2021-12-27 14:20 |
Palmswap is a new protocol that you may not have heard of yet, but it won’t be long before you do, especially if you are trading derivatives.
Even if the term perpetual doesn’t ring a bell, you’re probably familiar with exchanges like Bybit, Bitmex, FTX, and many others… these exchanges offer perpetual futures contracts, a way to trade your favorite crypto assets with leverage while entering into new speculations.
Palmswap offers the decentralized version of perpetual trading on the Binance Smart ChainThey identified a gap between both networks: The missing perpetual market. The proof of concept is already given on the Ethereum Network and is gaining daily volumes between 3-10B$. This market is fully missing on the most used network Binance smart chain.
Unfortunately, for many people especially the ones from developing countries, it is too expensive to trade on the Ethereum network due to high transaction fees.
And that’s the reason why the DeFi Perpetual Market needs Palmswap, cheap transaction costs and fast trade executions.
But what awaits future Palmswap users?The heart of Palmswap is the Exchange
Trade Long- or Short-positions on various assetsLimit Order, Stop Loss, Take Profit & Conditional OrderTrade with up to 10x leverageDeposit and withdrawal fees cost only a few centEarn -> Cycles (Earn tokens through trading)Trading is conducted on-chainSafety Providing (soon)Farm (soon)Decentralized Hedge Funds (soon)Invite and Earn TradingTrading on Palmswap is smooth and hassle-free. As a user you don’t need to register or create an account, once on their platform, you can immediately start trading long or short positions on various assets. The duration speed of connecting wallet till trade is only about 3 seconds.
By using Palmswap you are eliminating KYC and SoF Requirements.
Trading cyclesInvest time in actively trading on the protocol to earn free tokens. 270 million PALM (27% of the total supply) will be distributed to active traders on the protocol, out of which a total of 20,000,000 PALM can be earned in trading cycle one for free by trading on the exchange. This way, the active traders will get the early bird benefits.
Decentralized hedge fundsThe Palmswap environment offers users the flexibility to set up decentralized funds, choose what percentage of profit entitlement they want and the risk parameter they will be dealing with.
Users will be able to join Traders by entering his Trade. It will be a decentralized way of copy trading.
The Testnet will go live on January 15, 2022.On the Testnet, users will have the opportunity to test and get acquainted with the exchange’s features, submit their feedback, and be rewarded for doing so.
A Huge Incentive await Testnet userSmall information at the moment from the team tells us that they will distribute 1.000.000 Tokens as an airdrop to testnet participants. The whitelist event will start on January 7 2022 with limited spots.
All you need to know Whitelisting start: January 07thTestnet start: January 15thHuge Airdrop for Testnet participants Are you looking for free tokens? 1.000.000 Palm on Testnet | Airdrop for Testnet users20.000.000 Palm on Mainnet | Trade & earn in Cycle1 Airdrops (USDT) Palmswap x 20,000$ Community AirdropsThe post Palmswap – A Brand New Perpetual DEX Built on Binance Smart Chain appeared first on BeInCrypto.
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