AMA Recap (September 1, 2023): With Bernd, Palmswap’s Co-Founder and CPO

What are the plans for Palmswap V2?

In the Short term: Relaunch this month, LP Launch, Trade 2 Earn Launch, a couple of extra features will be added and a few other things we will reveal in due time.

What about Palmswap Liquidity Program? Are there any changes in the PLP program compared to the old program?

Everything remains the same, it will be a single asset liquidity pool, liquidity will be provided in USDT and
liquidity providers will receive 50% from trading fees, meaning they will receive stablecoin yield. The only difference is there won’t be Palm bonus rewards anymore.

Are there any additional features that have been added to Palmswap V2?

1. Portfolio for a complete overview of all the user’s trades, staking, LP, positions, etc.
2. 7 day Cooldown to unstake PLP and PALM — security feature requested by the community.
3. Trade 2 earn Program with relaunch of v2.
4. Chart Trading (trade, open/close positions directly on the chart).
5. Light theme.
   Fully mobile optimized for trading, staking and liquidity providing.
   - Increased security — internal code optimizations, upcoming bug bounty.
   - Compound features when staking PALM and PLP (liquidity providing) as requested by the community,
   allowing holders to use their yield to buy more PALM (increasing buying pressure) or to add more liquidity,b
   depending on the case.

Is there an update on the Token refund which was yet to be announced?

Shortly after V2 is launched the leftover of PALM rewards of the PLP event will be airdropped for the remaining part of the refund, around the end of September beginning of October. The reasoning behind it is that a considerable number of tokens will be airdropped for this, and we want to allow all refund recipients to stake their tokens immediately after receiving them, once the platform has been launched and it is fully operational.
More details will be shared later on.

Is the platform secure now? Are all loopholes and bugs fixed? Are we planning to launch any bug bounty?

Yes, the whole code has been made more robust, while the exploit has been resolved, internal bugs have been fixed and everything has been checked 2–3 times again. A bug bounty with Immunefi will be announced
shortly after relaunch of v2 as well. We are currently in the onboarding there.

Questions from the community:

Hi, I have been a long-time holder of Palm and have not sold a single token to date. However, the recent incidents have made me question my choice and I am sure a lot of other holders feel the same. What is the plan of action the leadership has to get the lost trust back and what are we planning to move the price up because the price I bought it at and the prices today are there is a huge difference?

Support from the beginning is always appreciated. Please, keep in mind the bear market is here to build and test things out. Although any kind of hack is always bad, it’s definitely better it happened at the start rather than when TVL might have been 10 or even 100 million higher, with thousands of users on the platform who could have been affected. Most importantly, we have a very solid product that we are launching soon and this is the way to move forward and establish more trust. We believe that after the product launches and users try it out, trust will come back and grow larger over time. By doing so we will increase the number of users and we should see a positive impact on the price then too.

Can you share a rough idea of the technical roadmap, marketing plans, and Palmswap’s growth for the next 4 months to 1 year?

An updated roadmap is to be released next week. Growth plans include: multichain deposits, second blockchain, 1-click trading for Q4, governance, decentralized copy trading and some more amazing plans but we won’t reveal them all just yet, as some competitors have been copying us. Many partnerships that are coming and we have already worked on previously, will take place and will continue after V2 launch.

We will focus on product launch and then we will start with marketing more aggressively shortly after.

Is there any marketing planned for the launch?

We have a new team member specialized in growth marketing. Previously successful campaigns are being analyzed (Uniswap, Pancakeswap, Binance, Bybit, GMX, etc).

1. We will continue partnerships with some influencers but we will focus heavily on product adoption, trading volume and increasing the number of users first.
2. We will promote our Trade 2 Earn program, trading competitions and we will test different growth strategies.
3. We will look into promoting to Turkish, Russian, Polish, German, Chinese and other international communities with global adoption as a main goal.
4. Affiliate/referral program to earn a percentage of trading fees will also be pushed.
5. We have built one of the easiest, smoothest and simplest DEXes to ever exist on any chain comparable to our biggest centralized counterparts currently, while providing the very needed self-custody of funds to reach the level of adoption our product deserves and we are aiming for

Could you give us a new roadmap with dates?

Next week we will be sharing details of different milestones we plan to achieve regarding the technical infrastructure of the project with estimated timeframes.

Will there be more listings on any exchanges?

Yes, there will be more exchange listings in the future but first we must focus on product launch and adoption. Exchange listings are not a priority at the moment, so we will relaunch V2 and then we can move to this topic, which will be another marketing strategy we will implement once we have a proven product.

How many team members do we currently have and what is their experience?

We are still around 20 team members. You can check our LinkedIn profile for info about some of us. Our project manager has vast experience in terms of exchanges, since he worked for years for Bitfinex. Around half
of the team are developers. Our core developers are only senior developers with 6–7 years of experience in smart contract development, Bitfinex, Solidity development and they have been the same since the beginning of Palmswap. The marketing team amasses about 5 years of experience successfully building brands/products in the crypto and DeFi space. We also have a couple of seasoned community moderators and managers, who had worked with many different communities, prior to Palmswap.