Introducing Palmswap: A decentralized Perpetual Protocol on Binance smart chain

4 min readNov 15, 2021

Palmswap is a protocol whose primary focus centers around perpetual contracts. Our long-term goals are to successfully engage the general population into DeFi through an ecosystem consisting of serial products that redefine and improve traditional finance in a decentralized manner.

What can users do on Palmswap Protocol:

Open long or short positions on various assets
Trade with up to 10x leverage during Beta (up to 50x after Beta)
Trade with very low fees due to BSC technology
AMM based on-chain trading
Token rewards through trading cycles
Safety Providing

Why Binance Smart Chain (BSC)?
We count on BSC scaling technology to increase trading speed compared to Ethereum-based opportunities while at the same time minimizing fees. BSC is currently growing faster than other networks, and its adoption is also increasing day by day.

In very simple terms, why would we drive a slower car that costs more to operate?

In addition, on one of the most popular dAPP networks, the Binance Smart Chain, there is no functioning perpetual market… 🤔

Faster, cheaper, user-friendlier.

Palmswap Products

Trading
No registration or account required. You can start trading immediately without any other requirements.

Invite
Invite your friends and earn from paid trading fees.

Trading Cycle
With this program, 27% of the total token supply (270 million PALM) is distributed to active traders on the protocol. This is the first way to secure tokens before anyone else (Free).

Decentralized Hedge Funds (v2)
Participate in funds or create your own decentralized fund. Already from v2 it will be possible to use decentralized funds.

More token related products will be announced shortly after the launch of Mainnet v1.

The Next Steps & Testnet Airdrop
Several months of work are behind us so now we can already introduce you to the most exciting part. In the mid of January the Testnet will go live with a Airdrop for all traders. We plan to launch the Mainnet in February 4–5 weeks after the test period has began. Along with the launch of the Mainnet, Trading Cycle One will start and protocol traders will be rewarded with a total of 20,000,000 PALM tokens.

When will the Protocol Token be implemented?
As soon as the first trading cycle is completed we plan a token sale, which we expect will take place in March. Following the token sale, PALM will be listed on the first exchanges and the trading cycle will be started. Initially there will be two big “groups” of users who will hold tokens: Trading Cycle 1 participants & Token Sale participants.

PALM has numerous use cases in the protocol and will offer users various ways to use the token in the protocol.

Roadmap:
We kept the roadmap short in this article, the detailed plan can be found in the Roadmap section in our Gitbook.

2022 Jan: Release Testnet, Bug Bounty
2022 Feb: Release Mainnet v1 & Start of Trading Cycle 1
2022 Mar: Token Sale|Token Release|Safety Providing and Yield Farm |Start of Cycle series
2022 Q3/4: Mainnet v2 (Governance, decentralised hedge funds)

What are trading cycles?
Trade on the Protocol to get free tokens. It’ s as simple as it sounds. The first Trading Cycle distributes a total of 20,000,000 PALM (40% of the initial supply) to traders. The first Cycle will automatically end once a total trading volume of 2.5 billion USD has been reached across all markets on the Protocol. The next trading cycles are not based on a volume target but on a number of days. Each cycle lasts 7 days and as soon as one cycle ends, the next one starts. The users can withdraw their earned PALM without any waiting time after the end of each trading cycle.

A total of 270,000,000 PALM tokens will be circulated through Trading Cycles over the next seven years.

Make sure to get your share of the next-generation decentralized exchanges!

Introducing Palmswap: A decentralized Perpetual Protocol on Binance smart chain

Written by Palmswap