1) Last month a #DeFi project called @pendulum_chain made history in the Polkadot ecosystem.
It completed its parachain crowdloan while reaching its hard cap of 300k $DOT in three minutes.
What makes this project so impressive that it broke this record in a bear market? 🧵👇
2) The ''Foreign exchange market'' is one of the biggest industries on the planet.
Fiat currencies (euro, dollar, yen,...) are exchanged on a daily basis after all.
The Forex market however is quite challenging due to certain flaws in today's market.
3) If we could move this industry to the blockchain, Forex would benefit from:
• Faster transaction speeds.
• Lower transaction fees.
• More security.
• Full transparency.
And that's exactly what #pendulum is doing. Bringing the forex markets to the blockchain.
4) #Pendulum intends to offer composable fiat services to bring traditional “fintech” companies into the world of #DeFi.
Its vision is to serve as the missing link between DeFi and fiat currencies by providing a fiat-optimized smart contract network.
5) This enables traditional financial services like fiat currencies or savings accounts to integrate seamlessly with #DeFi applications.
#Pendulum aims to become the ''internet of fiat'' by unlocking new DeFi use cases for every major fiat currency.
6) More importantly, it has actually already laid the groundwork for this due to a technical integration with #Stellar called ''spacewalk bridge''.
This will enable #Pendulum to utilize the multitude of fiat stable tokens on $XLM and help build the fiat #DeFi future.
7) They also use a new ''proactive market maker'' called @0xamberHQ.
Amber’s architecture offers automated market-making with low-risk single-sided liquidity provision.
It's designed to give forex liquidity on #DeFi the green light.
8) #Pendulum is launching their mainnet next month in february.
Since it has its own blockchain, this also means the launch of their token called $PEN on the markets.
The total token supply will be 200m with an initial circulating supply of 15.2m.
9) 50% of the total supply is entirely reserved for the community.
This amount can be further split up in different ''buckets'' as seen in the image down below.
10) The other 50% is reserved for the team, partners, advisors, ... (backers).
This amount can be further split up in different ''buckets'' as seen in the image down below.
11) Most of the tokens include a vesting schedule that unlocks linearly over 2 to 3 years to ensure all participants are incentivized to work towards Pendulum’s long-term growth.
12) There's also an impressive list of people working on the project including partners and other collaborations highlighting the active nature and strength of the project.
13 ) Conclusion:
#Pendulum has drawn a lot of attention over the past few months.
The forex industry is desperately in need of a blockchain platform bringing several #DeFi use cases and benefits to the masses.
14) There are existing protocols in today's market where you can exchange stablecoins for one another.
A true cross-border exchange with localized on/off-ramping is still missing however.
15) With #Pendulum, accepting payments in foreign currencies while cashing out local tender might soon finally become feasible for every business around the globe.
The technology looks promising and Pendulum might become a serious contender in today's crypto markets.
16) I hope you've found this thread helpful.
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@CryptoGirlNova for more.
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