Pendulum Wins a Polkadot Parachain in 3 Minutes!
Making History: The Pendulum auction contributions hit the hardcap of 300,000 DOT in a record-smashing 3 minutes
Pendulum is delighted to announce that we were DotSama’s fastest-ever crowdloan, with the 300,000 DOT (approximately $1.4M) hardcap being reached in 3 minutes! We are very grateful for the overwhelming support shown by the community. The Pendulum team was quietly confident of victory, but the overwhelming demand surprised us. Verify the result on Parachains.info here.
As our Co-Founder, Meinhard Benn tweeted, our auction was the fastest auction to reach its cap by a longshot. And our cap was relatively high. Here are the top five:
- Pendulum (300k DOT): 3 minutes
- Mangata (14k KSM): 1 hour
- Aventus (200k DOT): 24 hours
- Oak (150k DOT): 60 hours
- Genshiro (2k KSM): 64 hours
Welcome Pendulum
Pendulum aims to build the missing link between fiat and DeFi through a fiat-optimized smart contract blockchain. Polkadot allows parachains to benefit from its security while maintaining independence over their governance. With Polkadot’s advanced smart contract compatibility, an entire fiat DeFi ecosystem can be developed on the Pendulum parachain, including AMMs, lending protocols, forex-optimized money markets, and more. The roadmap includes cross-chain bridges linking Pendulum to Ethereum, Cosmos, and all major crypto ecosystems. Spacewalk, our trust-minimized bridge between Stellar and all substrate chains, is already under development. Pendulum will be powered by the native PEN token.
Welcome PEN
The PEN TGE (token generation event) is projected for February 2023. PEN will be the native token of Pendulum. PEN utilities include powering transactions as the Pendulum gas token, governance, and staking.
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 article below details the PEN tokenomics and the 50/50 distribution split between the community allocation and the early backers & builders allocation. You can also find the vesting schedule details of each party:
To learn more about the value of holding the PEN utility token, read this detailed article:
Crowdloan Details
The crowdloan allowed us to raise the required DOT to secure a parachain slot on Polkadot and to distribute PEN tokens to the early supporters in the community. Read our article on exactly how Polkadot parachain auctions and crowdloans work here.
Lease period: 96 weeks
Vesting: 10% released upon TGE (token generation event)
90% released linearly over 96 weeks
Eligibility: Users must agree to Terms and conditions, No KYC required
DOT Lockup Period: 96 weeks
Token Received: PEN
Redeeming DOT: Your DOT will be unlocked and returned to you without any input required
Summary
A huge thank you again to the Pendulum People for making this crowdloan a record-breaking success! Please visit our FAQs page for more details on the Pendulum crowdloan process and bonuses. Swing by our Telegram or Discord any time and ask us any questions. Next stop, PEN TGE. The future of Forex on DeFi begins now, and we are grateful to have you on this journey with us!
About Polkadot
Polkadot is a sharded protocol that enables blockchain networks to operate together seamlessly.
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. Developed by Satoshipay.
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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