MEXC, the tier one digital asset exchange, has listed PEN. The original asset of the interoperable blockchain in PEN, PEN, opened for trading at 10:00 UTC on March 13.
MEXC has paired PEN with USDT and listed it in the exchange’s Innovation Zone. This will increase access to Parachin Pendulum by exposing new users to its token. In the process, it will deepen the market liquidity of PEN, allowing traders to enter and exit positions efficiently.
The current supply of PEN is 160,000,000 and it serves as the original asset in the Polkadot parachain of Pendulum. In addition to paying for network gas, it is used for governance and balance. In the end, a maximum of 210,000,000 PEN will be generated, with the remainder issued through player staking and Vault rewards.
As a community-oriented blockchain project, 50% of the PEN generated in the blockchain genesis event was reserved for the community. This includes individuals who participated in Crowdloan #35 which was won by Pendulum, earning the right to become a Polkadot Parachin.
Pendulum is focused on bringing global cryptocurrency markets onto the chain to unlock the many benefits that trading within the blockchain framework can bring. These include 24/7 trading, near-instant settlement, and liquidity pooling. Forex markets are notoriously inefficient, with long settlement times and regional price differences. Creating a unified on-chain forex system will allow global traders to access selected markets with transparency, fairness and minimal settlement risk.
Pendulum aims to connect TradFi and DeFi, enabling fintech access to configurable command on an interoperable blockchain framework. Ultimately, Pendulum will provide seamless integration into existing banking infrastructure, expanding the capabilities of both DeFi and TradFi.
Built-in compliance will allow companies to meet their legal obligations, even when transacting on-chain, while a suite of innovative products will give DeFi users the financial freedom they desire.
In addition to setting yet another milestone on Pendulum’s ambitious roadmap, Mexico’s PEN List paves the way for everything that comes next. That includes the integration of Ledger, forex AMM, and Spacewalk — a cross-chain bridge to Stellar — all on its way to the first quarter.