Palmswap v1 launches perpetual exchange on BNB Chain
Palmswap, a decentralized finance (DeFi) platform, aims to revolutionize the trading of digital assets by providing users with access to a secure, efficient, and non-custodial environment.
Palmswap v1 is the first decentralized exchange built on a dvAMM paradigm. It enables efficient and seamless on-chain trading of perpetual contracts. This strategy offers traders a user-friendly and productive experience. Since Palmswap offers up to 10x leverage, it is attractive for experienced and novice traders.
Compared to other custodial trading platforms, users always maintain control of their funds with Palmswap. They no longer have to deposit money into a centralized exchange. In this way, there is no risk of losing money or having funds stolen. Palmswap has been audited by a blockchain security company, Zokyo, to ensure the highest possible security and transparency standards.
The full range of trading tools that Palmswap v1 provide includes limit, market, stop loss, and take profit orders. While the position size is limited during the beta stage, traders can still access all the tools and execute profitable trades.
The launch of Palmswap v1 on April 18 represents a pivotal moment for the DeFi ecosystem. The platform gives users access to a secure, non-custodial trading decentralized exchange with more trading capabilities. Palmswap may significantly impact DeFi due to its dvAMM architecture, up to 10x leverage, and security features.
Statistics about Palmswap’s Alpha mainnet
- 35m in volume
- 37 bugs submitted
- Six new community ideas have been added to the backlog
- Suggestions related to chart tooling and improvements to the trading management
- User interface (UI) and the creation and modification of positions at the smart contract level
Plans for Palmswap
The Palmswap team has also made significant progress on v2 and has started incorporating some of the Alpha mainnets’ best feedback. The latest blog about v2 gives the first insights, and v2 is scheduled to launch at the end of Q2 2023. The new protocol will have a new trading engine with a unique synthetic architecture.
Here are some key facts about v2:
- Zero price impact: The v2’s synthetic architecture makes Palmswap more capital efficient. Through liquidity providers, trades can be opened without price impact.
- Earn trading fees with PALM tokens: With the introduction of the new protocol, the PALM token gets real utility in the platform. PALM holders can generate cash flow by staking their tokens and receiving 30% of the trading fees.
- No front-running attacks: Because there is no price impact in v2, front-runners cannot harm the trader by pre-placing their orders.
- One-click trading: One-click trading (1CT) removes the need to interact with a wallet when submitting transactions, reducing time to trade while improving the trading experience.
To find out more, read their latest blog article about v2: https://blog.palmswap.org/Palmswap-V2
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