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Palmswap will be hosting a community fair for its native PALM token later this month.
Palmswap, a perpetual DEX based on BNBChain, announced on Wednesday, September 14th that it will hold a community fair launch for its native PALM token between September 20th and 23rd.
The team added that 100 million tokens are needed to launch the community fair. For the launch, the funds will be collected in he pool for 3 days.
Palmswap added that the average price of the PALM token will be determined based on the total amount of funds collected during the three days. Moreover, each participant receives the same price regardless of the amount they have allocated or the length of their deposit in the pool.
The project aims to build an ecosystem of DeFi products, each designed to fill existing market gaps and address real problems in the sector.
Palmswap plans to address the high slippage issue. Most decentralized exchanges (DEXs) are AMMs for price discovery that require liquidity, which many small altcoins lack. This makes it difficult to execute trades without significant slippage. Palmswap’s unique pricing model, Dynamic vAMM (dvamm), readjusts trading pool liquidity based on demand, resulting in higher capital efficiency and lower slippage.
The team added that it is difficult to execute perpetual trades because most DEXs do not provide tools such as order types for trading. Palmswap offers different types of on-chain orders such as Limit Orders, Take Profit, Stop Loss, Conditional Orders and Trailing Stops. This abundance of options makes DEXs easier to use for both individual traders and institutional investors.
Palmswap also wants to reduce the high cost of using DEX, which is why it launched on BNBChain instead of the Ethereum network.
In a press release, the team said:
PalmSwaps ultimate goal is to become the most accessible, safest, and most trusted perpetual DEX on BSC. Its native governance token, PALM, will incentivize users to participate in the ecosystem. It allows us to have a say in the future of the protocol, as well as giving and offering options such as reward trading, staking and farming.
Palmswap is building the future of distributed perpetuals. The protocol allows users to trade cryptocurrency price speculation with up to 10x leverage using long and short positions.
