Decentralized trading protocol for perpetual contracts, Palmswap, hosted a collaborative trade show launch of its native token, PALM. Between September 20th and 29th, 100 million PALM tokens were for sale.
During this time, funds were collected in a pool and an average token price was determined based on the total amount. The good thing about the launch of the community fair is that every participant in the sale had an opportunity to buy the tokens at the same price, regardless of the size of your investment or the duration of the funds held in the pool.
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In an environment plagued by VCs jumping into deals at a fraction of the price compared to other attendees, Palmswap’s trade show launch comes as a breath of fresh air.
This token launch follows the whitelisting of PALM Alpha NFT and the Palmpad launch earlier this month. The PALM token is the first token to be sold on Palmpad. Right after the successful token launch, the Palmswap team will release its alpha mainnet early next month, where NFT holders can trade with real funds.
The permanent trading platform will be made available to the public the following month, in November, when the Palmswap mainnet is released along with a retroactive rewards program.
Multipurpose Token
PALM tokens are at the heart of the Palmswap system, which revolves around its decentralized exchange, Palmpad, an affiliate program, and earning products.
Owning PALM tokens gives you early access to new projects launched on Palm Launchpad. In addition, Palmswap users can stake their tokens, participate in the Palmpad sales, invite other participants, and then profit from their purchases.
As part of the affiliate program, users can invite other traders and earn a share of their paid trading fees. Meanwhile, invited users benefit from discounted trading fees.
All of these benefits have already attracted thousands of traders to the Palmswap testnet, resulting in the DEX seeing $400 million in trading volume and over 500,000 transactions.
In addition to offering tons of utility, PALM is the governance token of the decentralized Perpetual Protocol. As a governance token, it allows holders to vote on decisions e.g. B. which trading pairs should be listed next. This makes the protocol more decentralized, distributing power and influence among members rather than concentrating it on a handful of people as in traditional organizations.
Besides building a robust ecosystem around governance, rewards and staking, Palmswap has implemented a burn mechanism where the delivery of the PALM token is burned from a portion of trading fees. Over time, as Palmswap gains traction, more PALM tokens will be burned, which will help the token appreciate in value over the long term. In addition, the team plans to introduce more deflation mechanisms in the future.
Awarded as “Most Innovative DeFi Startup 2022”
Ahead of its trade show launch last week, the project received Gulf Business’s “Most Innovative DeFi Startup 2022” award.
Based in Dubai, UAE, Gulf Business is a weekly magazine that held the ceremony on September 23, 2022 at the social district, The Pointe. The event recognized a total of 15 winners for their achievements and innovations in DeFi, GameFi, NFT, Fintech and other areas of Web3.
The first edition of the 2022 Web3 Awards celebrated the region’s most influential leaders, companies and startups in the Web3 ecosystem. More than 100 organizations and key decision makers from the blockchain space attended the event.
BSC based DEX with 50x leverage
Based on the Binance Smart Chain (BSC), Palmswap is building an ecosystem of DeFi products that aim to fill a gap in the existing market and address real issues in the industry.
Since 2020, the decentralized finance (DeFi) sector has been gaining tremendous traction. More specifically, DEXs have led this growth, with Uniswap, Sushi and dYdX offering an opportunity to take advantage of decentralized trading platforms.
However, in the current crypto regulatory landscape that is also impacting the DeFi space, Palmswap offers a secure option with no registration or KYC. Through its unique proprietary technology, the DEX ensures traders enjoy guaranteed and supreme liquidity for instant trading and low slippage.
The Perpetual DEX is the first of its kind to be 100% built on chain, but with an affiliate program and a variety of supported tools, similar to centralized exchanges.
By giving users complete control over their funds and the ability to earn rewards, Palmswap basically offers a decentralized alternative to perpetual future exchanges like Bybit, FTX, Binance, Bitmex, and others.
The project incubated by TDeFi is led by Crypto Oasis and heavily supported by influencers including Davincij15, Themooncarl, Crypto Zombie, Bolsa para principantes, AMcrypto, BTC Moneymaker, Vyron, MDX Crypto, Samy Loyal – Forflies and Cryptojack.
A highly efficient DEX
The platform aims to eliminate some of the biggest challenges in the DEX space, including high slippage, high costs and insufficient tool support.
As we know, most DEXs use an Automated Market Mechanism (AMM) for price discovery instead of “order books” like Centralized Exchanges (CEXs). These autonomous trading mechanisms eliminate the need for intermediaries, allowing trades to be initiated directly between the parties involved.
AMMs are “pools of liquidity” that facilitate trades where investors lock funds in exchange for rewards. However, this liquidity is lacking in small-cap altcoins, making it difficult to execute trades without significant slippage. To counter this, Palmswap has introduced a proprietary pricing model, dynamic vAMM (dvamm), which recalibrates a trading pool’s liquidity based on demand, thus offering better capital efficiency and reduced slippage.
Due to cost concerns, Palmswap has chosen BSC over Ethereum, which struggles with scalability, congestion, slow transaction processing, and high fees. BSC enables Palmswap to offer a cost-effective alternative to legacy systems and further optimize the on-chain trading experience.
One of the problems with existing DEXs is the lack of tools like order types, an essential element in perpetual trading. As a decentralized perpetual trading platform, Plamswap will offer multiple on-chain order types including limit orders, stop loss, conditional orders, trailing stops and take profit. Additionally, a plethora of options makes the DEX more user-friendly for both individual and institutional traders.
In addition, Palmswap offers its users the opportunity to trade long and short positions of their favorite cryptos with up to 50x leverage.
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