PalmSwap
A decentralized Perpetual Protocol on Binance smart chain
All edits
January 17, 2022
Note: For up to date informations please visit: https://docs.palmswap.org
In the following two series you will get an insight into the Palmswap Protocol, Tokenomics and the future of Palmswap.
Palmswap Protocol is a decentralized perpetual contract protocol for every asset, enabled by a Automated Market Maker & Order Type DEX.
For those who aren’t familiar with perpetual contracts: A perpetual contract is a derivative similar to a futures contract but without an expiry date. We offer perpetuals similar to those of other centralized services: FTX, Bybit, Bitmex and more.
The two DEX Protocols of Palmswap & the differences:
To meet the needs of all traders there will be two DEX Protocols of Palmswap.
uses vAMM for settlement and meets the needs of small to medium size traders, 100% on-chain. Here a maximum position size of $50,000 on a single market is recommended, thus you will receive a good spread & enjoy the secured liquidity benefits of vAMM.
Just like Pancakeswap, traders on v1 can trade directly with our virtual AMMs without the need of a counterparty. The virtual AMMs offer guaranteed on-chain liquidity.
Launch: February 2022
Key Features of v1: vAMM
10x Leverage On-Chain Perpetual Contract
Traders can trade with up to 10x leverage long or short, have transparent fees and 24/7 guaranteed liquidity.
Guaranteed Liquidity Provided by vAMM
Every asset can be supported via a perpetual contract on the Palmswap Protocol.
Order Types
via integrated smart wallets, users have the possibility to place different types of orders.
is the next goal after the launch of v1 on Mainnet. A hybrid infrastructure model that uses a non-custodial on-chain settlement and an off-chain matching engine with low latency and order books. This means that traders with large sums can enjoy low slippage.
With a order type, they trade as on central exchanges with a counterparty, whose settlement runs through the so-called order books.
Launch: Q3/4 2022
Key Features of v2: Order Type (hybrid)
50x Leverage On-Chain Perpetual Contract
Traders can trade with up to 50x leverage long or short, have low fees, 24/7 liquidity, and low slippage.
Spread similar as usually on Central Derivatives Exchanges
Keeping an order book enables a better spread.
Decentralized Hedge Funds
Anyone can create or participate in decentralized hedge funds. A pre-determined profit share and automated periodic payout are locked into smart contracts, creating new opportunities for the client and fund manager.
Fast execution
A mix of on-chain trade execution and off-chain order book management will allow us to execute positions faster.
You can think of vAMM as the AMM (x*y=k) used by Pancakeswap to settle token swaps, while in Pancakeswap’s AMM liquidity must be deposited for pairs, as the “v” in front of vAMM indicates on Palmswap Protocol this liquidity is virtual, the formula for the constant product x*y=k is the same. This vAMM design provided by Perpetual Protocol on the ETH network allows trading without liquidity, good spread for small traders and on-chain settlement.
and this is how it works while you trade:
Example based on BTC Trade with a BTC value of $10.000
Protocol Fee Distribution
The team does not earn anything from the protocol revenue.
In order to create a fair DAO-driven protocol, the protocol revenue will go back into the ecosystem:
50% buyback & burn of PALM tokens
50% security fund to secure the protocol
(Both addresses can be publicly viewed by anyone)
The decentralized perpetual market accounts for just 1% of the volume of centralized derivatives market. By 2025, DeFI should play a more dominant role than it does now. Palmswap Protocol will primarily focus on perpetuals and work together with other projects to support the shift from CeFi to DeFi.
🖊 Conclusion
Above we explained how the protocol works. The next series 2/2 will published in a few days and will give you an introduction to our tokenomics.
Feel free to ask us questions on our Discord server or post them in our Telegram group.
Join us and build together with us the future of Trading.
The Dream?
Okay, understood but what is virtual AMM used for in v1?
The v2 Protocol
The v1 Protocol
PalmSwap
A decentralized Perpetual Protocol on Binance smart chain
Palmswapp is a protocol whose primary focus centers around perpetual contracts. Our long-term goals are to successfully engage the general population into DeFi through an ecosystem consisting of serial products that redefine and improve traditional finance in a decentralized manner.
October 2022
March 2022
February 2022
January 2022
PalmswaPalmswap is a protocol whose primary focus centers around perpetual contracts. Our long-term goals are to successfully engage the general population into DeFi through an ecosystem consisting of serial products that redefine and improve traditional finance in a decentralized manner.
Open long or short positions on various assets
Trade with up to 10x leverage during Beta (up to 50x after Beta)
Trade with very low fees due to BSC technology
AMM based on-chain trading
Token rewards through trading cycles
Safety Providing
Why Binance Smart Chain (BSC)?
- Open long or short positions on various assets
- Trade with up to 10x leverage during Beta (up to 50x after Beta)
- Trade with very low fees due to BSC technology
- AMM based on-chain trading
- Token rewards through trading cycles
- Safety Providing
Why Binance Smart Chain (BSC)?
We countCounted on BSC scaling technology to increase trading speed compared to Ethereum-based opportunities while at the same time minimizing fees. BSC is currently growing faster than other networks, and its adoption is also increasing day by day.
In very simple terms, why would we drive a slower car that costs more to operate?
Faster, cheaper, user-friendlier.
Palmswap Products
Trading
Palmswap Products
- Trading
Invite
- Invite
Trading Cycle
- Trading Cycle
Decentralized Hedge Funds (v2)
Decentralized Hedge Funds (v2)
The Next Steps & Testnet Airdrop
The Next Steps & Testnet Airdrop
Several months of work are behind us so now we can already introduce you to the most exciting part. In the mid of January the 2022nthe Testnet will gowent live with a Airdrop for all traders. We planPlaned to launch the Mainnet in February 4–5 weeks after the test period has began. Along with the launch of the Mainnet, Trading Cycle One will start and protocol traders will be rewarded with a total of 20,000,000 PALM tokens.
When will the Protocol Token be implemented?
Tokens implementation
Roadmap:
We kept the roadmap short in this article, the detailed plan can be found in the Roadmap section in our Gitbook.
2022 Jan: Release Testnet, Bug Bounty
2022 Feb: Release Mainnet v1 & Start of Trading Cycle 1
2022 Mar: Token Sale|Token Release|Safety Providing and Yield Farm |Start of Cycle series
2022 Q3/4: Mainnet v2 (Governance, decentralised hedge funds)
What are trading cycles?
When will the Protocol Token be implemented?
As soon as the first trading cycle is completed we plan a token sale, which we expect will take place in March. Following the token sale, PALM will be listed on the first exchanges and the trading cycle will be started. Initially there will be two big “groups” of users who will hold tokens: Trading Cycle 1 participants & Token Sale participants.
PALM has numerous use cases in the protocol and will offer users various ways to use the token in the protocol.
Roadmap:
We kept the roadmap short in this article, the detailed plan can be found in the Roadmap section in our Gitbook.
2022 Jan: Release Testnet, Bug Bounty
2022 Feb: Release Mainnet v1 & Start of Trading Cycle 1
2022 Mar: Token Sale|Token Release|Safety Providing and Yield Farm |Start of Cycle series
2022 Q3/4: Mainnet v2 (Governance, decentralised hedge funds)
What are trading cycles?
Trade on the Protocol to get free tokens. It’ s as simple as it sounds. The first Trading Cycle distributes a total of 20,000,000 PALM (40% of the initial supply) to traders. The first Cycle will automatically end once a total trading volume of 2.5 billion USD has been reached across all markets on the Protocol. The next trading cycles are not based on a volume target but on a number of days. Each cycle lasts 7 days and as soon as one cycle ends, the next one starts. The users can withdraw their earned PALM without any waiting time after the end of each trading cycle.
A total of 270,000,000 PALM tokens will be circulated through Trading Cycles over the next seven years.
PalmSwap
A decentralized Perpetual Protocol on Binance smart chain
Palmswap is a protocol whose primary focus centers around perpetual contracts. Our long-term goals are to successfully engage the general population into DeFi through an ecosystem consisting of serial products that redefine and improve traditional finance in a decentralized manner.
What can users do on Palmswap Protocol:
Open long or short positions on various assets
Trade with up to 10x leverage during Beta (up to 50x after Beta)
Trade with very low fees due to BSC technology
AMM based on-chain trading
Token rewards through trading cycles
Safety Providing
Why Binance Smart Chain (BSC)?
We count on BSC scaling technology to increase trading speed compared to Ethereum-based opportunities while at the same time minimizing fees. BSC is currently growing faster than other networks, and its adoption is also increasing day by day.
In very simple terms, why would we drive a slower car that costs more to operate?
Faster, cheaper, user-friendlier.
Palmswap Products
Trading
No registration or account required. You can start trading immediately without any other requirements.
Invite
Invite your friends and earn from paid trading fees.
Trading Cycle
With this program, 27% of the total token supply (270 million PALM) is distributed to active traders on the protocol. This is the first way to secure tokens before anyone else (Free).
Decentralized Hedge Funds (v2)
Participate in funds or create your own decentralized fund. Already from v2 it will be possible to use decentralized funds.
More token related products will be announced shortly after the launch of Mainnet v1.
The Next Steps & Testnet Airdrop
Several months of work are behind us so now we can already introduce you to the most exciting part. In the mid of January the Testnet will go live with a Airdrop for all traders. We plan to launch the Mainnet in February 4–5 weeks after the test period has began. Along with the launch of the Mainnet, Trading Cycle One will start and protocol traders will be rewarded with a total of 20,000,000 PALM tokens.
In addition, on one of the most popular dAPP networks, the Binance Smart Chain, there is no functioning perpetual market…
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