Stellar Development Foundation Awards R&D Grant to SatoshiPay to Develop Pendulum Blockchain
SatoshiPay announced that it received an R&D grant from the Stellar Development Foundation to develop the Pendulum blockchain.
SatoshiPay's new blockchain focuses on connecting Stellar to the DeFi ecosystem as a layer 2 blockchain.
The end result of Pendulum will be to add smart contract support to Stellar and connect it to blockchains like Ethereum and Polkadot.
It can be a big step for Stellar blockchain, and it is the reason why we see SDF awarding grants to the development team.
A strategic step for Stellar Blockchain
Stellar Development Foundation is focused on improving the Stellar blockchain by running various investment and support programs.
In addition to managing 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 to receive a grant from SDF to develop a useful tool.
Pendulum blockchain is the subject to receive the new fund. It plans to add smart contract support, as well as a connection to the DeFi ecosystem to the Stellar blockchain.
The DeFi ecosystem is maturing, but it still needs many services to better serve core users.
The concept is here to revolutionize the financial sector. You still need bridges and tools to more easily connect with the traditional financial industry. Stellar, a blockchain that focuses primarily on payments, has a great reputation for fiat token payments.
You can fill in the missing part in the DeFi industry by connecting it more easily to the traditional financial sector. The first step towards this goal is to support smart contract capabilities and connect to other blockchains such as Ethereum and Polkadot.
Pendulum blockchain will provide all these needs for Stellar. Pendulum blockchain is a set of open source decentralized protocols to support smart contracts on blockchains.
It is a layer 2 blockchain with various tools to connect different networks. Pendulum promises have resulted in SDF granting support to the development team. Justin Rice, Vice President of Ecosystems at Stellar Development Foundation, says:
“SatoshiPay has a proven track record as a key player in the Stellar network and ecosystem, 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 connections compatible with 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 global economic potential by making money more fluid, markets more open, and people more empowered «.
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