Pendulum & PEN
Pendulum won auction 35 and our Polkadot parachain went live on Mainnet 14th February 2023.
A Polkadot crowdloan serves to trustlessly crowdsource DOT to bid on a parachain slot in Polkadot's parachain auctions. It is not exactly a loan, rather it is a way of locking your DOT tokens in order to vote for a parachain to successfully win a parachain slot in the network. For more information see our quick overview.
This crowdloan allowed Pendulum to raise the required DOT to secure a parachain slot on Polkadot and to distribute PEN tokens to the early supporters in the community.
Pendulum Crowdloan details include:
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
Exchange listings for PEN are projected for late February 2023. PEN will be the native token of Pendulum. PEN utilities include powering transactions as the Pendulum gas token, governance, and staking.
Relay Chain: Polkadot
Supply Structure: Inflationary
Total Supply: 200,000,000
Initial Circulating Supply: 15,200,000
Supply at Genesis: 160,000,000