Berlin, Germany
–News Direct–
MEXC, the tier one digital asset exchange, has listed PEN. PEN, the native asset of Pendulum’s interoperable blockchain, opened for trading on March 13 at 10:00 UTC.
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MEXC has paired PEN with USDT and listed it on the exchange’s Innovation Zone. This will increase access to Pendulum’s parachain by exposing new users to the token of the same name. In doing so, it will deepen market liquidity for PEN and allow traders to enter and exit positions efficiently.
PEN has a current supply of 160,000,000 and serves as a native asset on Pendulum’s Polkadot parachain. In addition to paying for grid gas, it is used for governance and staking. Ultimately, a maximum of 210,000,000 PEN will be created, with the rest being spent through staking and vault operator rewards.
As a community-oriented blockchain project, 50% of the PEN generated in the blockchain Genesis event has been reserved for the community. This includes people who participated in Crowdloan #35, which won Pendulum, and earned the right to become a Polkadot parachain.
Pendulum is focused on bringing global FX markets on-chain to unlock the many benefits trading within a blockchain framework can offer. These include 24/7 trading, near-instant settlement and liquidity aggregation. Forex markets are notoriously inefficient, with long settlement times and regional price differences. Creating a unified FX system onchain will grant global traders access to markets defined by transparency, fairness and with minimal settlement risk.
Pendulum aims to connect TradFi and DeFi and enable fintechs to access composable fiat on its interoperable blockchain framework. Ultimately, Pendulum will deliver seamless integration into existing banking infrastructure and extend the capabilities of both DeFi and TradFi.
Built-in compliance will enable businesses to comply with their legal obligations even when making on-chain transactions, while a range of innovative products will give DeFi users the financial freedom they desire.
PEN’s MEXC listing not only marks another milestone in Pendulum’s ambitious roadmap, but also paves the way for everything that comes next. These include ledger integration, a forex AMM and Spacewalk – a cross-chain bridge to Stellar – all on track for Q1.
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.
contact details
Daniel Klein
company website
https://pendulumchain.org/
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