Perpetual DEX Palmswap successfully completed Fair Launch with over 6600 BNB raised
- 100 million PALM tokens were up for sale between 20-29 September 2022.
- The Palmswap ecosystem offers a decentralised exchange, Palmpad, an affiliate program, and earn products.
- A Binance Smart Chain-based DEX with 50x leverage.
The decentralised perpetual contract trading protocol, Palmswap, held a community fair launch of its native token, PALM. One hundred million PALM tokens were up for sale between Sept. 20 and Sept. 29.
During this period, funds were collected in a pool, and an average token price was determined based on the aggregate amount. The good thing about the community fair launch is that every participant in the sale had the opportunity to buy the tokens at the same price, no matter the size of your investment or the duration of the funds kept in the pool.
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In a space plagued with VCs getting in on the deals at a fraction of the price compared to other participants, Palmswap’s fair launch comes as a breath of fresh air.
This token launch comes after the PALM Alpha NFT whitelisting and Palmpad launch earlier this month. The PALM token is the first token to be sold on Palmpad. Right after the successful token launch, early next month, the Palmswap team will release its Alpha mainnet, where NFT holders will be able to trade with real funds.
The perpetual trading platform will be made available to the public the following month, in November, when Palmswap mainnet will be released along with a retroactive rewards program.
PALM tokens are at the core of the Palmswap system, which is centred around its decentralised exchange, Palmpad, an affiliate program, and earn products.
Owning PALM tokens will give you early access to new projects that will be launched on Palm Launchpad. In addition, Palmswap users will be able to stake their tokens, participate in the Palmpad sales, invite other participants, and then benefit from their purchases.
As part of the affiliate program, users will be able to invite other traders and earn a share from their paid trading fees. Meanwhile, invited users will get the benefit of discounted trading fees.
All these benefits have already attracted thousands of traders to Palmswap testnet, resulting in the DEX recording $400 million in trading volume and over 500k in transactions.
Besides offering tons of utility, PALM is also the governance token of the decentralised perpetual protocol. As a governance token, it will allow holders to vote on decisions such as which trading pairs should be listed next. This will make the protocol more decentralised by distributing power and influence among members rather than concentrating it among a handful of people, like in traditional organisations.
In addition to building a robust ecosystem around governance, rewards, and staking, Palmswap has implemented a burning mechanism under which the supply of the PALM token will be burned from a part of the trading fees. Over time, as Palmswap gains traction, more PALM tokens will be burned, which will help the token increase in value long-term. On top of that, the team further plans to introduce other deflationary mechanisms in the future.
Awarded the “Most Innovative DeFi Startup 2022”
Ahead of its fair launch last week, the project received Gulf Business’s “Most Innovative DeFi Startup 2022” award.
The Dubai, UAE-based Gulf Business is a weekly magazine that held the ceremony on September 23, 2022, at Social Distrikt, The Pointe. The event recognized a total of 15 winners for their achievements and innovation in the field of DeFi, GameFi, NFT, Fintech, and other sectors of Web3.
The first edition of the Web3 Awards 2022 celebrated the most influential leaders, companies, and startups of the region’s Web3 ecosystem. More than 100 organisations and key decision makers from the blockchain space participated in the event.
BSC-based DEX with 50x Leverage
Based on the Binance Smart Chain (BSC), Palmswap is building an ecosystem of DeFi products designed to fill a gap in the existing market and address real problems in the sector.
Since 2020, the decentralised finance (DeFi) sector has been gaining tremendous traction. More specifically, DEXs have been leading this growth, with the likes of Uniswap, Sushi, and dYdX offering the opportunity to leverage the benefits of decentralised trading platforms.
However, in the current crypto regulatory landscape, which has also started to affect the DeFi space, Palmswap offers a secure option with no need for registration or KYC. Through its unique proprietary technology, the DEX ensures traders enjoy guaranteed and highest liquidity for instant trading and low slippage.
The perpetual DEX is the first of its kind, built 100% on-chain but with an affiliate program and a variety of tools supported, much like on centralised exchanges.
By giving users complete control over their funds and an opportunity to earn rewards, Palmswap basically provides a decentralised alternative to perpetual future exchanges like Bybit, FTX, Binance, Bitmex, and others.
Incubated by TDeFi, the project is led by Crypto Oasis and heavily backed 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 inadequate tool support.
Most DEXs, as we know, use an automated market mechanism (AMM) for price discovery instead of “order books” like in centralised exchanges (CEXs). These autonomous trading mechanisms remove the need for intermediates, allowing trades to be initiated directly between involved parties.
AMMs are “liquidity pools” that facilitate trades where investors lock funds in exchange for rewards. However, this liquidity is lacking from small-cap altcoins, making it difficult to execute trades without significant slippage. To counteract this, Palmswap has introduced a proprietary pricing model, dynamic vAMM (dvamm), that recalibrates the liquidity of a trading pool based on demand, hence, providing better capital efficiency and lower slippage.
As for cost-efficiency, Palmswap has chosen BSC instead of Ethereum, which struggles with scalability, congestion, slow transaction processing, and high fees. BSC allows Palmswap to offer a cost-effective legacy alternative and further optimise the on-chain trading experience.
One of the issues with existing DEXs is the absence of tools like order types, an essential element in perpetual trading. As a decentralised perpetual trading platform, Plamswap will offer multiple on-chain order types, including limit orders, stop loss, conditional orders, trailing stops, and take profit. In addition, a plethora of options will make the DEX more user-friendly for both individual and institutional traders.
Moreover, Palmswap offers its users the ability to trade up to 50x leverage on long and short positions on their favourite cryptos.