The upcoming Palm Swap V2, an enhanced decentralized leveraged trading platform, is expected to debut on July 5th.

Palm Swap, a decentralized exchange (DEX) focused on perpetual futures trading, has partnered with cryptocurrency market maker Gotbit Hedge Fund in preparation for a liquidity program scheduled for next week. .

As part of the collaboration, Gotbit has allocated an undisclosed amount of funds to provide liquidity through the minting and automatic staking of Palm Swap Liquidity Provider (PLP) tokens. The event is scheduled to start on his June 27th for early adopters and his June 29th for all attendees.

Palmswap executive Bernd Stöckl expressed enthusiasm about the upcoming liquidity event, pointing out that Gotbit is well equipped to handle the trading volume, speed and order management expected during the program. .

“The upcoming liquidity event ushers in a new era of fast, efficient, and user-friendly decentralized trading. We are confident in the platform’s ability to handle our expected trading volume, speed and order management,” said Stöckl.

The amount of liquidity Gotbit has provided to Palmswap has not been disclosed, but the market maker and infrastructure provider will provide liquidity to early-stage blockchain projects through its liquidity offering program, which will launch in November 2022. are doing. Liquidity may be locked or frozen for a period of time. Up to 12 months, depending on agreement with the project developer.

Palmswap to distribute 60% of transaction fees to users

According to recent information, press release, Users who stake PLP tokens during the event will earn up to 500% APR (annual rate) and receive additional incentives based on their trading and market activity on Palmswap V2. The upcoming Palm Swap V2, an enhanced decentralized leveraged trading platform, is expected to debut on July 5th.

Palmswap has evolved its services, including earlier this year introducing an alpha mainnet that utilizes a robust Automated Market Maker (AMM) algorithm. However, a new he V2 is in the works, and the protocol promises to provide users with a seamless experience as the network is designed using a synthetic framework to reduce transaction costs and enhance scalability. I am aiming for

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 stakers. These rewards will be paid out in USDT stablecoins during liquidity events.

PALM Starts Trading From $1

Palm Swap also established a rewards program for early minters on July 27th. A total of 25 million PALM (the native cryptocurrency of the Palmswap V2 network), worth over $500,000, will be released and launched on a first-come, first-served basis. It trades at $1.

The minting process for PLP tokens and Palmswap V2 tokens (PALM) involves multiple layers, with each level being accessible once the previous layer is completed.

Palmswap believes that partnering with Gotbit, providing liquidity, and actively engaging and expanding the Palmswap user community will ensure the sustainable growth of Palmswap V2 and facilitate the participation of new Web3 participants. increase.

Alex Andryunin, Founder and CEO of Gotbit Hedge Fund, commented on the partnership with the protocol, praising Palm Swap’s unique approach among decentralized trading platforms and its user-friendliness. Praised the company for its commitment to cost-effective, fast and reliable digital asset transactions. .

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Chimamanda U. Martha

Chimamanda is a cryptocurrency enthusiast and an experienced writer focusing on the dynamic world of cryptocurrencies. She entered the industry in her 2019 and has since deepened her interest in the emerging economy. She combines her passion for blockchain her technology with her love for travel and food to bring her fresh and compelling perspective to her own work.

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