The upcoming Palmswap V2 is an enhanced iteration of the decentralized leveraged trading platform and is set to debut on July 5.
Palmswap, a decentralized exchange (DEX) focused on perpetual futures trading, has partnered with crypto market maker Gotbit Hedge Fund in preparation for its upcoming liquidity program scheduled for next week.
As part of the collaboration, Gotbit has allocated a certain amount of funds, the exact figure undisclosed, to provide liquidity through the minting and auto-staking of the Palmswap Liquidity Provider (PLP) token. The event is slated to commence on June 27 for early adopters and June 29 for all participants.
Bernd Stöckl, an executive at Palmswap, expressed enthusiasm about the upcoming liquidity event, noting that Gotbit is well-equipped to handle the expected transaction volumes, speeds, and order management during the program.
“Our upcoming liquidity event will usher in a new era of fast, efficient, and user-friendly decentralized trading. We are excited about our partnership with Gotbit for our liquidity event and are confident in the platform’s ability to handle the expected transaction volumes, speeds, and order management of the event,” said Stöckl.
While the amount of liquidity Gotbit provided to Palmswap was not disclosed, the market maker and infrastructure provider has been offering liquidity to early-stage blockchain projects through its liquidity-providing program, which opened in November 2022. The liquidity can be locked or frozen for up to 12 months, depending on the agreement with the project developers.
Palmswap to Distribute 60% Transaction Fees to Users
According to a recent press release, users who stake their PLP tokens during the event will earn up to 500% APR (Annual Percentage Rate) and receive additional incentives based on trades and market activity on Palmswap V2. The upcoming Palmswap V2 is an enhanced iteration of the decentralized leveraged trading platform and is set to debut on July 5.
Palmswap has been making strides in advancing its offerings, including introducing the alpha mainnet earlier this year, which utilizes a robust Automated Market Maker (AMM) algorithm. However, with the new V2 underway, the protocol aims to provide a seamless experience to 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 stakers. These rewards will be paid out in USDT stablecoin during the liquidity event.
PALM to Start Trading from $1
Palmswap also established a reward program for early minters on July 27. A total of 25 million PALM, the native crypto of the Palmswap V2 network, valued at over $500,000, will be released on a first-come, first-served basis and will start trading at $1.
The minting process for PLP tokens and Palmswap V2 tokens (PALM) will involve multiple tiers, with each level accessible once the preceding one is completed.
Palmswap is confident that its partnership with Gotbit, along with the liquidity provision and the active involvement 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 Andryunin, founder and CEO of 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.
Chimamanda is a crypto enthusiast and experienced writer focusing on the dynamic world of cryptocurrencies. 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 for travel and food, bringing a fresh and engaging perspective to her work.