January 2024 Ecosystem Roundup
As we kick off 2024, we’re excited to share the latest advancements and achievements that have unfolded at Pendulum. January has been a month of continued growth in the ecosystem. Let’s dive into the highlights that have set the tone for another great year ahead in the world of DeFi.
💡 Ecosystem Highlights
Spacewalk Reward Structure
Pendulum introduced a dual-layer fee and reward system on Spacewalk, ensuring fair distribution and incentivizing participation. This system incentivizes participation through targeted incentives & inclusivity, strengthening Spacewalk’s DeFi ecosystem.
Moonbeam integration
Our integration with Moonbeam brings xcPEN token to their network. This highlights the commitment to cross-chain interoperability between our chains, enriching DeFi activities. By bridging between networks like Moonbeam, and Stellar, we aim to make DeFi universally accessible. We are grateful to collaborate with Moonbeam to realize this vision.
PEN Listing on StellaSwap DEX
PEN is now listed on Moonbeam’s DEX, StellaSwap, offering liquidity providers the chance to farm their LP NFTs to earn rewards in PEN and STELLA for PEN/DOT pair. This listing expands PEN’s utility and access within Ethereum-based DeFi protocols.
Watch below for the video tutorial or read on our written step-by-step guide to providing liquidity on Stellaswap.
👨🏻💻 Tech Updates
- This runtime upgrade 11 will add some important features for Nabla (ERC20 token support) and will set proper fees for XCM transfers. This referendum lasted for four days and was voted on Polkassembly and Polkadot.js.
- 2 referendums for both Pendulum and Amplitude to evolve the council and technical committee, with the aim for smoother operations.
🗺️ Roadmap Updates
This update from the Pendulum team aims to improve transparency with our community. We’re detailing the progress on our roadmap, breaking down key milestones into specific subtasks. Stay informed on how each step is contributing to our overall goals.
Forex AMM launch powered by Nabla tech
We know how much the community is looking forward to the Forex AMM launch powered by Nabla! Here’s what we can share so far:
- Deployed Nabla on Foucoco for Manual testing
- Fixed multiple Testnet errors
Spacewalk Pendulum launch
Tech and product team are working hard to integrate learnings from Amplitude launch for the Pendulum launch.
- Pendulum Release 12
- This release was prioritized for the upcoming Spacewalk Pendulum launch. It involves a root transaction to enable the assets and set up the bridge limit. The runtime upgrade Referendum is now live.
💬 Community Q&A
When Nabla?
- We’re really excited about launching Pendulum’s Forex DEX powered by Nabla technology and are working hard to bring you some great news very soon. Keep an eye on our social media for updates! Meanwhile, have a listen to our recent AMA with Nabla — we think you’ll find it interesting.
Have you improved the unstaking functionality — the last time I tried unstaking $PEN I ended up needing to run an extrinsic from polkadot.js — we need to move beyond that and have it all possible in the one UI.
- We are working on updating and improving both the collator staking information and user experience for all PEN stakers. Stakers play an essential role in securing the network and we strive to continually improve the UI experience of all our products.
Wen PEN list on HydraDX🐍?
- PEN was recently listed on Moonbeam’s Stellaswap Dex. Further DEX listings are being explored and community members have expressed interest in having PEN listed on a Polkadot native DEX. Join our socials to participate in the discussion.
☎️ Community Engagement
AMA with Nabla Finance
Pendulum was pleased to host an AMA with Nabla, the Forex AMM on X Spaces recently. The discussion covered Nabla’s multi-chain focus, upcoming testnet, advanced features like oracle-guided pricing, integration of RWAs like Forex, community governance, Pendulum’s plan to leverage Nabla’s Forex capabilities, and future product developments. Listen to the full AMA here for more details.
Product Pioneers 2 Campaign
We have launched a successful Product Pioneer Campaign 2 that lasted for 3 weeks and ended on 16th January 2024 with over 30,000 $PEN in rewards to be claimed. Thank you to all participants for your valuable product feedback. PEN Rewards for participants completing on-chain challenges will be sent out very soon.
📰 Article Highlight
Stablecoins transforming B2B operations
Stablecoins are transforming B2B finance, streamlining cross-border payments and invoicing through enhanced efficiency and reduced costs. Integration with DeFi amplifies these benefits via improved liquidity management. Use cases demonstrate the impact on supply chains and global trade. Stablecoins also enable financial inclusion in emerging markets. Overall, a paradigm shift enables more interconnected global business finance.
🧵 KOL’s Content Highlights
The 3-minute educational video by A Chain of Block covered Pendulum’s achievements in 2023 including the Mainnet launch on Polkadot, Moonbeam integration, Spacewalk bridge launch, and Pendulum’s overall mission.
As we wrap up January’s roundup, 2024 has started strong. Each month, our dedicated team and supportive community drive us to expand our ecosystem and push the boundaries of innovation. As the journey continues, we’re motivated to innovate, collaborate, and stay committed to building equal Open Finance for all. Stay tuned for exciting updates ahead — and thank you for being part of our journey!
About Amplitude
Pioneering the internet of fiat. Amplitude is the sister network of Pendulum on Kusama. It will act as a testing ground for Pendulum applications and network parameters and be powered by the AMPE token.
About Pendulum
Building the missing link between fiat and DeFi through a fiat-optimized smart contract blockchain based on Polkadot’s Substrate. Allowing traditional finance fiat services to integrate with DeFi applications such as specialized forex AMMs, lending protocols, or yield farming opportunities. Developed by SatoshiPay.
Keep your eyes on the Pendulum!
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