On-Chain Forex Adoption Could Be A Game Changer For DeFi, TradFi Ecosystems

Mar 5, 2023

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Forex-focused Layer-1 blockchain platform, has confirmed the mainnet launch of its Polkadot parachain.

The Pendulum chain has now been successfully connected to the Polkadot ecosystem, enabling business organizations and Fintech firms to enter the nascent decentralized finance (DeFi) sector. This latest development marks a new phase for Forex, which could potentially bring a multi-trillion dollar market to the fast-evolving DeFi space.

The launch of Pendulum’s parachain on Polkadot mainnet has begun the initial phase of a three-stage launch process. Other major phases should include the Token Transferability Event, the Spacewalk Stellar-Polkadot Bridge launch, and the introduction of forex-AMM 0xAmber, with the complete roll-out process scheduled to be carried out by March.

Alex Wilke, Co-Founder of Pendulum, said that the launch of Pendulum’s mainnet marks a key step towards their goal of streamlining the financial services sector. Wilke added that by effectively bridging the gap between traditional finance (TradFi) and DeFi, they are offering a platform that enables financial inclusion as well as greater equality. He also mentioned that they are pleased to see how Pendulum may support businesses and individuals to really take control of their finances and truly realize financial freedom.

Block production has reportedly been started by the Pendulum network and the initial transaction has been performed on Pendulum’s chain. The ongoing transition of the parachain’s governance to a more decentralized community-focused system has now been established. With Pendulum’s Polkassembly integration, the Polkadot decentralized mechanism should allow for community-led governance.

The Pendulum Portal is expected to go live in the coming months, giving users seamless access to various features and services, such as attractive staking options and reward claiming for AMPE and PEN crypto token-holders. The digital tokens are to be transferable easily, allowing for frictionless transactions.

During the final stage of the launch, the Zenlink Automated Market Maker may be introduced as the first decentralized (or non-custodial) exchange. The exchange will reportedly feature various initial currency pairs, which will be available for trading, providing attractive opportunities for liquidity providers to acquire rewards.

Following the launch of the mainnet, the 0xAmber Forex-enhanced Automated Market Maker and the Spacewalk bridge that links up Stellar and Polkadot ecosystems may begin operations while providing rewards to stakers of stablecoins and other types of assets.

Pendulum intends to expedite the transition of Forex trading onto more innovative and decentralized protocols, bringing a significant portion of the $6.6 trillion traded daily in Forex markets to the blockchain.

As mentioned in the announcement, Pendulum offers decentralized blockchain tech for streamlining traditional financial infrastructure. Its interoperable distributed ledger technology (DLT) brings various fiat tokens in a robust DeFi network. Pendulum’s Forex-powered app ecosystem allows for easy integration into international banking with compliance, thus effectively merging TradFi and DeFi within a scalable DLT ecosystem.

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Todd Lyndon
I am a junior copywriter, my main field is the crypto world and the real use case of the blockchains. I am also an expert of the NFTs and addicted to F2P games, also I am a game developer. My dream is to try all Blockchain games at the release.