The upcoming Palmswap V2 is an improved iteration of the leveraged decentralized trading platform and is set to debut on July 5th.
Palmswap, a decentralized exchange (DEX) focused on perpetual futures trading, has partnered with crypto market maker Gotbit Hedge Fund 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 coining and automatic staking of the Palmswap Liquidity Provider (PLP) token. The event is scheduled to start on June 27 for early adopters and June 29 for all attendees.
Bernd Stöckl, an executive at Palmswap, expressed his excitement about the upcoming liquidity event, noting that Gotbit is well equipped to handle the transaction volumes, speeds and order handling expected during the program.
“Our upcoming Liquidity Event will usher in a new era of fast, efficient and user-friendly decentralized trading. We are delighted to partner with Gotbit for our Liquidity Event and are confident in the platform’s ability to handle trading volumes, speeds and order management expected from the event,” said Stöckl.
Although the amount of liquidity Gotbit provided to Palmswap was not disclosed, the market maker and infrastructure provider offered 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, depending on the agreement with the project sponsors.
Palmswap will 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 exchanges and market activity on Palmswap V2. The upcoming Palmswap V2 is an improved iteration of the leveraged decentralized trading platform and is set to debut on July 5th.
Palmswap has made strides in advancing its offerings, including introducing the alpha mainnet earlier this year, which uses a robust automated market maker (AMM) algorithm. However, with the new V2 on the way, the protocol aims to deliver a seamless experience to users as the network is designed with a synthetic framework to reduce transaction costs and improve 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 will start trading from $1
Palmswap also rolled out an early adopter rewards program on July 27. A total of 25 million PALM, the native crypto of the Palmswap V2 network, worth over $500,000, will be released on a first-come, first-served basis and will start trading at $1.
The process of minting PLP tokens and Palmswap V2 (PALM) tokens will involve several levels, with each level being accessible once the previous one is completed.
Palmswap is confident that its partnership with Gotbit, along with the provision of liquidity and the active involvement and expansion of the Palmswap user community, will position Palmswap V2 for sustained 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 asset trading. user-friendly, cost-effective, fast and reliable. .
Chimamanda is a crypto enthusiast and seasoned writer who focuses 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.