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Pendulum: Connecting Fiat & DeFi
Hello everyone, mic check 1,2.
Hey, hey, hey, can you hear your good?
Awesome. Curial is that you? Perfect. My speaking to you in person now.
How you can hear me? Yeah, loud and clear. Sound is good on your end, but there is a little bit of echo when I'm speaking and you're not unmuted yet. Yeah, yeah, I know.
Alright, perfect. Yeah, let's wait a little bit for people to trickle in.
Yeah, sure, let's wait for a couple of minutes. Couple of folks from my team should join and then we will get started. All right, sounds good. Curial, where are you located?
I'm in port now. Ah cool. What about you? Yeah, close to Frankfurt is where I'm at. Most of the team is located in Berlin, but they trust me enough to be working from my own apartment. That's cool.
Okay, I think we can get started. So today we have an AMA with Bandolum Chain and awesome project and we have John here. Sorry, Jonathan here from Bandolum Chain. Jonathan, please introduce yourself and give us a little
bit of info about what is Pendulum in general and what do you build there? Yeah, thanks so much for having us. Yeah, name is Jonathan. I'm the Community Manager of Pendulum. Very happy to be here today. Yeah, so what is Pendulum? Let's start right there. So Pendulum
Andalum is a layer one that aims to integrate traditional forriks markets with decentralized finance. So we are really set in a good position to offer a lot of yield opportunities for anybody that is using stablecoins. I guess that is a bunch of people out there. And all the while,
facilitating cross-border payments and forex trading. So we are definitely going to be pioneers in on-chain forex trading and everything cross-border payment related. And for the retail side of things that will come with a lot of yield opportunities, I'm sure we'll be talking about
that a little bit. So yeah, traditional finance just has so much to gain from getting their feet wet in WebFree and yeah, we are basically in a very good position to make that happen, to facilitate that and I think I'll leave that that for the introduction.
Back over to you, Kirill. Yeah, thanks for your intro.
So let's deep a bit bitter and can you please answer on what problems do you solve on the panel? Yeah, so it will probably be a big surprise to a lot of people as it was to myself cross-border payments.
still a very, very tough feel to tackle, even in 2023. So sending money from one country to another country, surprisingly, still has a lot of shortcomings. It is slow, it is in transparent, fees up to 25%.
And in some extreme cases, you even have business people getting on a plane with cash in their back to deposit it in another country. So definitely there is a lot to do here. And that is what we want to solve. We want to enable companies and everyday people.
to be able to send money from one place to another without the cost, without the interest perancy and it just works. That is where we want to get at. And tying into that is then also Forex Exchange. So sending
from one country to another in the same currency that is less of a challenge than sending money from one place to another with a currency swap in between. So on chain Forex still use case that is largely untapped. We are bringing it
on chain. So very excited for that. So yeah, that should be pretty big. We are tackling the problem of money remitants still being very inefficient also while bringing Forex on chain, the biggest financial market in existence.
And yeah, it is time that it's making its way to web free. So yeah, these are the two biggest problems that we are solving. Access to financial services for everybody is very important for us in this context.
Also, the lack of tokenized fiat and the availability of on and off ramps is also still a very large problem. So a lot of people are faced with not having a stable coin in their local currency and even if it exists then cashing in and out of crypto,
still a problem. So that is something that we are tackling as well. We want people to be able to turn their cash into crypto as easy as possible and in as many places across the world as possible. So yeah, that's the problem that we are tackling here at Fenelo.
Hey, this is Joe with Alpha Growth here. Sorry, it came in a few minutes late. So you just covered a ton of stuff which is awesome and definitely want to dive into all kinds of different solutions. But out of all those things, all the problems that you guys just talked about, what do you think is the biggest
And most pertinent that that pendulum is going to be solving and how how is it actually going to work, especially the 4x on chain. That's kind of the that's what I'm most curious about. Hey Joe. Yeah, welcome. Yeah, that is definitely one of my favorite topics as well. So, um, pendulum is our blockchain.
and 0x amber is the Forex automated market maker that is going to launch an hour chain. So that is essentially going to be specialized for the Forex use case. And yeah, the Forex use case is really, as I previously said, untapped, right? There is no real
good way of exchanging foreign currency and being able to cash it in and out. You can of course already swap one currency for another in, yeah, for example, Curve, but doing it on a large scale, the slippages too high, the associated costs are still too high.
That is something that is going to be tackled with 0x amber. And it is coming with a lot of cool innovations. I think maybe a good chance now to touch upon some of these. Please interrupt me whenever you want to, Joe, or Kirill if you have any follow-up questions. So just going through the list of things that
make zero zero X-Amber unique and really cool is it is going to come with no impermanent loss for liquidity providers. So if you have USTC, Brazilian Real, you don't have to pair them with another currency and then running a risk of having impermanent loss. That is
There is single-sided liquidity provisioning options. So yeah, I think that is what a lot of liquidity providers love to hear. Also, the Oracle that is baked into Pendulum is updating prices proactively on zero
So for example, Uniswap is completely relying on arbitrage. Bitcoin in Uniswap is $18,000 and it goes up to $20,000. It relies on somebody to buy it up to bring it to the real price.
zero X amber, we have an Oracle that is scanning for price feeds very frequently and is then updating the prices in the liquidity pool. So yeah, that should mean that people or liquidity providers do not rely on arbitrage
which is bad for every liquidity provider if they're on the losing end of a trade. Yeah, what else? There is a bunch of cool features. So definitely worth checking out the the white paper at zeroxamber.com, I think.
Yeah, exactly zero x amber dot com. Yeah, okay. That's me waffling a little bit about our for XAMM. Yeah, pretty pretty exciting stuff.
Can you speak a little bit further into how you've combated the impermanent loss problem and what that looks like? Yeah, sure. So 0x Amber is utilizing two types of pools. There is the single
So, there are two side liquidity pools and then there is the backstop pool. The backstop pool is actually taking on impermanent loss and that is also coming with a higher reward ratio. So, yeah, there is basically this disentangling of, yeah,
rewarts for liquidity and the pooling of that. So yeah, that is how it's handled. You can choose to take on impromant loss and that is more to the traditional AMM design or you can choose to provide liquidity in the
single-sided pools. So there is the differentiation here and yeah everybody that wants to take on impermanent loss for a higher rewards can do so while everybody also has the option to yeah receive rewards without any of the impermanent loss risks.
Okay, very, very cool. Yeah, I appreciate you diving in a little bit more to that and I Want to keep it a little bit structured, but super excited to hear about you know some timelines in terms, you know kind of what what do we have to look forward to in the in the very near future Yeah, yeah, so
Just to briefly explain a little bit about the approach that we are taking. So we are running two chains. Our polka dot parachain is pendulum and our kussama parachain is amplitude. So with this approach, we are essentially having a chain where we can
try everything where we can run innovation in experiment a little bit and that would be amplitude and this is where most of the action will be taking place first. So here we are currently at the stage of integrating with the first decks that has been
a little bit of a troubled road there, but now we are very close. So just giving an idea, we are going to issue the unstake warning rather soon in the coming days so that everybody can unstake their tokens and participate in the liquidity boots
So that is coming very shortly for amplitude. Also spacewalk is coming to amplitude as well. Spacewalk is the bridge that we are building from Stella to the dot sum I ecosystem to briefly touch upon that.
Yeah, that is coming first to amplitude, then if everything is running as expected, we are going to launch it on Pendulum shortly after that. And then also we are looking forward the 0x amber launch on Pendulum. Yeah, putting it into time
Timeboxing is a little bit challenging. Deadlines and software development are not really friends, but it's looking like it's very, very close. So keeping tabs on our socials is definitely a good idea for everybody wanting to get their hands on our stuff as early as possible.
Hey, can you hear me? Yep. Okay, awesome. I've been having some some issues today with with I don't know if it spaces or my my phone or whatnot, but okay, that's awesome. Really appreciate really appreciate you filling us in there.
Okay, so if you we talked a little bit about you know product in the features and but personally what are you most excited about? Yeah, so I'm a dejan so whenever there is something new in defiant that is coming with a year's opportunity then I am definitely on board
with that. So there's going to be a bunch of that and I'll definitely looking for a new home for my stablecoin allocation. So just being able to jack that into 0x Amber and getting yield on that without the risk of impermanent loss, that is definitely what I'm most excited
about. I have already come up with a 12-step plan on how to play the start of the product here really well. But all the DeFi hats should really be paying attention here. So for me, definitely it's going to be 0x amber. I am expecting it will make a
lot of waves in the DeFi space. And yeah, so I think this is the place to be with stablecoins when it launches and that's why I'm so excited about it. And will you be sharing those 12 steps with the community at some point? Yeah, I'll have to confer with my lawyer
here. If I'm giving out educational purpose information or if it is akin to getting SEC, I'd rather like to avoid the second option. So we'll see. We'll see. If you see a community posted 12-step plan then wing-wing. That's great to know.
So I guess yeah in terms of how the DeFi integration is actually going to look and that's going to be pretty straightforward as to the different types of DeFi apps that is all going to be in one place, kind of like obviously on the iPhone you've got the App Store
So we are running a grant program, so we definitely want more cool stuff to be built on Pendulum. So if you're a builder, if you know somebody that is building cool stuff, you can go to the
stuff. Yeah, let them know to check out our client program. Yeah, having everything in one place, I think it starts with the wallets and the pocket art space has some fierce competition in the wallets space and it has rang about some pretty, pretty solid projects.
So for example, you have Talisman, you can plug it in wherever MetaMask is accepted essentially. And this way you can manage everything on the podcast side, everything on the Ethereum side, a bunch of other chains. So yeah, that should hopefully make it easier for people so they don't have to operate.
We also currently explore a partnership that should make it easy to explore all of that from the phone without
Yeah, requiring additional software. We'll see how that goes. We have an announcement pending there, but yeah, availability pretty crucial to adoption. So yeah, we have very much focus on that as well. Yeah, can you talk a little bit more about that? That sounds really interesting.
Yeah, for sure. So one approach that we are taking here is the Pendulum Portal. That should just make it easy for everybody that is not really too familiar with DeFi, with crypto. Essentially, it will be the central hub for
facilitating all the cool stuff that you can do on Pendolom. So staking, governance, we want to simplify a lot of these processes and offer a cool UI that hopefully should make it easy for your grandma to be to be using Pendolom. All the while, of course, exploring
is highly encouraged but breaking down the core functions in an easily understandable manner is probably crucial here. And then of course also for good adoption you need some pull factors. Why would people want to adopt your product, your chain,
And therefore, I'm very much convinced that we have to offer attractive yield for people to make their way over to our chain. Check on that. So that is definitely coming. Then of course, it also needs to be somewhat simple to use.
I think we're also in a good path there, but ultimately I think attractive yields, coupled with safety aspects, I think is a very strong pull factor. Therefore I'm expecting that once a product are live, I think people
will agree there's a good reason to make their way over to Pandalon. Yeah, especially with the high yields. Absolutely. That's gonna be awesome. So you mentioned a little bit about grants. I'd love to talk a little more about what that looks like and the process of that. Yeah, sure. So
everybody that has some level of technology is invited to apply. So we're giving out money and expertise. So if you want to be on the call with our rockstar developers, that's your chance. We are building, we are looking for people that build everything
traditional in the EVM space automated market makers, money markets. Yeah, you name it. So everything that is popular on Ethereum and you want to essentially just port it over. There's a big opportunity here to get funded for that.
And yeah, our team will be assisting all along the way. So as far as I'm aware, I'm not the expert here on our grant program, but the process is just that people would outline their idea. There is an initial round of feedback and then
It is moved to the phase where milestones are discussed and the grants that are associated with that. So, yeah, that is how the process would work. We are already having some promising candidates that we are in talks with, but yeah, the Mortimerio, of course.
It's great to hear. You talked a little bit about the types of teams, the types of products that you're looking for, but is there a place where someone could go and look for maybe RFPs on specific asks that you guys have?
Oh yeah, absolutely. So definitely want to invite everybody to go to our page, PendulumChain.org and yeah, browse through the top bar and there you'll be finding our ecosystem-crant page and there we go into much, much more detail. So you
Yeah, that should hopefully give everybody an idea on where to start. Okay, that's awesome. And other than, you know, builders and in-depth building on pendulum, what other- what are the kind of partnerships is, you know, are on the road map for this year?
Yeah, so our BISDEF team is doing a lot of work. We already see a lot of that manifesting in the partnership announcement that we boasted this year. So that is really ranging from the stablecoin issue was on and off ramps.
We of course have Stellar as a big partner in our ecosystem here. And yeah, the depth outreach of course, the ecosystem grant. And then also with Indy.Sama space, we have a lot of partnerships with other power chains.
So that is really great. We can essentially teleport our token from our chain to another and vice versa. So that is a lot of cool stuff and we definitely want more of these partnerships within.sama. So that is opening up a lot of cool opportunities. The big brains of the.sama.sama.sama.sama.sama.sama.sama.sama.sama.sama.sama.sama.s#
space are still coming up with cool stuff that this technology enables so we definitely want to be part of that. And then of course, yeah, everything from traditional finance institutions, small to medium businesses, we are onboarding a lot of them
already into potentially using Pendulum into for dealing with stable coins as on an off-rand partners. So yeah, there's a lot of businesses out there who can really benefit from moving into Web3 and our business development team is doing a huge outreach
to get as many of them in the back as we can. So, yeah, that is basically it. So, we are looking for people that are building on chain. We are looking for businesses that want to move from Web 2 to Web 3. Yeah, then also within Web 3, stablecoin issuers,
Builders on and off ramps, you name it. And yeah, I think that's it off the top of my ad. Okay, let's let's dive in a little bit deeper to the, you know, the kind of the web 2 to web 3 as a service angle and kind of what the approach is and what that actually is going to look like. And, you know, obviously we've
We've all got some connections in the Web 2 world. And so, so far, I don't know about you, but a lot of the times when I'm talking to my friends that are working in business and finance, traditionally, they're still a little bit confused and they don't really see the value proposition. So what is it that Pendulum is kind of offering to those Web 2 companies?
Yeah, so money transmittance is of course one of the things that any business can really benefit from whether they are a financial service provider or not and for financial service providers there is definitely a lot of opportunity here. So without really
So, really being able to go into a lot of detail here, there are definitely financial service providers that would really fit the shoe here off the top of my head. So, anybody that is dealing with insurance, everybody that is dealing with money lending, that is something that we
are currently looking at, we have been touring Africa recently and there are a lot of businesses who are really interested into transforming their payments, how they pay other companies abroad, etc. but then also specifically to definitely
service, services they provide, such as lending, borrowing, insurance, etc. So yeah, we are doing a lot of exploration here, how to get them on chain, and that is looking very promising. I'm sure we will have some announcement that are going to outline that in more detail.
Beautiful. Thanks for sharing that.
On a do you have a question? Can I go next? Yes, hi, Jonathan. It's Anna here from Alifagras and from Halibur not far away from Frankfurt. I have read in team class and if I can, Jonathan, how secure is Pendulum and what
What is the biggest milestone that you have achieved? Yeah, hey, Anna. Yeah, so the structure of Polkadot is allowing for really great security for layer one blockchains that are getting started. So traditionally, if you're running a
You need a set of decentralized validators and spinning that up can be very demanding also in terms of Yeah, paying them for for providing that service etc. And then also you have to rely on them actually being yeah not malicious
So the setup with polkadot is that polkadot is acting as the relay chain that is essentially forming consensus from the power chains that are plugged into it. So that is already allowing us for a lot of security. We can essentially show
share in the security setup of Polkadot without having to spin up everything from ground up. So that is great. So that is just about the setup of Polkadot that is well considered to be making a layer on blockchain's more secure. Then of course also
extensive in-house testing and also external auditing. So for example the spacewalk bridge has just recently passed the 30k audit. So that is also something that we're keeping tabs on. And then also game fury is something that we
consider as well. So without going into too much detail here, after making sure that the code of spacewalk is secure, the approach that we are taking is making it so that if anybody of the world operators misappropriates funds, then their collateral gets slashed. So
It doesn't really make sense to be malicious to begin with and then we are also of course making sure on a code level that nothing unintended can happen. So so much for that. Let's talk about the biggest milestones.
I would say there are still a hat, but if I really had to look back, then I would say it's been a great show of confidence that our crowd loan has filled in three minutes. Depending on your familiarity with Polkadot, it's probably worth explaining a little bit what a crowd loan is.
But biggest success in my mind, yeah, smashing it in three minutes, I think it is. Yeah, the number one record in How Fast a crowd loan was filled so far. But yeah, much more excited about the milestones that are ahead. Zero X Amber would be my number one pick here.
Cool! That sounds awesome.
Thank you for sharing with us. And I had a one more question in my head. And one more writing king craftsman from my side. What are the biggest mistakes and what were the lessons that you have learned from the past?
Yeah, so I would definitely mark here that we have been having a little bit trouble with deadlines that had to be kept postponement. So yeah, I mean we already knew that software and deadlines
It is somewhat of a tricky topic and yeah, so we have improved a lot on our ability to really predict when is it ready to be shipped and Yeah, that would be something that I would improve if I could go back
in time to manage expectations a little bit better. And yeah, I think we have already applied all the learnings here. We have a much, much more accurate way of predicting when a rollout will be actually finished. I think that is what I would point out here. Yeah.
Thank you. I think that this is not the most biggest problem in general with all face this question because we're human beings sometimes the expectations are so high in the beginning of our world and then at the end just time
It's going so fast that we don't have enough or doing everything that we want to do. Yeah, you got it. If it was on me, we would launch everything today, but yeah. I'm not wrong.
on writing the code, luckily. So yeah, we'll have to wait until it's finished. Okay, great. Okay, so what are some questions that we haven't discussed that you wish we would have asked?
Hmm, that is a good one actually. I think you really touched upon the most important things. I got to talk a little bit about Amber. I got to talk a little bit about spacewalk. Yeah, yeah. So these are basically the topics that I love
discussing most. If you have any follow up questions on those, you let me know, but I think you've done a pretty good job with coming up with good questions. Okay, great. And let's see. I think we talked very briefly about how to keep up with you guys.
Yeah, that would be definitely our Telegram Twitter Discord. That's where we are active the most. You will find some of us hanging around there 24/7. So if there is any questions Telegram Discord definitely the best place to
ask. Oh yeah, let me maybe point out here at this point that we also have an ambassador program. So yeah, you can climb up the ranks fairly quickly, go into our discord and hitting a button, boom, is the first step and the first level out of five. So
So yeah, definitely worth checking that out as well. Yeah, so Twitter, Discord, Telegram, that's what you need to follow us for sure. Okay, great to hear that. And I don't think we covered this, but in five years from now, what do you think, Pendulum?
will be known for. Yeah, so I'd like to be, um, pendulum the number one hub for on chain forex, um, let it be known for their availability of stable coins, the yield opportunities for everybody.
And yeah, for business use case great Forex on chain. I think that would be great. I like that narrative. That's awesome Very cool. So I guess we can open it up to anybody else in the office
audience that might have a question for you. Sure, that's good. If any one of the audience has anything they would like to add or question, then feel free to request a speaker and we can get you up here.
I see Ian Wong in the audience. Hey mate, how's it going? One of our regulars in the chat.
Awesome. Well, it looks like we did a pretty good job covering everything then. Apparently so, yeah. Well, it was so nice to nice chat and really appreciate your time and I think are you going to be a consensus in Austin? I would have to check, but I don't
think it is the case, no, but I'll be double checking that and I'll be letting you know if we're attending. Yeah, if anybody on the team is here this week, we'd love to love to meet up with them and see about how we can how we can help fill some of these RFPs and help get some of our our builders building cool stuff on Benzulem.
Sounds great. Yeah, I'll be double checking and be definitely reaching out of the case. All right, that's awesome. Well, if there's if there's not anything else that you'd like to add, I think we can we can call that a wrap and really appreciate it. Yeah, thanks so much for having me.
us. So also wanted to shout out Alpha Grove, check them out. If you're building cool stuff, you'll be finding a lot of opportunity there. So yeah, thanks a lot guys for having us. It's been a pleasure and let's do this again one day. Beautiful. Thanks for everything.
Thank you, and goodbye. Bye-bye. - Bye-bye. - Thanks, everybody, for joining. If you are building a cool product, and obviously Pendulum's a great contender for where to build, but if you're looking for multi-chain opportunities, fill out a profile on AlfaGroath, and we'll connect you with all kinds of different ecosystems.
Thanks for being here, guys.
FAQ on Pendulum: Connecting Fiat & DeFi | Twitter Space Recording
Who is the community manager of Pendulum?
Jonathan is the community manager of Pendulum.
What is Pendulum?
Pendulum is a layer one blockchain that integrates traditional forex markets with decentralized finance.
What problem does Pendulum solve?
Pendulum solves the problem of inefficient and expensive cross-border payments, as well as the lack of tokenized fiat and availability of on and off ramps.
What is 0x Amber?
0x Amber is the forex automated market maker that is launching on Pendulum's blockchain.
What makes 0x Amber unique?
0x Amber has no impermanent loss for liquidity providers, provides single-sided liquidity provisioning options, and an oracle that updates prices proactively without relying on arbitrage.
How does 0x Amber handle impermanent loss?
0x Amber utilizes two types of pools: single-sided liquidity pools and backstop pools that take on impermanent loss for higher reward ratios.
Where can one find more information about 0x Amber?
More information about 0x Amber can be found at zeroxamber.com.
What is the goal of Pendulum's forex trading solution?
Pendulum's forex trading solution aims to bring forex trading on-chain and provide efficient and cost-effective exchange of foreign currencies.
What is the biggest problem that Pendulum is solving?
The biggest problem that Pendulum is solving is inefficient and expensive cross-border payments.
Who else is participating in the conversation?
Joe, from Alpha Growth, is also participating in the conversation.