First we want to thank all Palmswap supporters, we appreciate that our community stands behind us and gives the project and the work the respect that it deserves.
PALM Token Launch — Statement 📝
The initial listing was scheduled at 3 PM UTC on September 30th but we were forced to postpone that by a couple of hours. We got listed earlier on CMC than expected, which exposed our token contract address. This led to people searching for the trading pair on PCS and pumped the price with a few hundred bucks to 6$ per PALM, as there was no liquidity added in the pool but 1$ to connect the farms for the launch later. In the end, we managed to bring the price back to the listing target and are gradually increasing liquidity into the pools as explained in yesterday’s announcement.
This was the best decision we could have made to work against the starting issue and to protect our community as well as PALM against Pump & Dump.
The average price on the CFL was 0.018$ and it is rising slowly & volume is growing healthy. Without its whole Ecosystem even released, there are a lot more use cases and benefits for PALM to come once the Platform is live, we’re just getting started!
Our whole team put a lot of effort into product development as well as hitting the release targets, though sometimes in business unexpected events can happen and plans might have to be adjusted. The most important thing is only how you react to it and how you move out and forward from the situation. Therefore, we have to adjust our roadmap a bit, as it was simply a bit too optimistic from our side.
ALPHA Mainnet — postponed! 🥶
Due to the starting issues, we didn’t have enough time to get everything evened out for the Alpha Mainnet release. There are still the last few bugs that have to be fixed first. We are not comfortable releasing the Alpha Mainnet in this way, also not for testers. Our dev team simply needs a bit more time to fix these problems. Moreover, we are still in the early stage of the audit of our DEX, which might also result in further adjustments, especially should there be any critical bugs detected. So in simple words: Giving the Alpha Mainnet access tomorrow, would just be too soon & too early. We will come back shortly with a new release date once we evaluated the whole process more in detail.
For all Alpha NFT winners: You’ll still be the first ones to test the DEX and you’ll still receive your PALM tokens for doing so.
Hybrid Exchange — earlier available! 😍
For a couple of weeks we are also working on a solution for our hybrid exchange model. Funds will still be managed decentralized just the order execution will be managed off-chain. This was scheduled a lot later in our roadmap, so we can proudly announce that we will release it much earlier than expected. We are trying our best to launch it simultaneously with the Alpha Mainnet, so you can experience the differences between a 100% on-chain DEX & a hybrid exchange.
On the hybrid exchange, there won’t be any position size limits, which makes it interesting for bigger traders to use our platform as the spread will be as low as on a centralized exchange. Secondly, orders will be executed in less than 1 second.
More features will be announced within the release of the Hybrid exchange, this is something we want to leave as a surprise for now.
We aim to announce a release date towards the end of next week.
Tomorrow we will record a Youtube video to give you more insights into our Platform and Exchange. Moreover, you’ll get a better understanding of all functionalities and earning possibilities in the PALM Ecosystem.
Make sure you follow us on Youtube to not miss any updates!
Follow 👉 Palmswap Youtube Channel