The upcoming Palmswap V2 is an improved iteration of the decentralized leveraged trading platform and is scheduled to launch on July 5th.
Palmswap, a decentralized exchange (DEX) focused on perpetual futures trading, has partnered with crypto market maker Gotbit Hedge Fund in preparation for an upcoming liquidity program scheduled for next week.
As part of the collaboration, Gotbit has allocated a certain amount of funds, the exact number being undisclosed, to provide liquidity through minting and automatic storage of the Palmswap Liquidity Provider (PLP) token. The event is scheduled to start on June 27 for early adopters and June 29 for all participants.
Bernd Stockl, CEO at Palmswap, expressed his excitement about the upcoming liquidity event, noting that Gotbit is well-equipped to handle expected deal sizes, speeds, and order management throughout the program.
“Our upcoming liquidity event will usher in a new era of fast, efficient, and easy-to-use decentralized trading. We are excited about our partnership with Gotbit for our liquidity event, and are confident in the platform’s ability to handle expected deal sizes, speeds, and order management for the event.”
While the amount of liquidity Gotbit has provided Palmswap has not been disclosed, the market maker and infrastructure provider provides liquidity to early-stage blockchain projects through its Liquidity Provision Program, which opened in November 2022. Liquidity can be locked or frozen for up to 12 months. a month, depending on the agreement with the project developers.
Palmswap to distribute 60% of transaction fees to users
According to another press release, Users who stake their PLP coins during the event will earn up to 500% APR (Annual Percentage Rate) and get additional incentives based on trades and market activity on Palmswap V2. The upcoming Palmswap V2 is an improved iteration of the decentralized leveraged trading platform and is scheduled to launch on July 5th.
Palmswap has made strides in developing its offering, including introducing the Alpha Mainnet earlier this year, which uses a powerful automated market maker (AMM) algorithm. However, with a new version V2 underway, the protocol aims to provide a seamless experience for users as the network is designed with a synthetic framework to reduce transaction costs and enhance scalability.
Based on the Binance Smart Chain (BSC), the DEX protocol plans to distribute 60% of all transaction fees generated on the platform to PLP holders and custodians. These rewards will be paid in USDT stablecoin during the liquidity event.
PALM starts trading from $1
Palmswap also created an early age rewards program on July 27. A total of 25 million PALM, the native cryptocurrency of the Palmswap V2 network, valued at over $500,000, will be issued on a first come, first serve basis and will start trading at $1.
The process of minting PLP and Palmswap V2 tokens (PALM) will involve multiple levels, with each level accessible once the previous one has been completed.
Palmswap is confident that its partnership with Gotbit, along with providing liquidity, active participation, and expansion of the Palmswap user community, will position Palmswap V2 for sustainable growth and engagement among the new wave of Web3 participants.
Commenting on the alliance with the protocol, Alex Andreunen, founder and CEO of the Gotbit Hedge Fund, praised Palmswap for its unique approach among decentralized trading platforms and commended the company’s commitment to user-friendly, cost-effective, fast and reliable digital asset trading. .
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Chimamanda is a cryptocurrency enthusiast and seasoned writer focusing on the dynamic world of cryptocurrency. She joined the industry in 2019 and has since developed an interest in the emerging economy. She combines her passion for blockchain technology with her love of travel and food, bringing a fresh and engaging perspective to her work.
