SatoshiPay announced receiving an R&D grant from the Stellar Development Foundation to develop Pendulum blockchain.
The new blockchain from SatoshiPay focuses on connecting Stellar to the DeFi ecosystem as a layer 2 blockchain.
The ultimate result of Pendulum will be adding smart contract support to Stellar and connecting it to blockchains like Ethereum and Polkadot.
It can be a great step for Stellar blockchain, and it’s the reason we see SDF giving grants to the development team.
A Strategic Step for Stellar Blockchain
Stellar Development Foundation focuses on improving the Stellar blockchain by running various investment and support programs.
Next to managing the development processes on the blockchain itself, the foundation plans to support as many blockchain projects as possible that help Stellar grow faster. SatoshiPay is the latest blockchain team that receives a grant from SDF to develop a useful tool.
Pendulum blockchain is the subject for receiving the new fund. It plans to add smart contract support as well as a connection to the DeFi ecosystem to Stellar blockchain.
The DeFi ecosystem is maturing but still needs many services to serve the mainstream users better.
The concept is here to revolutionize the finance sector. It still needs bridges and tools to connect easier to the traditional financial industry. Stellar, a blockchain that is mostly focused on payments, has a great reputation for fiat token payments. It can fill the missing part in the DeFi industry by connecting it easier to the traditional financial sector.
The first step toward this goal is supporting smart contract capabilities and connecting to other blockchains like Ethereum and Polkadot. Pendulum blockchain is going to provide all these needs for Stellar.
Pendulum blockchain is a suite of open-source, decentralized protocols for supporting smart contracts on blockchains. It’s a layer 2 blockchain with various tools for connecting different networks as well.
The promises of the Pendulum have resulted in SDF granting the development team. Justin Rice, VP of Ecosystem at Stellar Development Foundation, says:
“SatoshiPay has a proven track record as a key Stellar network and ecosystem participant, and we couldn’t be more excited that they are exploring an opportunity to connect Stellar to the thriving DeFi ecosystem. With its unique tools for compliant connections to traditional banking networks, the Stellar network is well-positioned to connect traditional finance with the innovative DeFi space. Pendulum has the potential to build bridges that increase Stellar’s interoperability with other networks, which could enable new use cases and help unlock the world’s economic potential by making money more fluid, markets more open, and people more empowered.”