Polkadot Poised to be Preferred Chain for Forex Traders in 2023

• Pendulum, a fiat-optimized blockchain infrastructure project, recently made history by securing the fastest parachain crowd loan in the history of the Polkadot’s young network.
• Pendulum seeks to facilitate and link the operations of various DeFi applications and protocols with the forex market.
• Polkadot has the potential to become the preferred chain for forex enthusiasts in the near term.

The crypto industry has seen massive growth in the last year, with many noteworthy developments in the decentralized and traditional finance markets. In particular, Pendulum, a blockchain infrastructure project designed to optimize fiat transactions, made history with the fastest parachain crowd loan ever secured in Polkadot’s young network. Funded within an hour and a half, this record-breaking loan highlights the growing influence of Pendulum and the surging popularity of DeFi.

Pendulum is built on Substrate, a popular blockchain-building framework, and it provides a comprehensive digital infrastructure for DeFi dApps and protocols. This allows them to access forex-focused, fiat liquidity pools that offer scalability and yield-generating opportunities for those with different fiat tokens. In essence, Pendulum is positioned to become the go-to layer-1 solution for onboarding Forex traders to the blockchain. This could mean that Polkadot has the potential to become the preferred chain for forex enthusiasts in the near future.

Throughout 2022, Polkadot completed 15 forkless upgrades, demonstrating the network’s ability to make regular improvements without disruption. These upgrades enabled Polkadot to launch its own version of the Ethereum Virtual Machine (EVM), which provides better scalability and faster transaction processing speeds. The successful launch of the EVM enabled Polkadot to offer staking services, allowing users to earn rewards for securing the network.

Polkadot’s success is also due to its growing list of partnerships with leading blockchain projects. These strategic partnerships help to increase the usability of Polkadot and its interoperability with other blockchains. For example, the recent partnership with Chainlink will allow Polkadot to leverage Chainlink’s oracle network, enabling data from external sources to be used in smart contracts and transactions.

The increasing demand for forex transactions has resulted in many projects focusing on Polkadot to become the premier blockchain for forex traders. With its ability to facilitate fast and secure transactions, Polkadot is well-positioned to become the preferred choice for forex traders in the near future. The successful launch of the EVM, the strategic partnerships, and the increasing demand for forex transactions are all factors that could contribute to Polkadot becoming the go-to chain for forex traders in 2023.


View more posts from this author