Member Info for ragnarr

Gaz - i've looked back through all RNS back to 2017 and can find no reference to the Stellar Loan notes you mentioned except the £550k USD in 28 May 2020. There was an R&D grant in 2021 for Pendulum development (no figures released) but nothing else that I can find.

Slug - you have made many very valid points and made everyone aware of the negative points to be wary of regarding this stock, but one has to question the relentless need to post the same points over and over again # Ariston :-)

Gaz - how far back are you going - Stellar loaned 550.00 usd in 2020 but cant find info on others ?

BLU

Had a look at the finances and this is how I see it

Back in Nov 2021 Pendulum raised $5m (about £4GBP) and since then have received grants of £100k from Stellar for the spacewalk bridge and another 150/200k from Berkely Accelerator (cant remember the exact amount) so raised somewhere around £4.2m.

Since then the launch of Pendulum tokenomics has provided a treasury of 13% PEN tokens and with a fully diluted market cap currently at around $15m the value of the treasury tokens are around £1.5m ( these can be used to support the development of the ecosystem) and obviously the value of these can either go up or down. So all in all over the last two years roughly £5-6m is in the coffers.

We also have the upcoming Nabla launch – we don’t know the tokenomics of this but rest assured Pendulum will retain a sizable chunk of AMBR tokens as well

So from a Satoshipay perspective its safe to assume that Pendulum will be paying Satoshipay for the development costs ie staff costs (and especially for slug the networking/travel costs 😎)

Back in 2021 the staff level was less than 20 and has now been increased to around 30. Its almost impossible to estimate the wage bill. A blockchain developer can earn anything from 30k to 150k, but looking at the staff list it looks like many are working remotely and probably part-time and it is very common in this sector that basic wages are on the low side but with added token incentives - the tokenomics show 16% of tokens have been allocated to the team - (as an extreme example Gavin wood was paid next to nothing developing Ethereum, taking ETH instead -today hes worth £500m)

So my wild guess is that Pendulum will have paid Satoshipay between £2-3m over the last couple of years for development costs.

In addition to this they have 5.5% of PEN tokens currently worth around £800k and will be allocated 5% of Nabla tokens in the next few months. And the December 2021 accounts showed £442k cash at bank. There is also Satoshipay GMBH to take into account but we have no financial info there.

Finally there is also (I assume) limited income still being generated from Dtransfer

So the long and short of it is that Pendulum have at least 2 years of funds to continue paying Satoshipay development to before the need to create revenue from all the relevant partnerships/apps/gas fees etc

And that doesn’t account for the (probable) increase of the PEN/AMBR tokens during the upcoming Crypto bull market next year as well as the option to raise more money from the 10% PEN tokens already allocated for that purpose.

All in all finance is not a concern (to me at least) but I will concede that the development is slower than one would like, albeit often the case in the strange blockchain world.

Slug - its actually only in your head that Torsten is called that ;-)

Bobson - no Nabla and Dtransfer are two completely separate entities

Blu - I havnt done a deep-dive into synapse but they originally started as nerve finance and from memory the original whitepaper was 2019/2020 I think - No idea of delays along the way.

It was the creation of Dtransfer and the liquidity issues that instigated the whole Pendulum/Spacewalk initiative in the first place and much was made on a re-launch once pendulum had resolved those issues, so I assume that the ‘sidelining’ is simply down to the limitations that it experienced until the Pendulum/spacewalk protocol is truly functional.

Back in 2020 (i think) they hailed 1,000,000 USD cross border payments so one assumes that the existing (limited) transactions are quietly continuing as Tony clearly stated earlier this year that Satoshipay was now in profit. So its a wait and see situation.

Re satoshipay finances I dont actually think there is an issue, I will look at things closer and post my thoughts

Blu - Ps - please dont refer to me as an expert - i’m far from it :-)

Blu - impossible to say at this point as it totally depends on its success ie how much it is used. Bridges get revenue from transaction/toll fees so its down to how many transaction go through it and how much can be extracted as a fee from those transactions. It will also depend on how the bridge expands. Currently it is only a bridge from Polkadot to stellar, but Pendulum have stated they intend to add further blockchains, so if it were to grow into a truly multi-chain bridge it gas the potential to be huge.

For an example take synapses bridge - started as a stable swap bridge on BNB-chain and has evolved into a very popular multi-chain bridge - current market cap about 57m usd and an estimated 15m usd annual revenue.

But again its all down to the uptake and its too early to determine for spacewalk yet as it isnt even fully live.

This article might help explain things far better than I.

https://www.vaneck.com/us/en/blogs/digital-assets/blockchain-bridges-trolling-and-tolling-to-174b-dollars/

East Africa's Digital Dawn: ClickPesa Debt Fund and Pendulum enter into funding and technology partnership for Tanzania's Microfinance Evolution

https://finance.yahoo.com/news/east-africas-digital-dawn-clickpesa-120000480.html?guccounter=1&guce_referrer=aHR0cHM6Ly90LmNvLw&guce_referrer_sig=AQAAANjyZzpsq5jMLgZbqrR-KtZW7xrFJAODw7oPSBqSQHE5NJsifBWJyyjUGoXFBNp-9PkaavYR6mB2mBF_wcC8LELQz2D1WG3E3XX-JRHOpIFq32-od2wfY3yAaZydWaSfmUq_ARJLUkSQp8HShZhcAJ1Pw3pEsKIJhxbQGbNV5vvQ

ARGENTINA'S BITCOIN FRIENDLY PRESIDENTIAL CANDIDATE JAVIER MILEI WINS ELECTION

https://bitcoinmagazine.com/markets/argentinas-bitcoin-friendly-presidential-candidate-javier-milei-wins-election

The current crypto space reminds me of a comment made by Western Union in 1879

“ This 'telephone' has too many shortcomings to be seriously considered as a means of communication. The device is inherently of no value to us.”

;-))

I notice that the updated roadmap has a Lending dApp launch listed for Q4 23 - This would indicate that there is a dApp currently in development building on the Pendulum platform that is not in the public domain yet. Could be interesting.

According to Global Market Insights, the market for digital lending platforms surpassed $8.5 billion USD in 2022. Its compound annual growth is expected to hit 20.5% from 2023 to 2032.

Slug - as a matter of interest how would you go about breaking into a new market place without actually exhibiting and making a presence in the target marketplace ?

Sorry - I’m like a number 9 bus - I dont post for weeks and then I post all at once.

Anyway Paypal moving into crypto.

https://www.coindesk.com/policy/2023/11/01/paypal-approved-for-uks-crypto-register/

https://thedefiant.io/paypal-takes-a-stance-and-says-blockchains-are-the-new-financial-rails

There is also a new repository fork to defi-lama (https://defillama.com)

Defi-lama is a crypto data company providing aggregated data on crypto projects, so it looks like Pendulum is soon to be added to the dataset.

If its of interest Pendulum are adding coding for projects from a company called Caviarnine (https://www.caviarnine.com)

CaviarNine is a forward-thinking fintech company focused on providing web3 users with advanced and user-friendly DeFi trading products built on the Radix platform. The company leverages its team's extensive experience in traditional finance to create modern, professional, and secure crypto products that comply with regulatory requirements. By utilising the unique features of the Radix ecosystem, CaviarNine aims to revolutionise the DeFi space and empower users with cutting-edge financial solutions.

The company's diverse team is spread across Thailand, Singapore, Canada and Australia, with its headquarters in Bangkok.

For those interested in crypto in general, every year Chainalysis (blockchain research co) issue a report entitled

“ The 2023 Geography of Cryptocurrency Report - Everything you need to know about regional trends in crypto adoption”

Taking into account Pendulums target of Latin America some here may want a read.

https://go.chainalysis.com/rs/503-FAP-074/images/The%202023%20Geography%20of%20Cryptocurrency%20Report.pdf?version=0

The tech is still in the developments stage so as I dont particularly like repeating myself (unlike some ;-) it is not until Q1/2 24 that things will/wont start really moving. In the meantime creating awareness around the globe is ok for me

Thanks for the link PAS - very interesting

Back 2022 Dynasty announced a partnership was signed with “New Zealand's largest telco”, with a “dominant market position” and “premium” brand presence. The largest telco in New Zealand is Spark.

well in October Spark announced it was entering gaming with the launch of Spark Game Arena and within the announcement was the following statement

‘ We’re excited to be trialling something new working alongside Letsplay.live, an organisation that knows New Zealand’s gaming sector well and is well placed to help us deliver The Rise Cup. Whether you game competitively, jam Fortnite with your mates or want to try your luck at something new, you don’t have to be a pro, you just have to be ready to give it a go’

I am no expert in this field but the letsplay.live is effectivley the dynasty technology/platform so thongs are clearly moving along well. One of the issues with Dynasty is it seems to me that as they are a back-end technology providing the backbone platform for others front ends, they rarely get to be part of any publicity

https://www.scoop.co.nz/stories/BU2310/S00023/spark-enters-gaming-with-launch-of-spark-game-arena-and-its-first-online-tournament-the-rise-cup-featuring-fortnite.htm

Just speculation but in 2022 there were just under 90 new IPOs on ASX and only 27 in the 10 months up to date for 2023 - ie average 2.7 permonth - shows how the market hasnt really been ripe.

However there are 9 upcoming for November so maybe that sentiment is changing.