Jan 30
Pendulum 2022 Annual Roundup
Pendulum 2022 Highlight Reels
As the calendar flips to a new year, there’s no better time to reflect on the past and look toward the future. 2022 has been a journey that has taken us to new heights despite facing the challenges of the bear market and its volatility in 2022. Along the way, we have succeeded in establishing ourselves as a serious player within the Polkadot ecosystem as well as DeFi at large.
The year has been a whirlwind of achievements. In this round-up article, we’ll take you on a journey as we highlight Pendulum’s greatest triumphs.
- Securing a Polkadot parachain slot in a record breaking 3 minutes
- Amplifying our impact by winning the Kusama crowdloan and locking in 24,000 $KSM
- Releasing $PEN tokenomics and utility
- Rebranding to tell our story better and connect with our community
- Launching the Grant Program to support ecosystem growth and development
- Experiencing tremendous growth in our community in just one year
Now let’s dive deeper into them!
Pendulum’s Polkadot Parachain Slot Win
On 23rd December, we made a splash with a record-breaking parachain crowdloan on Polkadot!
The Polkadot parachain auction #35 was a historic moment for us when we raised 300k dot hardcap in just 3 minutes, making us the fastest parachain crowdloan in Polkadot. The outpouring of support and interest from both the Polkadot community and thousands of retail investors has been truly humbling, and it’s clear that there is a high level of excitement and belief in the future of our project.
This success is a testament to the hard work and dedication of the entire Pendulum team, as well as the innovative ideas and technology we bring to the table. Building a robust and supportive community has always been a priority for us, and it’s gratifying to see that our efforts have paid off.
Built on Substrate, Pendulum will be able to benefit Polkadot’s shared security while retaining control over its own governance. Additionally, the advanced smart contract compatibility of Polkadot will allow the development of a fiat-DeFi ecosystem on the Pendulum, including AMMs, lending protocols, forex-optimized market markets, and more. And we are one step closer to our mission of bridging the fiat world to the DeFi ecosystem.
Amplitude’s Kusama Parachain Slot Win
Pendulum’s success with crowdloans in 2022 was proof of the strength of the community we created and the innovation we contribute. However, our journey to this milestone began earlier in the year with Amplitude’s crowdloan success on Kusama parachain slot.
In July, over 604 contributors from around the world locked in 24,000 $KSM. And it was a clear indication of the trust and belief in our project.
Amplitude’s three main focuses are on battle-testing core chain features, translating EVM contracts to Wasm, and serving as a testing ground for developers to try out their fiat dApps. The network was rolled out in an agile manner to perform safety, stability, and robustness tests in production, minimizing any risks for users and creating a better system than a big and bulky launch.
We are grateful to our early supporters, who have been with us since the beginning, and have faith in our project.
Pen Tokenomics & Utility
The countdown to the highly-anticipated $PEN Token Generation Event has begun. Scheduled for February 2023, our native token of Pendulum will pave the way for a new era of transactions, governance, and staking within the Polkadot relay chain. Now let’s take a look at the overview of our $PEN Tokenomic.
Ticker: $PEN
Relay Chain: Polkadot
Supply Structure: Inflationary
Total Supply: 200,000,000
Initial Circulating Supply: 15,200,000
Supply at Genesis: 160,000,000
The $PEN Tokenomic also includes a well-planned vesting schedule for all community and backer tokens, to ensure the long-term growth of Pendulum. The vesting schedule unlocks linearly over 2 to 3 years, ensuring that all participants are incentivized to work towards the project’s success. This vesting schedule is planned to align the interests of the community and the backers with the long-term vision of the project, guaranteeing that everyone is working towards the same goal — the success of Pendulum.
To the details of $PEN tokenomics and its utility, please visit the articles:
Pendulum Rebrands to Reflect Our Mission and Vision
At Pendulum, our mission has always been to bridge the gap between traditional finance and decentralized finance, hence the name “Pendulum” to represent the movement between the two worlds. To visually communicate this concept, we have rebranded our logo to be simple and elegant, capturing the merging of centralized finance with decentralized finance and the pendulum swing between the two worlds.
The new logo tells the Pendulum’s story in a simple yet impactful way. The evolution of our brand storytelling becomes much clearer when comparing the new logo to our previous one, showcasing the progress and journey of the brand toward its mission and effectively communicating our brand identity to the world.
Ecosystem Grant Program
As we move forward on our mission to build the fiat DeFi future, the Pendulum Grants Program is an important step in offering support for projects that are building out the internet of fiat ecosystem and infrastructure. Our goal is to help accelerate the growth of the ecosystem and bring about the future of fiat DeFi.
The grant program will provide financial support and access to our team’s expertise in selected projects, as well as provide opportunities to grow your network by connecting with our tech, marketing, and community connections. If your project aligns with our mission of building out the internet of fiat, we encourage you to apply for a grant and join us in this journey.
Together, we can make a real impact in shaping the future of finance, by providing the support, resources, and connections needed to bring new and innovative projects to fruition. Let’s work together with Pendulum to create a brighter, more connected, and inclusive financial future!
Community growth
As we reflect on 2022 it is clear that, like a snowball gathering momentum as it rolls down the mountain, our growth metrics have continued to soar as we have seen tremendous growth across all of our community channels.
The growth and success we’ve seen are a direct result of the unwavering support and passion of our community. Even in an industry known for its constant evolution, it is the passion and consistency of our community that has propelled us forward. We are grateful for everyone who has believed in Pendulum and our vision for a better financial future, and we extend our deepest appreciation to each and every one of you in the community! Thank you!
What’s Ahead in 2023?
As we approach the end of 2022, Pendulum’s team is eager to take on the new year with a renewed sense of ambition and drive. Our roadmap for 2023 is set to bring about a number of groundbreaking developments in the DeFi industry.
At the forefront of our efforts is the launch of Pendulum on the Polkadot ecosystem in February 2023. This launch will be accompanied by a token generation event (TGE). Once live on the Polkadot network, Pendulum will roll out several novel solutions, including trust-minimized cross-chain bridges (Spacewalk), support for a broader range of fiat-pegged stablecoins, state-of-the-art smart contracts, native-level compliance, and privacy layers, as well as on-ramps and off-ramps integration with local banking channels.
In addition, $AMPE tokens will also be transferable. This will conclude the democratization process and soon after, $AMPE tokens will be tradable. $AMPE will also be listed on the Zenlink AMM, which will allow cross-chain swap.
Our Spacewalk launch is another exciting development on our roadmap. The bridge will initially connect Stellar to Polkadot and then branch out into other blockchain ecosystems as well. It is a trust-minimized cross-chain bridge that will open up flows of stablecoins from Stellar to the Polkadot Ecosystem. This bridge will also enable Pendulum to offer a wide range of DeFi utility services for fiat stablecoins and provide a faster, more transparent, and more reliable forex experience than any other blockchain platform.
Additionally, we will be launching Amber, which is a proactive market maker (PMM) that is set to revolutionize the DeFi space. It is proactive because it has a price oracle that adjusts prices and is therefore not reliant on getting arbitrage, allowing it to avoid impermanent loss and enabling Amber to access new sources of liquidity such as Forex, all while operating with lower slippage and fees compared to other AMM designs.
With all these developments, the future looks bright for the Pendulum ecosystem. The launch of lending dApp, decentralized identity, and fiat on- and offramp are some of the exciting things to look forward to in 2023. We’re dedicated to bringing the best solutions to our users and we can’t wait to see what the future holds.
As we come to the end, please note that this roundup is just a glimpse of all that’s been accomplished in 2022 and we have many more exciting things to come in 2023. We’re looking forward to another year of growth, progress, and innovation in the Polkadot and DeFi ecosystem. You may check our roadmap for 2023 on our website.
To all of our readers, we thank you for reading this roundup and your constant outpour of support and engagement that drives us to innovate and push the boundaries of what is possible in the DeFi space. We wish you a great start to 2023! Let’s brace up for more exciting things to come in 2023!
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!
Twitter | Telegram Announcements | Telegram Community | Discord | Reddit
