Pendulum Chain Launches Spacewalk Bridge to Connect Fiat Currencies with DeFi

After months of testing, Pendulum Chain has launched the Spacewalk bridge, a new framework for connecting fiat currencies with decentralized finance (DeFi)

Pendulum Chain, a decentralized finance (DeFi) protocol, has unveiled Spacewalk bridge, a novel framework to connect fiat currencies with decentralized finance (DeFi).

According to an X post on June 20, Pendulum announced that Spacewalk integrates Stellar’s fiat-anchored payments with Polkadot’s DeFi ecosystem. This enables the bridge to connect Stellar and Polkadot to send and receive stablecoins and crypto assets on both blockchains.

What is Spacewalk?

Launched in April 2024, Spacewalk is a trustless bridge that aims to create a fiat-connected decentralized finance (DeFi) ecosystem. The bridge is designed to facilitate the use of fiat and crypto assets and enable the development of composable dApps across different blockchain networks.

Meanwhile, Pendulum is a renowned DeFi protocol seeking to bridge the gap between traditional fiat and the DeFi sector, offering several synthetic and decentralized services and products. For instance, Pendulum aggregates fiat-backed stablecoins from major blockchains and injects them into the DeFi ecosystem to enhance liquidity.

The integration with Stellar and Polkadot, which includes DOT’s sister chain, Kusama, could also lead to the creation of new decentralized and synthetic financial products that leverage the strength of both ecosystems.

This announcement comes as decentralized forex trading, also known as on-chain forex, is gaining traction in the crypto market, according to a research paper from Uniswap and Circle published in 2023.

As the name suggests, Onchain forex brings the traditional foreign currency exchange into the blockchain through fiat-backed stablecoins.

This provides traders with a 24/7 forex market, while liquidity is supplied by users through liquidity pools (LPs).

News source：https://www.kdj.com/cryptocurrencies-news/articles/pendulum-chain-launches-spacewalk-bridge-connect-fiat-currencies-defi.html

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