Palmswap to hold its community fair with 100M PALM tokens

Palmswap is set to host a community fair launch later this month for its native PALM token. 

Palmswap, the perpetual DEX based on BNBChain, announced on Wednesday, September 14th, that it would hold a community fair launch for its native PALM token between Sept. 20-23.

The team added that the community fair launch would involve 100 million tokens. For the launch, funds will be collected in a pool for three days. 

Palmswap added that the average PALM token price would be determined based on the total amount of fund collected during those three days. Furthermore, each participant would receive the same prices, regardless of the amount they allocate or the duration of their deposits in the pool. 

The project aims to build an ecosystem of DeFi products, each designed to fill a gap in the existing market and address real problems in the sector.

Palmswap intends to address the issue of high slippages. Most decentralised exchanges (DEXes)AMM for price discovery, which requires liquidity many small-cap altcoins are lacking. This makes it difficult to execute trades without significant slippage. Palmswap’s proprietary pricing model, dynamic vAMM (dvamm), recalibrates the liquidity of a trading pool based on demand, resulting in better capital efficiency and lower slippage.

The team added that most DEXes don’t offer tools like order types to their trades, making it hard to carry out perpetual trading. Palmswap offers a variety of on-chain order types, including limit orders, take profit, stop loss, conditional orders, and trailing stops. This abundance of options makes the DEX more user-friendly for both individual and institutional traders.

Palmswap also wants to reduce the high cost of using DEXes, hence, the reaosn why it launched on the BNBChain instead of the Ethereum network. 

In its press release, the team said;

“Palmswap’s ultimate goal is to become the most accessible, safest, and most reliable perpetual DEX on BSC. PALM, its native governance token, incentivizes users to participate in the ecosystem with options like trading rewards, staking, and farming, as well as giving them a voice in the protocol’s future.”

Palmswap is building the future of decentralised perpetuals. The protocol allows users to trade with up to 10x leverage on cryptocurrency price speculations with long and short positions.