What is Palmswap?

Palmswap is a decentralized crypto asset exchange platform that facilitates perpetual futures trading on the Binance Smart Chain (BSC). The exchange offers decentralized perpetual trading as effectively as centralized platforms, eliminating entry barriers so anyone can trade by simply connecting a BSC-supported wallet.

Co-founded by Ben Stöckl, Palmswap’s primary goal is to build one of DeFi’s most inclusive and functional ecosystems. The platform intends to use each product or feature to solve problems in the sector and will continue to launch more products as demands arise in the DeFi market. Furthermore, although Palmswap is building on BSC, the platform will enable cross-chain compatibility to expand access to more potential users. Traders around the globe will be able to take advantage of Palmswap’s trade-to-earn functionality to trade on the platform and earn rewards.

What Makes Palmswap Unique?

There are many benefits users can appreciate by trading on Palmswap. Firstly, users enjoy 100% on-chain perpetual futures where anyone can open short or long positions on many different assets. In addition, Palmswap currently offers up to 10x leverage on supported assets, without requiring the trader to own the underlying asset. Users can also maximize their profits and general trading experience by applying several different order types to trades, including profit, stop loss, and limit orders. To begin, a trader only needs a BSC wallet like Metamask, some USDT, and some BNB tokens on BSC.

A common public sentiment about most DeFi platforms is that there is little to no ease of use due to their complex functions and interfaces. Palmswap solves this problem by providing users with a simple and straightforward interface for trading, staking, and farming. In addition, Palmswap does not require users to register or create accounts. Instead, interested traders will instantly benefit by visiting the website and connecting a supported wallet. This connection only takes a few seconds and does not require deposits. On top of these features, there are no KYC requirements.

How Many PALM Tokens Are There In Circulation?

The total PALM token supply is 1,000,000,000 tokens distributed to multiple sectors, including a Community Fair Launch (10%), Team and Advisors (17%), Ecosystem & Rewards (48.65%), Marketing (4.97%), Market Maker and Liquidity (3.75%), Early User Airdrops (0.45%), Insurance Funds (3%), and Reserves (3.94%).

The Palmswap ecosystem is powered by the PALM token, a BEP-20 governance token with immense benefits for holders. Since the ecosystem focuses on incentivizing users, PALM has been designed for more than just governance functions.

Earning via PALM

Several use cases and earning opportunities apply to the Palmswap community. Users can earn ecosystem rewards via the following channels:

Staking

Holders can earn PALM tokens by staking in a Staking Pool. 6% of the Palmswap supply is allocated to stakers, who also enjoy a discount on trading fees, participation in governance voting and Palm Pad projects, as well as increased affiliate commissions generated from the referral program.

Farming

Users can also earn PALM by farming. Palmswap allocates 9.75% of its token supply to users who stake Liquidity Pool (LP) tokens in the Farm. Anyone can enjoy this benefit by adding PALM-USDT or PALM-BNB to the liquidity pool on PancakeSwap. After that, intending farmers must enable PALM on Palmswap, enter the amount of LP tokens to stake to the pool, and begin farming.

Trading Cycles

Users can also earn PALM tokens via Palmswap Trading Cycles. Each user has full autonomy during this process to decide what market to trade, and build a trading score by opening a preferred position. Palmswap has allocated 28.9% (289,000,000 PALM) of its token supply to all users trading on the protocol. Users will earn PALM based on open interest and fees paid.

PalmSwap v2

Palmswap plans to launch a v2 protocol to offer users more features. The current v1 uses the virtual Automated Market Maker (vAMM) to guarantee liquidity. The vAMM is a new type of AMM used for virtual or synthetic assets, such as derivatives contracts, instead of drawing liquidity from liquidity providers. The vAMM does not have custody over any real assets, and is entirely on the blockchain.

The v2 protocol will be an improvement on v1, offering users a hybrid infrastructure that combines on-chain and off-chain functionality. This way, Palmswap users can enjoy a new liquid experience with no slippage risk. The on-chain contract will handle USDT withdrawals and deposits, while also covering authentication and security - ensuring that only users can control their funds. On the other hand, the off-chain logic handles trades, transfers, deleveraging, and liquidation, monitoring and confirming all account changes resulting from user transactions.

Palmswap v2 will offer up to 100x leverage on long and short possessions, low spread via an order book, and a governance portal for protocol changes. In addition, v2 will introduce cross-chain interoperability so that two or more independent blockchains are compatible.

Where Can You Buy Palmswap (PALM)?

PALM is available on Pancakeswap.

Security Audit

Palmswap was audited by Zokyo, a well-known cybersecurity firm. The protocol was classified by Zokyo above industry standards.