What is Palmswap?
Palmswap, a decentralized finance (DeFi) platform, aims to revolutionize the exchange of digital assets by providing users with access to a secure, efficient, and non-custodial trading environment.
Palmswap V1 is the first decentralized exchange built on a dvAMM paradigm, enabling efficient and seamless on-chain trading of perpetual contracts. This strategy offers traders a very user-friendly and productive experience. Since Palmswap offers up to 10x leverage, it is attractive for experienced traders and newcomers.
Unlike other DeFi platforms that operate solely on a custodial basis, customers never lose control of their funds with Palmswap. Users no longer have to deposit money into a centralized exchange, and there is no longer a risk of losing or stealing money. To ensure the highest possible security and transparency standards for consumers, Palmswap has also been thoroughly audited by a major blockchain security company, Zokyo.
The full range of trading tools that Palmswap V1 offers traders includes limit orders, market orders, stop loss orders and take profit orders. While the position size is now limited due to the beta stage of the platform, traders still have access to all the tools they need to execute profitable trades.
Finally, the launch of Palmswap V1 represents a pivotal moment for the DeFi ecosystem, giving users access to a secure, non-custodial trading platform with state-of-the-art trading capabilities. Palmswap is poised to significantly impact the DeFi market thanks to its innovative dvAMM architecture, 10x leverage, and robust security features. Be on the lookout for the exciting debut of Palmswap V1 on April 18!
Statistics about Palmswap’s Alpha Mainnet
- Active testers: 350 35M in volume
- 37 bugs submitted
- 6 new community ideas have been added to the backlog
Major suggestions related to chart tooling, improvements to the trading management UI, and the creation and modification of positions at the smart contract level 3 new deployments
Future Plans of Palmswap
While v1 hasn’t even launched yet, the Palmswap team has already made great progress on v2 of the protocol and started to incorporate some of the Alpha Mainnets’ best feedback. In the latest blog about v2, the first insights have been given, and v2 is scheduled to launch at the end of Q2 this year already. The new protocol will have a new trading engine with a unique synthetic architecture. Here are some key facts about v2:
Zero Price Impact
The v2’s unique synthetic architecture allows Palmswap to be more capital efficient than any existing platform. Through the use of liquidity providers, trades can be opened without price impact.
Earn trading fees with PALM tokens
With the introduction of the new protocol, the PALM token gets real utility in the platform. PALM token holders can generate cash flow by staking their tokens and, in return, receive 30% of the trading fees.
No front-running attacks
Due to the fact that there is no price impact in v2, there is no possibility for front runners to harm the trader by pre-placing their orders.
One-click trading (1CT) removes the need to interact with a wallet when submitting transactions, reducing the time to trade while improving the trading experience.
To find out more, read their latest blog article about v2: https://blog.palmswap.org/Palmswap-V2.
The post A CEX-like DEX: Palmswap v1 Launches Perpetual Exchange on BNB Chain appeared first on Coindoo.
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