SatoshiPay receives funding from Stellar for the development of the second-tier Pendulum blockchain »CryptoNinjas

SatoshiPay, a payment solution based on blockchain Built on stars, Announced that it has received R&D funding from the Stellar Development Foundation to start the development of the Pendulum network-a new second-layer blockchain that connects Stellar to a wider range of DeFi by adding smart contract support and bridges with Ethereum and Polkadot ecosystem.

Connect Stellar to the DeFi ecosystem

star It is an open source network that can easily create, send and trade digital representations of all forms of cryptocurrency and legal tender. The Stellar network was launched in 2015 and now handles more than 6 million operations per day, and is widely used in the payment field and asset tokenization. On the Stellar network, businesses and developers can benefit from nearly instant settlement within 5 seconds and a fraction of a cent in transaction fees.

With its unique focus on fiat token payments, Stellar is well suited to serve as the missing link between traditional finance and the evolving DeFi industry. To this end, the Stellar network needs to support custom smart contract functions-a prerequisite for advanced DeFi applications-and build bridges to connect them to other relevant blockchains in the ecosystem. This is exactly what SatoshiPay’s new project Pendulum aims to achieve.

Pendulum Stellar Development Foundation grants

In order to bring more complex functions to the Stellar network without sacrificing network efficiency, SatoshiPay recently proposed Pendulum, which is an open and decentralized protocol on which smart contracts can be developed and executed. As the second layer on top of Stellar, the Pendulum chain is additionally connected to the two most popular smart contract platforms, Ethereum and Polkadot.

“As a major player in the Stellar network and ecosystem, SatoshiPay has a good track record, and we are very excited that they are exploring opportunities to connect Stellar to the booming DeFi ecosystem. Pendulum has the potential to build a bridge and increase Stellar and others The interoperability of the network can enable new use cases and help unleash the potential of the world economy by making capital more fluid, markets more open, and people more empowered.”
—— Justin Rice, VP Ecosystem, Stellar Development Foundation

After completing the initial proof of concept, Pendulum will further develop into a mature decentralized layer 2 blockchain that everyone can access.

“Through Pendulum, SatoshiPay is entering the protocol space, which is an exciting opportunity for us to promote permissionless innovation and increase our impact on the blockchain ecosystem. We have been working with the Stellar team for some time now. Discussing the options for executing arbitrary smart contracts, we are very happy to receive their technical input and financial support. Our goal is to combine the best things in the two worlds-the DeFi application we learned from Ethereum and Stellar’s ??compliant fiat token. It will be exciting to see Stellar’s ??$9 billion market capitalization and $7 trillion foreign exchange market interact with the booming DeFi economy through Pendulum.”
—— Meinhard Benn, CEO of SatoshiPay

Unlimited opportunities for Stellar users

The combination of the existing Stellar ecosystem around compliant payments, remittances, and asset tokenization with new smart contract features opens up a lot of new opportunities.

With Pendulum, Stellar-based services will be able to utilize all different types of DeFi protocols, with a focus on fiat tokens, including automatic market makers (AMM) that can implement foreign exchange transactions without intermediaries, or for instant on-demand liquidity Different currencies in the loan agreement.

Fiat currency holders On the stars, Such as individuals, institutions, and services, will be able to put their funds into use, such as depositing them in a loan pool or providing liquidity to AMM.

The proposed bridge between the Ethereum and Polkadot ecosystems will further facilitate the integration of traditional financial services with the thriving DeFi ecosystem on these blockchain networks, allowing fiat tokens and liquidity to be used in Stellar, Pendulum, and the wider DeFi economy. Circulate freely between.

Pendulum layer model

DTransfer pendulum

SatoshiPay’s cross-border remittance service Transfer Rely on effective foreign currency exchange, because the source currency must be transparently exchanged for the destination currency during the transfer process.

Although this can technically be achieved through Stellar’s built-in decentralized transaction order book protocol SDEX, it requires currency traders as market makers to actively participate in each transfer, which may cause frictions such as delays and outdated exchange rates.

The realization of fully automated market making through decentralized smart contracts solves this problem. Pendulum has developed services such as DTransfer in consideration. Once Pendulum is up and running and deploys the AMM smart contract, DTransfer will benefit from instant currency conversion at the best exchange rate.

Source link