1. Is v2 performing to the expected level?
We are very happy with the response, as well as the volume and usage of v2 after the first 4 weeks post launch. Despite the bear market, when trading volumes are in general pretty low, we are about to crack $90,000,000 in volume during the first month our v2 platform has been live. There are +107m PALM (almost $550k) and nearly 660k PLP (just under $675k) in our staking pools*. User reviews at all levels have also been very positive.
The development team is working on and enhancing order speeds and making the whole v2 experience even smoother. We are opening more markets, last week we opened BNB trading on top of BTC and ETH. We expect to open a fourth market within one to two weeks.
*Updated data can be found on our website.
2. Will current market conditions allow full completion of the latest roadmap update?
We will try our best to complete all features according to the roadmap. Although we don’t commit to specific, nor definitive deadlines like stated on our whitepaper, we will always aim to have as few timeline modifications as we possibly can.
Fiat integration wasn’t released in Q3 because we launched the v2 platform on the 20th of September, only ten days before the quarter ended and we wanted to roll out the product first. Now that we have made sure it has been doing well, we will integrate the fiat on ramping features pretty soon. Multi-chain deposits are also going to be enabled during Q4 and we will start with the integration of those features coming next too.
3. Is there an ETA on the pending 19% refund and will there be any form of vesting to claim the refund?
At the moment, we are actually right in the middle of another funding round and we are currently in preparations there. The original plan is to do the refund in PALM but the consensus amongst the team is that should the funding round do well enough, we might even make the rest of the refund in USDT. We are considering those two options where it’s either PALM or USDT, we’ll give an update on that shortly.
If the refund is in PALM, there will be a vesting similar to the initial PLP event rewards. That certain type of vesting was chosen with the best perspective for the token and the project, so it shouldn’t be too different for the refund.
4. Does giving out T2E rewards in PALM have any major effect on the token’s price? Would you consider switching to USDT rewards?
Actually no, we didn’t consider switching to USDT rewards before and we probably won’t consider it in the future. If we switched the Trade 2 Earn rewards to USDT, it would mean that we would share trading fees with traders. At the same time, those trading fees would also be shared amongst the PALM and PLP stakers, reducing their different APRs.
The T2E event is doing nicely, generating between 1.5 and 5 million dollars in daily trading volume and quickly approaching $90m of total trading volume, since v2 launched on September 20th. Another trading epoch is about to start and from then on, T2E rewards will be reduced to less than half when compared to the first epoch. The event will be live for a whole year as a means to guarantee a steady trading volume on v2, like it has been effectively doing this far.
Join our Trade 2 Earn event.
5. Why has the supply of the token increased?
As it was shared through an official announcement, we had to mint the Trade 2 Earn rewards. Those 90 million PALM appear as circulating supply but they are not literally in circulation, they will be gradually released over a one-year time span. Additionally, this will not further increase the circulating supply because these tokens are already pre-minted and are just being sent out by the smart contract on a daily basis, as Trade 2 Earn rewards.
We are currently at 107m PALM in staking. Before the minting of the T2E rewards took place, the PALM circulating supply was 212m, so you could basically say there is around 50% of the token supply under staking, which are definitely impressive figures. The ecosystem looks very healthy too. Both PALM and PLP staking pools look very balanced as well.
Stake & Compound PALM/PLP today.
6. 10% of trading fees now goes to PLP Buyback. Do these PLP tokens earn further rewards from fees? Are these tokens and rewards to be compounded indefinitely to increase liquidity or will they eventually be reallocated?
Also as previously announced, the 10% of trading fees allocated for PLP buyback is currently going directly into liquidity, meaning that rewards are being compounded back into the pool to add more liquidity to the platform. This is a temporary change, we are only doing so to increase the initial liquidity on v2 for traders. This is expected to result in more volume, larger fees and greater rewards.
PLP tokens are liquid, so we can convert them at a time when we have achieved the level of liquidity that we believe to be sufficient. Then, the USDT can be used to commence the buyback and burn of 10% from trading fees, which will be a continuous process.
7. What is being/will be done to improve the current status of the Palm token?
On top of the current use cases of PALM like stake to earn 30% of the trading fees in the stablecoin USDT and trade to earn PALM tokens through trading epoches, what will also help push the token price up is obviously adding more layers of utilities to it, which the team is already working on to implement in the future and you can find in our docs such as:
- Reduce trading fees when staking PALM.
- Increase Affiliate commission when staking PALM.
- Get allocation to invest in new projects launching on Palmpad.
- Vote on proposals (Governance).
Liquidity in the platform needs to be increased some more in order to restart the buyback and burn of PALM as a means to reduce supply, and promote demand through deflation. There will also be promotional initiatives to increase exposure of the token and we could potentially add even further utilities to it as well. Potential collaborations are also being considered to create conditions that will support the price of PALM.
8. Could you give us an update regarding marketing plans and strategies?
As anyone can see, the product is performing quite well, proving itself with pretty much every transaction, while all parts of the platform are running smoothly, and this will certainly be our most powerful marketing tool
Although nothing has been finalized yet, we are presently in negotiations to develop Business to Business partnerships with people who have actually requested white labels from our platform. The goal is to generate additional fees that will flow into buying back tokens from the market, and burning them to reduce supply/increase demand. Furthermore, we have two partnerships coming up, which should increase our exposure.
A considerable amount of the marketing budget before the relaunch of v2 was announced, had already been paid to various KOLs and promoters like Davinci, who is fairly active in our Telegram chat. They are currently on hold, while the platform gains a bit more of the great adoption it’s already been having and more people use it, to then go ahead and promote our product themselves. This should also add more trading volume to the platform and more exposure. We expect further updates in around a couple of weeks.
9. Are you planning on targeting international communities?
The marketing team is considering targeting specific regions with a good potential for conversions, adapting every campaign to its intended market.
China due to its massive population and Turkey, where margin trading is prohibited and a decentralized alternative is desperately needed, are great communities to reach out to. Also, in The Commonwealth of Independent States (CIS), which includes Russia, together with other eight neighboring countries, there seem to be a lot of opportunities in DeFi at the moment.
10. What is Palmpad and do you have an ETA for it?
Palmpad is the initial platform, from which we launched our token and first staking/farming platform, Palmswap v1. It was rather surprising for a lot of people that we didn’t use external launchpads but instead we went with our own launchpad and actually did a quite good raise, despite the environment having turned extremely bearish for crypto and finances in general back then.
We have always considered the possibility of launching other tokens through our Palmpad, and that remains as part of our plans but our main focus right now must be on the v2 DEX and its features. During Q1 of 2024 we will update our planning, with upcoming features that we will be releasing and the Palmpad will definitely be included in those.
10. What could we as community members do to make the entire Palmswap ecosystem grow more?
It’s actually pretty easy and anyone can do it. Just use the product, trade on v2 and, especially, refer it to family and friends by using our affiliate plan. If you like our product, recommend it. We believe if you do the work, then you should be rewarded. Apart from the passive income you might be getting from staking PALM and PLP, we have built a referral program that you get paid for too.
You will earn lifetime commissions whenever you refer somebody to trade on Palmswap. If they like it, they will refer others themselves and so on, making the platform and token grow even more. You can currently earn up to 20% commission of trading fees paid by the user you refer depending on your profile and amount of referrals. We are even considering making the referral program a bit more attractive in the near future with further releases we have planned for this year.
Showing continuous support, like our amazing community has always done for Palmswap on social media and our Discord / Telegram communities, is also an excellent way for anyone to do their bit to benefit not only the Palmswap ecosystem but their own investment as well.
11. What has been done in v2 in terms of safety?
We have fixed any issues to prevent potential threats to the platform by heavily strengthening our code. We have also built in the cooldown periods for PALM stakers and liquidity providers to nullify flash loan attacks, as a safety and prevention measure requested by the community. The platform has been made more stable too.
The bug bounty event is currently offline. Only a few minor bugs related to data display, no critical security issues whatsoever, were reported but then were followed by a flood of spam reports. Bugs are being worked on, while security will always remain a priority at the top of our list.
12. When next CEX listing?
It will be done in due time but it is not a priority at the moment. However, our CPO has been meeting with three exchanges in Dubai. A tier 1 exchange said we need to increase both the amount of users and volume on the platform to have the opportunity to be listed there.
The goal is to go on to a bigger exchange than MEXC where we had listed initially. It all went pretty well and smoothly there but our next target will definitely be bigger.
Buy PALM on MEXC or Pancakeswap.
PALM contract: 0x29745314B4D294B7C77cDB411B8AAa95923aae38
Final thoughts:
For us at Palmswap, it is very important to be as transparent and communicative as possible towards our community at all times. We believe that has already improved considerably since the start of the project, even more with the 3 AMAs we have had just for the launch of v2, and we can only say thanks to every single one of you for your undying support.
Make sure to follow us on social media, turn on notifications, keep supporting Palmswap and please remember: beware of scammers pretending to be part of the team, admins will NEVER DM FIRST.
Listen to the full recording >HERE<
