MEXC, the tier-one digital asset exchange, has listed PEN. The native asset of Pendulum’s interoperable blockchain, PEN opened for trading at 10:00 UTC on March 13.
MEXC has paired PEN against USDT and listed it in the exchange’s Innovation Zone. This will increase access to Pendulum’s parachain by exposing new users to its eponymous token. In the process, it will deepen market liquidity for PEN, allowing traders to efficiently enter and exit positions.
PEN has a current supply of 160,000,000 and serves as the native asset on Pendulum’s Polkadot parachain. In addition to paying for network gas, it’s used for governance and staking. Ultimately, a maximum of 210,000,000 PEN will be created, with the remainder to be issued through staking and vault operator rewards.
As a community-oriented blockchain project, 50% of the PEN generated in the blockchain’s genesis event has been reserved for the community. This includes individuals who participated in Crowdloan #35 which Pendulum won, earning the right to become a Polkadot parachain.
Pendulum is focused on bringing global FX markets on-chain to unlock the many benefits that trading within a blockchain framework can yield. These include 24/7 trading, near-instantaneous settlement, and liquidity aggregation. Forex markets are famously inefficient, with long settlement times and regional pricing differences. Creating a unified FX system on-chain will grant global traders access to markets defined by transparency, fairness, and with minimal settlement risk.
Pendulum aims to connect TradFi and DeFi, enabling fintech to access composable fiat on its interoperable blockchain framework. Ultimately, Pendulum will deliver seamless integration into the existing banking infrastructure, extending both DeFi and TradFi’s capabilities.
Built-in compliance will allow businesses to meet their legal obligations, even when transacting on-chain, while a range of innovative products will give DeFi users the financial freedom they desire.
In addition to marking another milestone on Pendulum’s ambitious roadmap, the MEXC listing of PEN paves the way for everything that comes next. This includes Ledger integration, a forex AMM, and Spacewalk – a cross-chain bridge to Stellar – all of which are on course for Q1.