- Summary:
- Pendulum is building an ecosystem that will support bridging DeFi and TradFi and PEN listing is key to making this dream a reality.
MEXC exchange has listed PEN, the native token to the Pendulum blockchain, an interoperable blockchain. At 10:00 UTC on March 13, trading began for the token against USDT in the Innovation Zone of the exchange. Ledger integration, an FX AMM, and Spacewalk, a cross-chain bridge to Stellar, are all on track for Q1 of 2023, thanks to PEN’s listing on MEXC.
Further, by exposing Pendulum’s token to a wider audience, the listing will expand the parachain’s potential user base. There are currently 160,000,000 PEN in circulation, and this number will max out at 210,000. Pendulum believes that increased market liquidity for PEN as a result of the listing will facilitate smooth trader entry and exit.
The Pendulum ecosystem and why PEN listing matters
As the driving engine in the Pendulum ecosystem, PEN is used to pay for network gas, as well as for governance and staking. In keeping with the spirit of this community-focused blockchain project, 50% of the PEN created at the genesis event will remain in the community’s hands.
The remaining PEN will be distributed via staker prizes and those offered by vault operators. Those who supported Crowdloan #35, the funding round that allowed Pendulum to become a Polkadot parachain, are among the users who will reap the rewards of this genesis event. Therefore, there’s something for everyone within the Pendulum ecosystem.
By bridging the gap between TradFi and DeFi, Pendulum hopes to give fintechs access to composable fiat on its interoperable blockchain infrastructure. The goal of the project is to facilitate trading on international forex markets via a blockchain. Trading around the clock, quick settlement, and pooling of available funds are some of the features that will be coming on the platform. Pendulum’s ultimate goal is to provide seamless interaction with the current financial infrastructure, expanding the capabilities of both DeFi and TradFi in the process.