Pendulum Sets Fresh Record for Fastest Parachain Crowdloan on Polkadot
Pendulum, a fiat-optimized blockchain infrastructure company, has made history in the Polkadot ecosystem by completing its parachain crowdloan while reaching its hard cap of 300,000 $DOT in an impressive three minutes. This marks the fastest parachain crowdloan in the history of the Polkadot ecosystem and the highest auction hard cap since May.
Pendulum’s record-breaking entry into the Polkadot ecosystem demonstrates its strong position in the market and positions it for continued growth and success. Moreover, the attention from the Polkadot community and thousands of retail investors highlights the heightened level of interest in the project’s future.
“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,” notes Pendulum CMO Daniel Kisluk. “We are grateful for their support and will continue working hard towards our ultimate goal of launching Pendulum on mainnet in February 2023.”
Built on Substrate, Pendulum intends to enable DeFi applications and protocols to connect seamlessly with the foreign exchange aka ‘forex’ market. It also provides the infrastructure for existing DeFi dApps and protocols to build automated market makers (AMMs), allowing them to introduce highly scalable liquidity pools for fiat currencies. As a result, it will also help unlock additional yield-generation opportunities for users holding fiat tokens.
Once live on the Polkadot network, Pendulum will roll out several novel solutions, including trust-minimized cross-chain bridges, support for a broader range of fiat-pegged stablecoins, state-of-the-art smart contracts, native-level compliance and privacy layers, as well as on-chain and off-chain standards for integrating local banking channels.
The successful completion of the crowdloan indicates strong support and enthusiasm for Pendulum’s integration into the Polkadot ecosystem and sets a new standard for the fastest parachain crowdloan. Furthermore, the results are a positive indicator of the project’s potential in terms of vision and technology, positioning the platform for continued success and growth.
Developed by fintech organization SatoshiPay, Pendulum is an open-source, fiat-optimized smart contract blockchain. Powered by Substrate, the platform is bridging the fiat and DeFi ecosystems, allowing DeFi applications to be connected to the foreign exchange market, create automated market makers for scalable liquidity pools, and generate yields for fiat token holders. With Pendulum, robust and compliant fiat-pegged tokens can be integrated into the vibrant DeFi ecosystems, addressing the ever-growing demand for fiat liquidity.
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