Merger Announcement

10 min readApr 26, 2024

Introducing a New Bullish Era: Foxify and Palmswap Merge to Disrupt Decentralized Trading.

Foxify and Palmswap are combining their strengths in a significant merger that will enhance their offerings and streamline the experience for traders on decentralized platforms.

Exciting changes are on the horizon as Foxify and Palmswap, two platforms dedicated to enhancing the decentralized perps and P2P Options trading experience, merge. Before we dive into what this means for you, let’s quickly introduce both platforms:

FOXIFY (foxify.trade): A trading platform that thrives on the Arbitrum network, FOXIFY is designed for speed and efficiency. It stands out for its commitment to reducing the supply of its $FOX token, offering diverse trading options, and providing a unique, no-KYC funding program for traders. With a focus on real-time data accuracy, it’s a platform for serious traders looking for growth and value.

FOXIFY is also developing FUNDED, a complimentary application to perps that brings Prop trading on-chain, disrupting a $6B a year industry, by offering users of the FOXIFY perps platform the opportunity to qualify for a fully funded trading account within 7 days.

Palmswap (palmswap.org): Built on the BSC Network, known for its robust trading platform and innovative features like swift order executions, deep liquidity, capital efficiency, negligible price swings, and Trade2Earn. Palmswap has built a loyal community around its product offerings and affiliate system. Operating with a strong development team, it’s a platform built for resilience and growth in the trading community.

The Merge of Foxify and Palmswap:

FOXIFY and Palmswap merge into one to become FOXIFY — Bigger, Better, Bolder, Stronger… Together!

More liquidity, more holders, bigger community — A better future!

One platform that offers synthetic perps, P2P options, an integrated bridge, FIAT on-ramp, Trade2Earn, along with a host of other new features and resources as follows:

- FUNDED — A first-of-its-kind application, allowing any trader to get a funded account in 7 days, scale up to $250,000 Max trade size, and keep 80% of profits you generate.

- Team: Imagine the creativity and innovation when both the FOXIFY and Palmswap teams unite. It’s like having the best minds in one room, all focused on making your trading journey phenomenal. The combined team is 15+ ready to scale!

- A Community United: With our forces combined, we’re not just merging platforms; we’re blending our vibrant communities into one. Palmswap on Telegram, FOXIFY on Discord — we’re bringing everyone together for an unmatched community experience. The total size of our communities combined is over 128,000 members!

- One deflationary token! FOX — Offering several ways to earn sustainable rewards, with the ebFOX pool systematically burning supply whilst boosting rewards. Earn & Burn!

Palmswap and its strengths:

Strong product lineup — Trade multiple pairs on an advanced platform.
Talented development team with an exciting roadmap.
Well-developed user and trading experience.
Strong community base, built throughout the bear market.

FOXIFY and its strengths:

FUNDED is a unique application for talented, profitable traders to access up to $250,000 in max trade size.
Peer-to-peer (P2P) short-term Options Trading.
Extensive, ready-to-deploy marketing resources, with exciting Partnerships and Grants from Protocols like Pyth.
Excellent community on Discord, DeBank, and Medium.
Three staking pools for flexibility or long-term holders.
Deflationary token, with constant burns from ebFOX.

What are the benefits of merging these two protocols?

Combining protocols and communities enhances overall power and reach.
Leveraging strong, yet complementary, community presences: Palmswap on Telegram, FOXIFY on Discord.
Pooling of financial resources — Ensuring greater liquidity for both the token and PLP — with room to invest!
A powerful combination, smoothing the path to further fundraising for aggressive expansion.
Leverage a range of established partnerships including, Pyth, Certik, Halborn, Hacken, MEXC, Balancer, Squid Router + Axelar, and many huge names in the works!
Expanded trading options with sound deployment of FUNDED and P2P Options Applications.

What are some other benefits?

Joint community engagement events, increasing user interaction and loyalty.
Access to FOXIFY’s unique event lineup and Palmswap’s robust development expertise.
Monthly giveaways ($2400 value) exclusively for Fox Den members (Hold 1000 ebFOX)
Increase in the number of $FOX holders and potentially Fox Den members.
Enhanced marketing strategies leveraging combined resources for greater reach.
Strengthened community support across platforms, maximizing Telegram, DeBank, Medium, and Discord presence.
Shared knowledge and resources to innovate and improve the trading platform further.

As a Palmswap user or $PALM holder, what does the merger mean for me?

Token Migration: Your $PALM tokens will be converted to $FOX at a rate of 1 $PALM = 0.00778 $FOX, ensuring like-for-like $ value. The conversion rate is based on the strike prices as of April 25th, 2024, at 09:30 UTC, with $PALM valued at $ 0.003516 and $FOX at $ 0.4522.
Rebranding: The Palm brand will evolve into FOXIFY — Palmians become Foxes!
Exclusive access: Holding 1000 ebFOX or more grants entry to the Fox Den. Here’s more info about the Fox Den: https://medium.com/@foxifytrade/how-to-join-the-fox-den-community-on-discord-c8e4206af956
Expanded trading options: Access to FUNDED (https://t2e.foxify.trade/), Peer2Peer Options Trading (Due to relaunch).
Unified community: Join Foxify’s Discord server of 20,000+ members where both Palmswap and FOXIFY communities unite. Join now: https://discord.com/invite/foxifytrade

As a FOXIFY user or $FOX Holder, what does the merger mean for you:

Larger team: Access to a bigger team for faster development and support.
Increased resources: More in-house resources for improved platform performance.
Increase in Holders: No impact on your current token holdings.
New community space: Join a new and active Telegram channel with over 5,600 members for unified community interaction. Join now: https://t.me/Palmswapchat

I’m new to FOXIFY, what’s so unique about it?

Deflationary Token: With over 1.5M $FOX tokens burned, Foxify stays committed to burn the $FOX supply, aiming to increase value over time. While many perps dex’s 10x their supply, we aim to reduce ours indefinitely.
Built on the Arbitrum Network. It utilizes data for price feeds from Pyth Network ensuring real-time accurate information for our users.
Diverse Trading Options: Including perpetual contracts (Perps v2), peer-to-peer (P2P) options (v2 coming soon), and FUNDED by FOXIFY (coming soon)
FUNDED by FOXIFY: A unique application that aims to equip talented & profitable traders with up to $250,000 in funded trades (Subject to OI availability). 80% profit split, No KYC, No sign-up fees, No Deposit, Get funded in 7 days. Ask about the $10k bounty!
Multiple Staking Pools: Three pools for different staking strategies.
Earn & Burn Mechanism: Locks a percentage of the current circulation to enhance long-term value while reducing supply through burning.
Vibrant Community: Access to the Fox Den for amazing insights, sneak peeks, first-hand experience on new features, alpha on potential roadmap items, and early access to beta testing new features/applications. Over $2,400 in giveaways every month.
Trading Co. NFTs: These NFTs boost the Trader’s edge in the FUNDED application, granting Silver holders 10% extra funding and Gold holders 25% more.

As we embark on this exciting journey, merging Foxify and Palmswap, we’re bringing together more than just technologies and platforms. We’re uniting communities, dreams, and the potential for groundbreaking achievements in decentralized trading. This merger is a testament to our shared commitment to innovation, growth, and most importantly, our users.

We are grateful for your support and invite you to join us in this new chapter. Together, we look forward to building a future where our combined strengths lead to unmatched opportunities and successes.

Thank you for being part of this journey. Welcome to the next chapter with us, where our united path forward promises a brighter, more inclusive future for all.

FAQs:

1. I’m a PALM token holder, what do I need to do?

A: Your Palmswap ($PALM) tokens will be converted to $FOX at a rate of 1 $PALM = 0.00778 $FOX, with $FOX appearing in your wallet on Monday, April 29th. This carefully planned process ensures a smooth transition and will not affect existing $FOX holders.

2. My PALM tokens are staked, what do I need to do?

A: If you are a PALM staker — You will receive FOXIFYMAXI (FOX Staking receipt token) — this is FOX already staked and already earning you rewards. You don’t need to unstake your PALM tokens, everything will be transitioned automatically.

3. If I’m holding my PALM tokens on MEXC, what do I need to do?

A: You don’t need to do anything, MEXC is pausing trading on Friday, 26th April, 13:00 UTC, deposits and withdrawals will be disabled at 12:00 UTC and FOX tokens will be airdropped by MEXC on Monday, 29th April.

4. I’m a token liquidity provider on Palmswap, what happens now?

If you are a token liquidity provider — Please open a ticket in the Foxify Discord server — you will be provided with ARBETH & FOX tokens equal to the value of your LP at the time of announcement.

5. Will trades on Palmswap be affected?

Trading will cease on Palmswap at a near future date, please watch out for announcements. For any trading going forward, please use the FOXIFY platform at foxify.trade.

6. Will the merger affect the availability of trading options on both platforms?

The Palmswap trading platform will be transitioning away, with all trading activities moving to https://www.foxify.trade/. We’re excited to announce that we’ve recently introduced Perps v2, Trade2Earn, a token bridge, and are on the brink of launching a FIAT on/offramp and the FUNDED application.

7. How will the community platforms (Telegram for Palmswap and Discord for Foxify) be affected?

The community platforms will be combined. Palmswap’s Discord community will transition to Foxify’s Discord, and conversely, Foxify’s Telegram users will join the Palmswap Telegram channel. This move will consolidate our communities, leveraging the activity and engagement present in each platform to foster a more unified and vibrant community space. Palmians become Foxes!

8. What happens to the development roadmap for Palmswap?

The exciting developments planned for Palmswap will not go to waste. Instead, they will be integrated into the combined roadmap for the new, unified platform. This merger enables us to leverage the best features and innovations from both teams, ensuring a dynamic and forward-looking development trajectory.

9. Are there any immediate actions required from users regarding their tokens?

No action needs to be taken by the users. The tokens will be airdropped to your wallets automatically. Feel free to learn more about our staking pools where one can stake their $FOX tokens and earn lucrative rewards: https://medium.com/@foxifytrade/a-deep-dive-into-foxifys-staking-pools-8ef0695693a1

10. Will there be a change in the fee structure or tokenomics as a result of the merger?

Perps v2 comes with a significantly reduced fee structure. The tokenomics of the $FOX token will remain the same. Read more about the tokenomics here: https://medium.com/@foxifytrade/foxifys-responsible-tokenomics-54695eb85f03

11. My $PALM tokens are still vested, what do I need to do?

Nothing, your vesting will continue, in FOX tokens at the strike price communicated, you can claim your vested tokens on the FOXIFY dApp here. Please have a small amount of ETH on the Arbitrum One chain ready for the claiming process.

12. What are the contract addresses for $FOX token and ebFOX token

Please see all contract addresses here for the FOX token and staking pools:

Foxify Trading Co NFT: 0x3e120638c323F705350C504F14b02959f8282280
Foxify Presale Vested NFT: 0x6d0039b6B45D43B2E7EB9f49443bd3175d8720a9
Foxify Token: 0x6bcc14B02CD624EbE1a8A665Cb6d4067Aa097230
FoxifyMaxi (Staking Receipt): 0x54fEeBDAC0704eae53F0251d46a3ef9b6c07DD94
ebFOX (Earn and Burn FOX): 0xBFa48897fCF0cCf3a26165FBfB8997d3Cf3051C8
PLP Tokens: 0xEa9c72dAB467e5cC98559Dd72b8BFEE1EFAd80a3

Do note our project is on the ARBITRUM ONE chain. Before you add any of these tokens, make sure you’re connected to that ARB!

13. What can I do with my FOX token?

Are you committed to the long term? ebFOX is your best option, earning the most yield. Shorter-term options are available in the sense of our Staking Pool.

14. How can I join the FOX community?

Here are all our social links:

Discord: https://discord.com/invite/foxifytrade

Twitter: https://twitter.com/foxifytrade

Telegram: https://t.me/foxifytrade

Medium: https://medium.com/@foxifytrade

15. Which chain will Foxify be on?

It will be on Arbitrum, an Ethereum Layer 2, the user base is heavily weighted towards trading, with over 75% of TVL on Arbitrum represented by trading platforms. Arbitrum also provides almost instant execution of orders and as a result of the recent Dencun upgrade, gas fees are consistently lower.

16. Where can I buy more fox tokens?

Foxify’s website: https://perp.foxify.trade/#/earn

Balancer: https://app.balancer.fi/#/arbitrum/swap

MEXC: https://www.mexc.com/exchange/FOXIFY_USDT

17. How can I bridge to Arbitrum to buy FOX or trade on Foxify?

To buy FOX or trade on Foxify, you’ll need ETH for purchasing FOX and USDC for trading, both of which are also used for gas on Arbitrum. You can easily bridge ETH and USDC to Arbitrum using our platform’s bridge feature: https://perp.foxify.trade/#/trade

18. Will there be any community events or promotions to celebrate the merger?

Yes, we have planned a series of community events and promotions to celebrate the merger. These will include exclusive trading competitions, giveaways, and AMA sessions to engage with our community and provide more insight into our future plans. Please check the Discord events section to see the upcoming events.

19. How often do we do AMAs or updates?

We offer several opportunities for community engagement and updates:

Biweekly Community AMA: The next session will happen on April 30th here.
Biweekly Fox Den Exclusive AMA: Details for Fox Den members can be found here.
Monthly MEGA AMA: The next mega session is scheduled for May 17th. You can listen to the last session, which had 1,200 attendees, here.

Important Links:

Website:
https://www.foxify.trade/

Foxify Whitepaper:

https://docs.foxify.trade/

Why $FOX is a 100x opportunity?

https://medium.com/@foxifytrade/the-5-reasons-why-foxify-is-a-genuine-100x-bear-market-opportunity-610876229a36

Foxify’s Responsible Tokenomics:
https://medium.com/@foxifytrade/foxifys-responsible-tokenomics-54695eb85f03

What is perpetual trading?

https://medium.com/@foxifytrade/foxify-perps-perpetuals-contract-trading-with-high-leverage-83ec2fca7ee0

What is Peer2Peer Options Trading?

https://medium.com/@foxifytrade/make-outsized-returns-with-foxifys-options-trading-1618fa3cbfe1

What is ebFOX (Earn and Burn Fox)?