Blue Star Capital’s investee firm SatoshiPay has presented a demonstration of its smart contract network Pendulum, an open-source blockchain that aims to establish the missing link between the fiat and the DeFi ecosystems through a sophisticated smart contract network.
A presentation has been published to explain the use of Pendulum at Meridian 2021, a forum for experts in finance, policy, and technology from within and beyond the Stellar community. Its objective is to discuss exciting developments on the network and in the broader industry.
Pendulum is being built around two large blockchain ecosystems, Stellar and Polkadot. As such, SatoshiPay said it expects to become involved in an increasing number of opportunities within the decentralised finance space, a market currently estimated at $100 billion.
It is intended that Pendulum will connect DeFi to the foreign exchange market, building automated market makers (AMMs) to introduce scalable liquidity pools for fiat currencies, and create yield earning opportunities for fiat token holders, the Company explained to investors.
SatoshiPay started the development of Pendulum in April 2021 and later, in May 2021, received an R&D grant from the Stellar Development Foundation to advance its development.
The first prototype of Pendulum, which features a bridge to Stellar and AMM, similar to that found in Uniswap, is now available on SatoshiPay’s internal Pendulum testnet, Blue noted.
SatoshiPay says it expects that the next stages of development to include a public testnet and mainnet, the introduction of sophisticated smart contracts to the Stellar network while simultaneously adding ‘a set of robust fiat assets’ to the Polkadot/Kusama ecosystem.