Palmswap, an innovative decentralized trading platform built on Binance Smart Chain (BSC), has announced a partnership with Gotbit Hedge Fund for their upcoming liquidity event. Gotbit Hedge Fund, known for its market making services, will provide an undisclosed amount of liquidity as part of Gotbit’s liquidity provider program. The collaboration aims to support the launch of Palmswap v2 on July 5, 2023. During the launch event starting on June 27, Gotbit will allocate funds through the minting and auto-staking of the Palmswap Liquidity Provider (PLP) token. PLP stakers will receive attractive rewards, including up to 500% APR and existing LP rewards, for facilitating trades and market activity on Palmswap v2 once it goes live. Registrations for early access close June 25 4pm UTC.
Gotbit Hedge Fund specializes in performance-focused crypto market making, offering a platform-based service with utility integration capabilities. The fund has a team of skilled developers who create utilities to enhance the value of web3 projects. While the next-generation decentralized exchange Palmswap is built for strong and expert perpetual trading. Without relying on intermediaries, Palmswap offers seamless and transparent trading capabilities owing to the inherent security, privacy, and dependability of decentralization.
Palmswap v2, with its unique synthetic architecture, offers superior capital efficiency compared to other platforms. It enables low trading fees, supports a wide range of leveraged trading pairs, and incorporates innovative features. Gotbit’s platform aligns perfectly with Palmswap’s requirements, providing liquidity efficiency, powerful decentralized leveraged trading, and user-friendly interfaces. Unlike traditional decentralized exchanges (DEXs), Gotbit’s solution addresses common issues such as front-running, slippage, asset limitations, native security, and risk management features.
The Palmswap Liquidity Provider (PLP) token, integral to the liquidity event, represents an index of USDT assets for leverage trading. It can be minted and burned back against USDT, ensuring 100% liquidity at all times. PLP holders and stakers receive 60% of protocol fees as rewards. As part of the liquidity event, depositors have the opportunity to earn up to 25 million $PALM tokens, worth over $500,000, through a first-come, first-served basis. Rewards range from 1.5 to 5 PALM per PLP, depending on the total initial PLP issued. The starting price of the PLP token is set at $1, with early participants enjoying higher rewards through a tiered system. Interested parties can sign up to participate on the designated platform.
Additionally, the PALM token serves as Palmswap’s governance token, facilitating decentralized protocol governance and offering benefits such as trading fee discounts, tiered access to Palm Pad projects, increased affiliate commissions upon staking, and more. The entire Palmswap ecosystem revolves around governance, trading rewards, and staking, with the goal of fueling the protocol’s future growth and decentralization.
With Gotbit’s deep liquidity and the growing Palmswap user base, Palmswap v2 is well-positioned to cater to the needs of a new wave of Web3 participants. Palmswap distinguishes itself as a next-generation decentralized exchange, providing powerful and professional perpetual trading while ensuring security, privacy, and reliability without relying on intermediaries. The platform aims to inspire confidence in cryptocurrency trading by giving users full control over their assets and delivering seamless trading experiences with deep liquidity pools.