Dear Palmswap Community,
On Thursday 23rd November, the Palmswap Team held a X Space to update the community.
Several exciting announcements were made!
Listen to the complete recording on X HERE
1. How is development of the Palmswap v2 DEX and ecosystem progressing?
Development is progressing very well. We have new minor updates almost every day and we are taking advantage of the bear market to create a good product.
We are also constantly taking feedback from the community to implement and improve every area of the project. Further insights can be found in the question related to our roadmap during this AMA.
2. What makes Palmswap unique?
First of all, Palmswap is unique because it is the first and only synthetic protocol with a single asset pool on the BNB Chain, meaning you can deposit just USDT, which is used as a collateral for trading, unlike on other DEXes, where you normally have to supply pairs of 2 vastly different tokens. This makes our platform quite scalable and as a result, we can add trading pairs quickly and efficiently, while users can get rewarded with up to 40% of trading fees in USDT. We are currently operating with 7 markets, added in just 2 months since the launch of v2.
Liquidity providers can benefit as well from liquidation fees, hourly borrow fees when trading with (funding fees on a CEX), LP token mint and burn fees, while allowing our liquidity providing token (PLP) to remain stable with a slightly upward trend.
In addition, we strongly believe (and so do many of our users) Palmswap has a superb and unique UI that hardly differs from a centralized exchange, and makes users feel like they are trading in a familiar environment, to which they are already used to. The team is definitely committed to creating the best product we possibly can.
Our trading engine supports Forex and stocks, as well as commodities like gold or even oil in the form of synthetics, and could potentially be traded on our DEX in the future. Should we add FX to v2, we will probably add a higher leverage, exclusively for those pairs since Forex traders are known for preferring to use higher leverage.
3. Could you give us an update regarding the pending refund?
The team is aware this is an important topic within the community, which we are committed to resolving. Giving out Palm tokens as originally considered at the current price might not be the wisest move. All the legal structure for the fundraising we are planning should be finalized in the coming weeks. It is a cumbersome and lengthy process simply because it is not an actual token raise and it must be done properly. After the whole structure is finally set up and proper funds are raised, refund will most probably be in USDT.
This will take a bit of time, so another option that has been suggested for those who would prefer not to wait is to get pending funds in PALM. Nothing final has been determined just yet, we expect to share further updates in the near future. This is a major topic for the entire team, we are only trying to do what’s best for everybody involved in the project, including all of our token holders.
4. What is the goal of Palmswap marketing? when should the project get the attention from other communities?
As mentioned before in different opportunities, we take advantage of the bear market to improve our product, while we are constantly working on it every day and we mastermind how Palmswap could be even better in all areas. We also go through the community requests about our product and take their feedback to heart. In the little time v2 has been live, there have been some minor issues on the platform like front end bugs that have already been fixed.
There was also a liquidation bug a couple of weeks ago that was taken care of by our team too. There was no actual cost through our platform but for the 3rd party service that we are using to get the prices from.
We want to eliminate completely any sort of issues on v2, no matter how minor, before marketing really kicks in. We have learned from our experience after burning funds unnecessarily when marketing a newly released product, and we’re being mindful about that. Rest assured that a considerable portion of funds are assigned to marketing. We think the timing is appropriate since we believe we could go into a very strong market in the coming months, for which we are preparing promotion wise, as well as from our product’s side.
We want to become and remain the leading perpetual DEX on the BNB chain. We will do this with a clear message.
5. Have there been any changes to the team?
A couple of team members have amicably parted ways with us, due to personal and professional reasons, while the rest of our staff continues working diligently around the clock in all of our internal and external departments.
Moreover, we have also added a new member to the team as a community moderator recently, to assist within our Discord and Telegram communities.
6. Will the buyback mechanism be implemented again?
Like stated in the last AMA, we are currently not operating under the buyback mechanism. We are using those funds to buy PLP, in order to increase liquidity and/or to top up price feed, as we have severely high costs through Chainlink to retrieve prices.
We are working on minimizing this service since it is actually such elevated costs, which caused the liquidation issues we had to take care of ourselves. The dev team has been putting a lot of effort behind the scenes in finding ways of minimizing costs, and we were recently informed they are on the verge of putting a plan into action, hopefully next week after proper testing is done.
In the future, as previously mentioned as well, buyback and burn of PALM will be enabled yet again with the allocated share of the fees, once funds are enough. After we make this switch, the funds in the proportion as they have been allocated, are then going to be used to continuously buy back PALM from the market. We will probably even automate that feature because we believe the process is bound to have a positive impact on the token. We will be buying back and burning a lot more tokens from the circulating supply, percentage wise.
7. Are there any updates regarding the roadmap?
We have a great developments and marketing features on our roadmap. As for the product, we are constantly working on making any corrections needed and at the same time, we are always pushing on improving all areas of our project, while making the platform smoother in the backside of things.
For Q4, we are expecting fiat on ramping and multichain deposits. We will start integrating both features once the Chainlink situation is finally over. Next on the list (ETA TBA) is one-click trading, meaning you can trade without confirming each transaction through your Metamask/Trustwallet app. You will just need to fund some BNB for transaction fees. This will greatly improve the trading experience. We will also implement a leaderboard together with a feature that will allow you to follow the most successful traders on our platform and various statistics/data.
In regards to partnerships, for the past 3–4 weeks, our CPO has been working with some copy trading companies to create a decentralized and transparent product that will allow them to basically copy trades on Palmswap v2 in a decentralized way. These are companies with already existing communities of traders and we believe that this is definitely going to bring new traders to our platform, as well as millions of dollars in trading volume on v2.
During this time, we have been approached by a couple of project developers who are interested in doing a decentralized social trading platform. We are helping with the development of that feature for them and we will then be able to white-label it as our own. Therefore, we want to make it incredibly easy for people to access trading. We understand not everybody is a trader but if you can make it as simple as copying a successful trader with just one click, making the entry barrier a lot lower, while encouraging people to come and trade on our platform.
We will invite those project developers when we’re more ahead in development, possibly for an AMA in the upcoming weeks. Their product is scheduled to be launched in Q1 of 2024. We believe this is going to add a lot of trading volume to the platform, which will result in higher fees, higher revenues, higher APRs for our PALM token stakers/PLP holders and eventually, higher buybacks.
At the end of the day, Palmswap is 100% product-focused and if the product is doing well, we manage to get more traders on the platform and the trading volume goes up, the PALM token will surely benefit. That’s basically the game plan that we are following right now with our roadmap.
8. Why are there data display issues on Coinmarketcap/CoinGecko and a warning on Dextools?
There shouldn’t be any of those things. We can only emphasize that our token has been audited twice externally and several times internally, anyone can check our Certik rating on CMC, while the PALM token has been on the market for well over a year. Nevertheless, our CPO has already reached out to a contact closely connected to Dextools, to try and take care of the situation there.
Regarding CMC and CG, they might not be the best places to seek the most accurate data about our token (nor about many other tokens for that matter). We have reported data display issues to both pages several times, without any permanent results, forcing us to submit reports time after time. There’s already someone working on that once again and we hope to resolve those issues shortly.
9. Would you consider adding buy/sell takes to the PALM token?
As any investor who has properly researched PALM should already know, we have had 0% buying and selling taxes since the token was launched, and that was precisely one of the reasons why we were able to develop interest in our project, since the very beginning of Palmswap.
So far we haven’t played with the idea of introducing buy and sell taxes. We can give it some thought and maybe implement them in the future, but that is not in our plans at the moment nor part of our current roadmap.
10. Any final thoughts?
We believe that we addressed and covered the most important topics raised by our community. The whole team has been putting in a lot of effort and working intensely on upcoming features and we can only say we are very excited about everything that’s going on behind the scenes, and what’s to come for everyone involved with Palmswap at any level.
We understand that current token conditions are not the best right now. The team is not celebrating in any way but we are certainly happy because of what is being progressively achieved. We are totally committed to the product and we truly believe that the better the product gets, the more traders and the more volume there will be, and that will surely reflect on the token price, sooner or later.
That’s simply the philosophy that we are following and we believe that is the way to go, especially considering the current circumstances. We are hopeful that everything we are doing and will do, will ultimately have a more than a positive impact on not just the token, but the vast Palmswap ecosystem and its users.
As always, make sure to follow us on social media, turn on your notifications, join our Discord/Telegram communities and please beware of scammers pretending to be part of the team, admins will never DM you first.
Thanks,
The Palmswap team.
