The upcoming PalmSwap V2 is an improved version of the decentralized leveraged trading platform and is set 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 its upcoming liquidity event scheduled for next week.
As part of the collaboration, GotBit has allocated a certain amount of PalmSwap Liquidity Provider (PLP) tokens to provide liquidity through minting and auto-staking, the exact figure is unknown. The program is scheduled to launch on June 27th for early adopters and June 29th for all participants.
Bernd Stockl, an executive at Palmswap, expressed enthusiasm about the upcoming liquidity event, noting that GotBit is well-equipped to handle the transaction volume, speed and order management expected during the event.
“Our upcoming Liquidity program will usher in a new era of decentralized trading that is fast, efficient and user-friendly. We are excited about our partnership with GotBit for our Liquidity event and are confident in the platform’s ability to handle the event’s expected transaction volume, speed and order management,” said Stockl.
While the amount of liquidity GotBit will provide to PalmSwap has not been disclosed, the market maker and infrastructure provider is offering liquidity to early-stage blockchain projects through its Liquidity-Offering Program, which is set to open in November 2022. Has gone. Liquidity can be locked or frozen for up to 12 months depending on the agreement with the project developers.
PalmSwap will distribute 60% of transaction fees to users
according to a recent news Press release, Users staking their PLP tokens during the event will earn 500% APR (Annual Percentage Rate) and receive additional incentives based on trades and market activity on PalmSwap V2. The upcoming PalmSwap V2 is an improved version of the decentralized leveraged trading platform and is set to launch on July 5th.
PalmSwap has been making progress in scaling up its offerings, including earlier this year introducing the Alpha Mainnet, which utilizes a robust Automated Market Maker (AMM) algorithm. However, with the new V2, the protocol aims to provide users with a seamless experience as the network has been designed with a synthetic framework to reduce transaction costs and increase 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 stakeholders. These rewards will be paid out in the USDT stablecoin during the Liquidity Event.
PALM will start trading from $1
PalmSwap also established a bounty program for early miners on July 27th. TOTAL 25 MILLION PALM, NATIVE crypto 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 minting process for PLP tokens and PalmSwap V2 tokens (PALM) will consist of multiple levels, each level accessible after the previous level has been completed.
PalmSwap is confident that its partnership with GotBit, coupled with liquidity provision and the 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 Andryunin, founder and CEO of GotBit Hedge Fund, praised PalmSwap for its unique approach among decentralized trading platforms and the company for user-friendly, cost-effective, fast and reliable digital asset trading. Appreciated the commitment of ,
Chimmanda is a crypto enthusiast and experienced writer with a focus 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.
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