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The Pendulum journey began with SatoshiPay connecting the world through instant payments in 2014 and has evolved to building a fiat-optimized Pendulum chain on Polkadot today. In 2014 SatoshiPay founder and crypto pioneer Meinhard Benn set out to make micropayments fast, global and easy. In 2019 the multi-signature wallet for stellar was launched and 2020 saw SatoshiPay process more than 1,000,000 euros in borderless content payments. This led the team to discover a problem. The problem being that many global fiat backed stable-tokens (such as those on Stellar) currently cannot take advantage of use cases on smart contract blockchains.
Pendulum aims to become the missing link between fiat and DeFi and connect fintech companies and forex markets with the opportunities of DeFi. To achieve this, the interoperable smart contract blockchain Polkadot was chosen as the foundational layer zero to build on. With Polkadot’s advanced smart contract compatibility, an entire fiat DeFi ecosystem can be developed on the Pendulum chain including AMMs, lending protocols, forex optimized money markets, fiat yield farming opportunities and more. Spacewalk, the trust-minimized bridge between Stellar and all substrate chains, is under development. Cross-chain bridges linking Pendulum to Ethereum and all major crypto ecosystems are on the roadmap.
1. Received Stellar R&D grant to build Pendulum chain prototype
4. Rocco testnet parachain deployment
5. First milestone of the Substrate Builders Program completed
8. Amber Forex AMM whitepaper
Now that Amplitude (Pendulum's sister network) have won the Kusama parachain auction, the next leg of the journey is to win a Polkadot parachain slot for Pendulum. Polkadot crowdloan participants will have the opportunity to earn PEN token rewards, similar to how the Amplitude participants are being rewarded with native AMPE tokens.