AMA Recap — Highlights From Palmswap’s Co-Founders and CPO
Hey there, Palmians!
Last Saturday, we hosted an AMA where our Co-Founder and CPO answered the community’s questions.
In this article, we’ll do a quick recap of everything we discussed. Let’s get to it.
Palmswap’s Security Report
Last week, we released a security report with the details of the recent exploit. Make sure to visit it through the link below:
Palmswap Platform Updates
The team has worked hard on improving the product in the last weeks. The platform was already finalized for launch and additional improvements are being worked on while the team is now taking all the necessary next steps to increase security.
Q&A With the Community
What happens if someone never claims from either V1 or V2?
Nothing, users can also claim via BSC Scan anytime later as there is no deadline to claim.
Will there be a lock up period for staking?
We removed the lock period. This is what the community has requested.
However it could be implemented as a security feature for PALM and PLP staking with the relaunch of V2. What is still on the roadmap and will be introduced as well is to lock PALM, PLP or both for them to be vested and earn higher rewards in PALM the longer the vesting period — apart from the standard USDT rewards for regular PALM and PLP staking (liquidity providing).
What about holding PALM as a requirement for future liquidity providers?
We can’t link PALM to liquidity providing, there is no one doing that right now. We would like to attract liquidity providers and we could lose potential investors who are only interested in liquidity providing through the stablecoin USDT. It is also something no other synthetic protocol is doing and will allow Palmswap to stand out even more.
Will the PLP event restart?
The PLP event won’t return in the way it was originally released. Palmswap will offer a different kind of liquidity providing campaign instead, with the re-launch of V2. Updates will be shared in about a couple of weeks.
When will you distribute the rest of the refund?
The team is considering using the rewards left from the PLP event to refund people. This is not final; other options are also being considered but nothing definitive yet. The team will make sure everyone receives the rest of the pending refund.
In one of the last announcements you said, “We will be launching Palmswap V2 again in a safer and more reliable environment for traders and liquidity providers.” What does that mean exactly?
First and foremost, we are working to increase security and cover any security gaps there may be. As you may have realized from recent partnerships, we were already preparing to bring Palmswap on a second chain before everything happened, so this is also an option for the re-
launch of V2.
When will the relaunch of V2 be?
It is not possible to commit to any specific dates or deadlines at the moment, but the goal is to relaunch V2 in 4–6 weeks, there might be a bug bounty and a couple of extra features to then relaunch an already top-level trading platform/user interface. Feedback and reviews from users are always welcome and most have been more than positive so far.
When will the next token burn happen?
The team is well aware many community members have been waiting and
asking for it. The reason for not having done it yet is we haven’t collected enough fees, in our opinion, to this point and we wanted to initiate the burn after V2 was properly rolled out to the public. Currently, we have collected a bit over 10K$ in fees since the last burn. The pending burn might be moved to the end of the quarter for an even greater burn after the V2 platform has fully launched.
Will there be any audits before launching?
Either audits or a bug bounty are being considered. The team is already in
touch with a couple of firms to get different offers to choose the option that fits the project the best.
Is there a possibility of something like PALM staking to get rewards while the relaunch of V2 is being finalized?
It will be brought to the dev team, if it takes place it’ll only be for a few weeks. For a short period, it might not be viable. The main focus of the dev team at the moment is to relaunch V2 as soon as possible. Vesting PALM/PLP and burning PALM trough staking, on top of regular USDT rewards for staking PALM, are expected to be implemented before the end of the year according to the roadmap (possibly with or soon after the launch of V2).
Would you consider a minor cool down period (3 days) for unstaking PALM/PLP as a safety measure?
It can be considered as mentioned in the second question should the idea receive support from the community, whose majority had previously requested removing cool down periods in the first place.
Next CEX listing update?
It is not a priority at the moment; listings will be looked into after the relaunch of V2.
On behalf of the entire Palmswap team, we would like to show our appreciation to everyone in our community for your undying support, so thank you all.
To listen to the full recording of the AMA, please visit this link.
