Today we are pleased to announce the Hybrid Exchange launch, a new strategic partnership and we will speak about Future Updates.
Beforehand: After deducting referral commission, 100% of hybrid revenue will be used for buyback & burn.
Originally, the launch of the Palmswap Hybrid Exchange was scheduled for the next year after the launch of our On-Chain Exchange. Due to the high level of interest in Palmswap, we have decided to collaborate with ApolloX to launch the Hybrid Exchange significantly earlier, on October 25, 2022.
However, this does not mean that we will not proceed with our plans to develop our own matching engine for the hybrid exchange. We have already started the research and development as well as the architecture of the model. The hybrid model is expected to be released in Q2 2023.
Below is an overview of our protocols and their functionalities.
Palmswap Hybrid Exchange
What is a Hybrid Exchange?
A hybrid infrastructure model is utilizing non-custodial, on-chain settlement and an off-chain low-latency matching engine with order books. This means our Hybrid Exchange offers institutional quality, deep liquidity, minimal slippage, and low trading fees.
Palmswap Hybrid Exchange will work with the integration of ApolloX Engine with the following features:
- On-chain: The on-chain contract will include a mapping of wallet addresses that will be used as an off-chain authenticator. This ensures that when a user withdraws funds from an off-chain vault with a key that belongs to him, only that user can control those funds with his wallet.
- Off-chain: The off-chain logic handles trades, liquidations, transfers, deleveraging, and updates oracle prices. It stores the total account balance of all users and regularly provides proof confirming the validity of changes in the account balance taking into account the users’ transactions.
Which chains does the Hybrid Exchange support?
In the beginning, only BNB Chain will be supported. In the upcoming weeks, we plan to make the hybrid exchange also accessible via the Ethereum and Arbitrum network.
PALM Token utilities on Hybrid Exchange
Shortly after the launch, traders will have the possibility to pay trading fees in PALM. If the trading fees are paid in PALM tokens, users receive a discount on fees. Token buyback & burn will already be initiated with the Hybrid Exchange. The token burn will be done on a monthly basis with 100% of the Hybrid Exchange revenue.
Quarterly report on revenues & burn
We will publish a report of the Hybrid Exchange revenues on a quarterly basis. This will include all information such as the number of traders, trades, revenue, volume, and payouts to affiliates.
Palmswap on-chain DEX
The Palmswap on-chain DEX uses dvAMM for settlement and meets the needs of small to medium-sized traders who will trade 100% on-chain. You can trade with low slippage and enjoy the secured liquidity benefits of dvAMM. Key features like Order Types can be used through the implementation of smart wallets into the platform — integrated for the first time on BNB smart chain by Palmswap.
Retroactive Trading Rewards as well as Trading Cycles will be starting with the Public Launch of Palmswap on-chain DEX.
Go live on-chain DEX & Hybrid Exchange with own engine
In November this year, our on-chain DEX, which we have been working on
for a long time, will be available for Alpha Testers. Approximately a month later it will be publicly available.
Towards the end of Q2 2023, our own engine for our Hybrid Exchange will be ready to use for traders on Palmswap. The current model might be discontinued then.
October 2022: Hybrid Exchange (with Partnership)
November 2022: On-Chain DEX (Powered by Palmswap)
Q2, 2023: Hybrid Exchange v2 without Partnership
Get In Touch with us
🌐 Visit us at palmswap.org 🌐
📩 Email us at office@palmswap.org 📩
💬 Connect with us on Discord 💬
✈️ Join our Community on Telegram ✈️
👾 Find us on Twitter — @Palmswaporg 👾
