision, mission and technology. It shows that they have faith in our path to success. We are grateful for your support and will continue to work hard towards our ultimate goal of launching Pendulum on the mainnet in February 2023. “
Strong support for the pendulum’s integration into the Polkadot ecosystem
Built on top of Substrate, Pendulum is designed to enable DeFi applications and protocols to connect frictionlessly to the foreign exchange (commonly known as “forex”) market. In addition, it provides pre-existing DeFi dApps and protocols with the infrastructure they need to develop automated market makers (AMMs), enabling these companies to develop highly scalable liquidity pools for fiat currencies.
As a consequence, it will also help unlock more prospects for generating returns 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 to support local banking channels.
The crowdloan was successfully completed, which not only establishes a new standard for the fastest possible parachain crowdloan, but also shows that there is significant support and excitement for Pendulum’s incorporation into the Polkadot ecosystem. Additionally, the results are a promising sign of the project’s mission and technology potential, positioning the platform for continued success and expansion.
Pendulum is an open source smart contract blockchain tailored for fiat currency. It was developed by fintech company SatoshiPay. Powered by Substrate, the platform connects the fiat and DeFi ecosystems so that DeFi applications can be integrated into the currency market, automated market makers can be created for scalable liquidity pools, and returns can be generated for holders of fiat tokens. To meet the ever-increasing demand for fiat liquidity, Pendulum enables the distribution of trusted and compatible fiat-pegged tokens in thriving DeFi ecosystems.
