pendulum
Pendulum sets new record for fastest parachain crowdloan on Polkadot
23.12.2022 / 12:22 CET/CEST
Pendulum sets new record for fastest parachain crowdloan on PolkadotPendulum broke all previous Polkadot parachain auction records, raising more than $300,000 of DOT tokens through its crowdloan in less than three minutes.
PRESS RELEASE FROM PENDULUM
Berlin | December 22, 2022 6:00 p.m. Eastern Standard Time
Pendulum, a fiat-optimized blockchain infrastructure company, made history in the Polkadot ecosystem by completing its parachain crowdloan while hitting its hard cap of $300,000 DOT in an impressive three minutes. This is the fastest parachain crowdloan in the history of the Polkadot ecosystem and the highest auction 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. Additionally, the attention of the Polkadot community and thousands of small investors underscores the increased interest in the future of the project.
“The fact that our crowdloan has capped in record time, even in a bear market, and with a soft pledge of $4-5 million from nearly 3,000 people on our waiting list, is a clear and tangible affirmation of our community’s belief and our investors have in our vision, mission and technology. It shows that they believe in our path to success,” notes Daniel Kisluk, CMO of Pendulum. “We are grateful for their support and will continue to work hard towards our ultimate goal of launching Pendulum on mainnet in February 2023.”
Pendulum is built on substrates and intends to enable DeFi applications and protocols to seamlessly connect to the foreign exchange market, aka “Forex”. It also provides the infrastructure for existing DeFi dApps and protocols to build automated market makers (AMMs) that allow them to launch highly scalable fiat currency liquidity pools. As a result, it will also help generate additional earning opportunities for users holding fiat tokens.
Once live on the Polkadot network, Pendulum will introduce several novel solutions including zero-trust cross-chain bridges, support for a wider range of fiat-linked stablecoins, state-of-the-art smart contracts, native-level compliance and privacy layers, and on-chain and off-chain standards to integrate local banking channels.
The successful completion of the crowdloan demonstrates the strong support and enthusiasm for integrating Pendulum into the Polkadot ecosystem and sets a new standard for the fastest parachain crowdloan. Additionally, 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.
About pendulum
Developed by fintech organization SatoshiPay, Pendulum is a fiat-optimized, open-source smart contract blockchain. Powered by Substrate, the platform bridges the fiat and DeFi ecosystems, enabling DeFi applications to connect to the FX market, creating automated market makers on scalable liquidity pools and generating revenue for fiat token holders. With Pendulum, robust and compliant fiat-pegged tokens can be integrated into the dynamic DeFi ecosystems to meet the ever-growing demand for fiat liquidity.
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Daniel Kisluk
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