Forex Launches on Blockchain as Pendulum Deploys Its Parachain
Berlin, Germany, 27th February, 2023, Chainwire
Forex-focused layer 1 blockchain Pendulum has announced the successful mainnet launch of its Polkadot parachain. As a result, the Pendulum chain is now connected to the Polkadot ecosystem, allowing businesses & fintechs to enter the world of decentralized finance. The move ushers in a new era for Forex, bringing a multi-trillion dollar market to DeFi.
The deployment of Pendulum’s parachain on Polkadot mainnet marks the first phase of a three-part launch. Subsequent phases will comprise the Token Transferability Event, the Spacewalk Stellar-Polkadot Bridge launch, as well as the launch of forex-AMM 0xAmber, with the entire launch process expected to be completed by March.
Alex Wilke, Co-Founder of Pendulum, said:
“The launch of Pendulum’s mainnet represents a significant step towards our goal of revolutionizing the financial industry. By bridging the gap between traditional finance and DeFi, we are providing a platform that fosters financial inclusion and equality. We are excited to see how Pendulum will empower businesses and individuals to take control of their finances and achieve greater financial freedom.”
Block production has been initiated by the Pendulum network and the first transaction has now been successfully executed on Pendulum’s chain. The transition of the parachain’s governance to a decentralized community-led system has been established. With the completion of Pendulum’s Polkassembly integration, the Polkadot decentralized mechanism will enable community-driven governance
The highly anticipated Pendulum Portal is set to go live soon, granting users access to a range of features and services, including staking opportunities and reward claiming for both AMPE and PEN token holders. In addition, the tokens will be transferable freely, enabling seamless transactions.
In the last stage of the launch, the Zenlink Automated Market Maker will be introduced as the first decentralized exchange. The exchange will feature an array of initial currency pairs available for trading, offering lucrative opportunities for liquidity providers to earn rewards.
Upon the mainnet launch, the 0xAmber Forex-optimized Automated Market Maker and the Spacewalk bridge that connects Stellar and Polkadot ecosystems will commence operations offering various rewards to early stakers of stablecoins and assets.
Pendulum aims to accelerate the transition of Forex trading onto decentralized protocols, bringing a slice of the $6.6 trillion traded daily in Forex markets onchain.
Pendulum provides decentralized blockchain technology for modernizing traditional financial infrastructure. Its interoperable blockchain brings together high-quality fiat tokens in a single, powerful DeFi network. Pendulum’s Forex-optimized app ecosystem enables seamless integration into global banking with full compliance, merging TradFi and DeFi within a scalable blockchain ecosystem.
Learn more: https://pendulumchain.org/