PEN Listed on Stellaswap’s Moonbeam DEX
Pendulum’s native token, PEN, has its first permissionless trading home on the Moonbeam AMM, Stellaswap. This decentralized exchange (DEX) option for trading PEN, complements its availability on the centralized exchange (CEX) MEXC. Enhanced accessibility of PEN to the DeFi community and Moonbeam/EVM ecosystems has also been achieved. The PEN-DOT token pair is now available for trading and holders can earn liquidity mining rewards shortly. Trade now here:
https://app.stellaswap.com/exchange/swap
Cross-Chain Interoperability
The XCM channel between Pendulum and Moonbeam represents a crucial step in bridging the gap between the two distinct blockchains. XCM, or cross-chain message format, is a standardized protocol that enables secure and efficient communication between parachains on the Polkadot ecosystem. By establishing this channel, Pendulum and Moonbeam can freely exchange assets and trigger smart contracts across their respective networks, opening up a wealth of opportunities for collaboration.
PEN Becomes Available on Stellaswap
As a first step in leveraging this newfound interoperability, Pendulum has enabled trading of its native token, PEN, on Stellaswap, a decentralized exchange (DEX) built on Moonbeam. This integration brings PEN’s value proposition to a wider audience and enhances liquidity for both tokens. To celebrate this milestone, in a matter of hours Pendulum will launch a liquidity mining program where liquidity providers will earn both PEN and STELLA rewards over a three-month period.
Step-by-Step Guide to Providing Liquidity on Stellaswap
Watch below for the video tutorial or read on for the written guide.
To become a liquidity provider on Stellaswap and earn PEN and STELLA rewards, follow these simple steps:
1. Obtain GLMR
Visit the Gas Swap option and swap a variety of popular assets into GLMR, which will serve as gas for transactions on Moonbeam. Or alternatively purchase GLMR from any of the CEXes it is available on.
2. Bridge Assets to Moonbeam
Bridge assets that are tradeable on Stellaswap to the Moonbeam blockchain. Users can bridge their assets via XCM or through Wormhole, a bridge that facilitates the transfer of Ethereum and other EVM assets between different blockchains. Conveniently bridge PEN to Moonbeam to obtain PEN.xc via the Stellaswap UI. Use Stellaswap’s swap feature to exchange xcPEN for xcDOT and vice versa for portfolio balancing.
xcPEN contract address: 0xffFFfFFf2257622F345E1ACDe0D4f46D7d1D77D0
xcDOT contract address: 0xFfFFfFff1FcaCBd218EDc0EbA20Fc2308C778080
Note: You will need to import these tokens to your EVM wallet (Metamask etc) UI to display them in your wallet.
3. Provide PEN.xc/DOT Liquidity
Once you have sufficient DOT and PEN find “Pulsar” in the dropdown menu. Choose the pair “PEN/DOT” and click “Deposit”. Or simply click here. Experienced liquidity providers have the option to select ‘Expert’ range and edit the desired price range to optimize your fees. Newer liquidity providers can consider choosing a wider range like ‘Full Range’ to lower your risk. Enter the amount of $PEN and DOT you want to add as liquidity and confirm the transaction.
4. Farm rewards
Early liquidity providers will be rewarded with PEN and STELLA tokens for a liquidity mining period of 3 months. Stellaswap will issue an NFT to represent your LP position. Click on your position and click ‘Farm Now’ then ‘Deposit’. Note, this step is crucial to activate your position for farming rewards. You will automatically receive trading fee rewards without completing this step.
PEN’s EVM Integration and Community Engagement
With the XCM channel in place, PEN is now available as an EVM asset, opening up a plethora of integration opportunities with Ethereum-based DeFi protocols. This newfound interoperability will enable PEN to seamlessly interact with a vast ecosystem of applications, expanding its reach and driving its utility. With so many new opportunities opening up, let us know if you wish for PEN to be integrated with your favorite EVM-based protocols.
Summary
The integration of Pendulum and Moonbeam represents a substantial advancement in the development of a genuinely interconnected DeFi ecosystem. With PEN’s first listing in a trustless environment, security is enhanced by eliminating the need to rely on a centralized exchange, thus offering users a more secure and autonomous trading experience with Pendulum. PEN is now also an EVM asset, expanding its scope of interaction with a wider range of protocols and further enhancing opportunities to act as as a gateway between traditional finance and the decentralized world. Should you have any questions about trading or provding liquidity on Stellaswap, feel free to pop into our community channels at any time for assistance.
About Stellaswap
StellaSwap is a hybrid DEX that features a standard, stable and concentrated liquidity AMM to facilitate the most optimal price discovery for assets on Moonbeam. As the largest DEX and an integrated DeFi gateway, users can access the ecosystem with ease through our native bridge, swap-for-gas feature, as well as various DeFi opportunities in a click of a button.
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.
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