Palmswap, a BVI-based decentralized trading platform built on Binance Smart Chain (BSC), has partnered with Gotbit Hedge Fund and its market making division for the upcoming Palmswap liquidity event. The partnership will allocate liquidity and leverage trading capabilities through the minting and auto-staking of the Palmswap Liquidity Provider (PLP) token. PLP stakers will have the opportunity to earn up to 500% APR plus existing LP rewards.

Gotbit Hedge Fund is a performance-focused crypto market maker with a platform-based service and utility integration approach. Their platform is designed to be liquidity efficient, powerful, and user-friendly, with features that overcome common issues faced by decentralized exchanges (DEXs).

Palmswap’s CPO, Bernd Stöckl, expressed excitement about the partnership and the upcoming liquidity event. He stated that the event would introduce a new era of fast, efficient, and user-friendly decentralized trading. Alex Andryunin, CEO & Founder of Gotbit Hedge Fund, also expressed support for Palmswap and its commitment to user-friendly and reliable digital asset trading.

The Palmswap liquidity provider token (PLP) consists of an index of USDT assets for leverage trading. It can be minted and burned back against USDT, ensuring 100% liquidity at all times. Rewards of up to 25 million $PALM tokens worth over $500,000 will be issued to depositors during the liquidity event. The starting price of the PLP token will be $1.

In addition to the PLP token, Palmswap has its own governance token, PALM. It is designed to facilitate decentralized governance of the protocol and provide access to trading fee discounts, tiered access to Palm Pad projects, increased affiliate commissions upon staking, and more.

With the support of Gotbit’s liquidity and the growing user base, Palmswap v2 is poised for sustained growth and activity. Palmswap is a next-generation decentralized exchange that aims to offer powerful and professional perpetual trading capabilities while maintaining the security, privacy, and reliability of decentralization.