Intro:
On December 28th, 2023, the Palmswap team held a celebratory year end wrap-up AMA with our co-founder and CPO, Bernd.
Below you will find a written summary of what was discussed throughout the session, which took place on X Spaces:
We´d like to start by wishing everyone had a good Christmas time with your loved ones. This AMA will be basically a wrap-up about everything that we have accomplished throughout 2023, as well as a look into the future of what is to come for everyone at Palmswap. We will also provide updates and address some topics raised by our community as always.
2023 was a really a good period for Palmswap. It was a year during which, we as project together with you as a community, went through many ups and downs that fortunately we have been able to manage.
Overall, we successfully launched V1 and had amazing results on it. We had already launched our hybrid platform last year but had some very good traction there afterwards too. And last but not least, we finally managed to launch our long awaited V2 platform. Although there were some unforeseen hiccups, we believe we were able to pull through rather nicely and that allowed us to make the whole project even stronger and safer.
On September 20th, 2023, on the very first year anniversary of the launch of our token ($PALM), we successfully launched Palmswap´s V2 DEX/trading/staking/liquidity providing platform. As anyone can see on our website, we have achieved great figures in just 3 months, since V2 has been live. Even more, considering the market sentiment at the time of V2´s release.
We have had a more than good trading volume on V2, which will grow as liquidity grows on the platform, with a phenomenal amount of traders and trades to date. At the same time, you could say the majority of the PALM supply is under staking, while we are delivering some very nice yield on those staked tokens. That also includes yield for liquidity providers who are staking our LP token ($PLP). Given that we distribute staking rewards in a stablecoin ($USDT) and they are all achieved through real yield, the APRs our pools have been generating are impressively high.
All of the above, without mentioning our holder count keeps increasing on a regular basis.
Some of our greatest accomplishments and milestones during 2023:
- Nearly 5K PALM holders
- Almost 140M PALM tokens staked ($740K+)
- Released the first single asset liquidity pool in stablecoin (USDT) through synthetics on the BSC.
- Trading platform liquidity of over $650K.
- PLP token has remained stable above $1.00.
- Total Trading Volume achieved on V2 of almost $770M.
- Close to 140M Total PALM staked ($665K+) and more than $50K in yield earned for token stakers.
- Over $75K earned in three months for LPs.
- Ongoing Trade 2 Earn event that provides daily rewards and steadily increases the total trading volume on V2.
- Healthy daily trading volume on V2 of around $1.5–2M and close to $5M per day at one point.
- Enabled 7 trading pairs, 5 of those chosen/suggested by the community, with at least one pair to be added next and more pairs in the future.
- Mobile optimization for all features on V2.
- Smooth, user friendly, intuitive and sleek UI, with regular upgrades and outstanding reviews from users.
- Active referral program with tiers and discounts for traders, as well as trading fee rewards for referrers.
- Increased community engagement on X and CMC.
General Updates:
As we said we would do during our previous AMA to reduce major operational costs, we have completed the transition from Chainlink and done full integration into the Pyth network.
There are a couple of features that were meant to be integrated in Q4 too and although they are not up and running just yet, those and a few other implementations are virtually ready to be released early Q1.
We will enable multi chain deposits, a bridging function that will allow users to deposit any assets from any chain, even across EVM chains, into our PLP pool. This means you won’t need to deposit directly into LP.
The multi-chain bridge has two functions:
A) To bridge any asset from any chain to BSC. For example, you can convert ETH to USDT on Ethereum with one transaction and then bridge to BSC. If you need assets on BSC, you can use the bridge.
This function can also be used to trade on our platform. For that, you would need BNB for transaction fees and USDT as collateral to trade on V2.
B) To deposit into the PLP pool from any chain with any token. We will convert the tokens to USDT, swap the network and deposit them into the PLP pool in just one transaction.
A fiat onboarding feature is also next in line to be implemented:
- We will partner with a third party to integrate fiat on-ramp.
- The purchase will go through our partner and customers will receive the purchased tokens directly into their wallets.
- It will be integrated to our platform, so the user will buy on Palmswap page.
- It is not only to buy USDT and use the platform, you can buy every coin.
- Palmswap will earn fees when someone buys.
- We will have KYC only at fiat on-ramp, not on our trading platform.
Some minor details may vary as we approach their releases but that´s the general picture. We haven’t launched the features above yet, as we are still in the final phase of testing and going through internal audits. This was decided by our Tactical Project Manager, once he gives the go ahead, those utilities will be released, quite possibly in the coming weeks since they are practically good to go.
Fundraising round:
As you may remember, we were in preparations for another set up for our next fundraising round. That is definitely going in the right direction and we are waiting on some legal processes to be finalized. Unfortunately, that can take a fair amount of time, without a way to actually expedite anything. We hope to be completely done with the whole set up soon. Over the holidays, not a lot has transpired from their end but from ours, pretty much everything has been initiated. Nevertheless, we trust we will have substantial results with the total completion of the fundraising round in Q1 of next year.
Regarding the pending refund, we had previously mentioned that we were considering allocating a part in tokens for those who didn´t feel like waiting, but we decided against that. We chose to simply move forward with the funding round, and tackle the refund in the form of USDT.
Apart from being strongly requested by the majority of our community, it is just the logical and healthiest thing to do for the project. We do not want to be giving out tokens at a price that might be too cheap, for them to be eventually dumped on our true holders. That’s why we have decided as a collective to do the funding round and when that matter is at a more advanced stage than it is at the moment, we will proceed. Please keep an eye out for more updates.
It is worth noting the funding round will also have an important role in Palmswap´s development because we will be using capital mainly for marketing, scaling and attracting more users. Our goal is to build more traction towards us, through various promotional and community oriented initiatives we have planned.
What´s to come?:
- New trading pair(s): A new trading pair ($AVAX) has been chosen by the community to be added to V2 and it has also been announced. It will be launched shortly, probably together with another more volatile market, which will remain undisclosed until it is added, as a surprise for our traders
- Partnerships on the horizon: We are already in serious talks behind the scenes with different representatives/individuals for upcoming partnerships and we believe more interest from others will ensue very soon.
- One-Click Trading: A function that will allow you to trade on Palmswap without confirming transactions on your crypto wallet, which is aimed at making the whole trading experience on V2 a lot smoother and very similar to a centralized exchange´s.
- Copy Trading: We are planning some really innovative copy trading activities and functionalities in order to bring in more traders to our platform. Due to its popularity amongst traders, CT in V2 certainly has the potential to be a game changer for Palmswap.
- Release of various competitions: These will be in the areas of trading, liquidity and promotion as part of our strategic marketing to gain more traders, as well as new liquidity providers and holders.
- More exchange listings in the future: They have always been part of our plans and we hope to be listed in greater exchanges than the current.
- Further upgrades and improvements to V2: As stated before, we will continue refining our UI and platforms as we move forward.
- Additional utilities: More use cases for the PALM token and other features to be implemented on V2.
Wrapping Up
We are constantly and consistently working in the background to improve the whole experience in all areas of the Palmswap ecosystem. Our amazing community obviously plays a vital role in making everything better and better through to your input, feedback and suggestions. Our dev team has even implemented some of your ideas like the compound feature for staking rewards and slight but key changes to the platform´s layout, to name a couple. We highly value your active participation and encourage you to keep at it.
When we were developing V2, we would always say we wanted to build a capital efficient DEX and we truly feel that’s exactly what we have accomplished. Even with low liquidity, we have been able to reach wonderful results and we have demonstrated we can efficiently operate a wide variety of markets, rewarding users and holders through real yield simultaneously.
There’s a lot planned for the coming year and we are confident 2024 is going to be fantastic. Not only for Palmswap, but for the entire crypto and DeFi space as well. We are very bullish on the whole market sentiment overall and the last quarter of 2023 has already proven it sure was a great one for us.
Thanks to everyone for joining Palmswap in this incredible journey so far and for your unwavering support. As usual, make sure to follow us on social media, turn notifications on, join our Discord / Telegram communities and please beware of scammers pretending to be part of the team, admins will never DM first.
Bigger and better things are imminent for all of us. May you have a joyful end of year and a happy 2024.
Thank you!,
The Palmswap team.
