The Palmswap Exchange v2 is right around the corner, and accompanying the launch will be a limited-time, exclusive rewards program for early PLP minters.
What is PLP?
PLP is Palmswap Exchange’s liquidity provider token. By using USDT (and other stablecoins in the future) to mint PLP and stake, you are exposing your portfolio to a large portion of the fees generated by the platform. The subsequent PLP vault provides liquidity for perpetual traders, allowing them to take positions with leverage.
PLP holders will hypothetically see gains whenever fees are obtained by the platform, in addition to when traders are liquidated or take losses from closed trades. If the traders take a profit, the PLP vault will ‘pay out’, resulting in a negative impact on PLP price.
60% of total protocol fees are distributed to PLP holders and stakers. Simply holding PLP exposes users to PLP vault price increases (and possible decreases). The fees flow to the stakers in the form of USDT, these can be claimed at any time.
A few simple details to help simplify things:
- A total supply of up to 25 million $PALM tokens will be rewarded through this program
- Early minters get higher rewards through the tiered system shown below
- Once a tier is filled, the next tier opens
- Minters cannot redeem their PLP for USDT until July 05, 2023 (V2-Platform launch)
- 30 days after minting PLP you will be able to claim PALM Rewards, PALM will be vested for 6 months with daily claim
- PLP Price starts with 1$
How do I qualify for PLP Event Rewards?
You can apply for early access now by filling out the form on our website on 15th May. All PLP Event Rewards are FCFS (first come first serve), but if you are selected for early access, you will have a head start on minting PLP and securing your tier placement.
How to secure your allocation and mint your PLP:
- You will receive an email notifying you about your selection (and when your access will be granted)
- A public early PLP landing page will go up, and there will be a wallet checker on that landing page
- When your time to access the PLP Event comes, simply connect your wallet to the app, navigate to the Event page, and mint your PLP
- Voila! You now qualify for PLP Event Rewards!
