Forex Launches on Blockchain as Pendulum Deploys Parachain

by Arthur · February 27, 2023

Berlin, Germany, February 27, 2023, Chainwire

Forex-focused tier 1 blockchain Pendulum has announced the successful mainnet launch of the Polkadot parachain. As a result, the Pendulum chain is now connected to the Polkadot ecosystem, allowing businesses and 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 the Polkadot mainnet marks the first phase of a three-part launch. Subsequent phases will include 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 services industry. By bridging the gap between traditional finance and DeFi, we offer a platform that promotes 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 completed on Pendulum’s chain. The transition of the parachain’s management to a decentralized community-led system has been established. With the completion of Pendulum’s Polkassembly integration, the decentralized mechanism Polkadot will enable community-driven governance

The highly anticipated Pendulum Portal is set to go live soon, giving users access to a range of features and services, including staking opportunities and reward requirements for both AMPE and PEN token holders. In addition, the tokens will be freely transferable, enabling seamless transactions.

In the final phase of the launch Zenlink Automated Market Maker will be introduced as the first decentralized exchange. The exchange will feature a number of initial currency pairs available for trading, offering lucrative opportunities for liquidity providers to earn rewards.

Upon mainnet launch, the 0xAmber Forex-optimized Automated Market Maker and Spacewalk bridge connecting the Stellar and Polkadot ecosystems will begin operations offering various rewards to early stakers of stablecoins and assets.

Pendulum aims to accelerate the transition of Forex trading to decentralized protocols, bringing a portion of the $6.6 trillion traded daily in Forex markets onchain.

About Pendel

Pendulum offers decentralized blockchain technology for the modernization of traditional financial infrastructure. Its interoperable blockchain aggregates high-quality fiat tokens into a single, powerful DeFi network. Pendulum’s Forex-optimized app ecosystem enables seamless integration into global banking with full compliance, merging TradFi and DeFi into a scalable blockchain ecosystem.

Learn more: https://pendulumchain.org/