Palmswap - The Next GMX On Binance Smart Chain?

Palmswap - The Next GMX On Binance Smart Chain?

BSC heats up the competition between DEX exchanges

Recently, DEX exchanges have emerged as a force to attract cash flow from platforms. Leading the trend is Arbitrum Blockchain with many well-developed potential DEX projects such as GMX and Dopex, Polygon Blockchain with GNS (Gain Network),...

Following this trend, last week, Binance Smart Chain also continued to participate in the DEX race with the launch of the next candidate, Palmswap, which has just been mainnet on October 25.

Within 24 hours of October 24, 1 day before the official mainnet, the PALM price increased nearly 120%, accompanied by an explosion of solid interactions on Twitter. What makes Palmswap so unique?


Plamswap is the first decentralized perpetual contract exchange on Binance Smart Chain.

The Real Yield mechanism is also applied by this exchange; with each transaction performed on the platform, users will be rewarded with the corresponding project main token (PALM). The platform's transaction fee will be taken and redeemed to PALM, then this amount of tokens will be burned to increase the token price and reduce inflation for the system.

Palmswap Protocols

Palmswap developed two protocols to meet the needs of both institutional and normal traders. Currently, Palmswap v1 produces a VAMM (virtually automated market maker) model with 100% of perpetual contract transactions done on-chain.

Palmswap also launched Palmswap v2 - a protocol that integrates both VAMM and Order Book mechanisms to ensure slippage, liquidity and optimize transaction speed.

What makes Palmswap noticeable?

Increase passive income with Trade & Earn and Staking

Trade & Earn

28.9% of the total supply (289,000,000 PALM) will be redistributed to users trading on Palmswap Protocol. Quantity will be based on fees paid for the project and the staking interest. Accordingly, users can fully benefit from paying fees to the trading platform or earn interest when staking assets in return for receiving the corresponding amount of tokens that can be converted into cash.


Currently, the project allows staking PALM tokens with an APR of 79.47%. This is an unbelievably high number compared to the current RealYield DEX exchanges. However, compared to having only been on the mainnet for a few days, it is pretty understandable to participate in staking tokens early and get a high APR.

Token Burn Mechanism

According to information from the project's Whitepaper, the project will use 50% of the transaction fee to buy back and burn $PALM. After that, the remaining 50% will be used to redeem and hold PALM tokens in the Treasury. 25% of the treasury will be used for insurance funds and the remaining 25% for the protocol's operations.

Since 50% of all profits from toll collection will be burned, this will help the Palmswap token deflate in the future. Compared to BNB, this project only burns 20% of the fees, and the results are extremely positive. With that in mind, 50% is 2.5 times bigger. Currently, there are only 44 million PALM tokens in circulation, the total supply is still below 5 million, a fairly cheap price for a project with big ambitions and the first Perpetual DEX on BSC.

Number of user and trading volume

On Palmswap's testnet, this project already has a user base of over 18,000 traders. Palmswap also applies the program to increase the user base by rewarding tokens per transaction for early participants. A total of 4% of the PALM token supply will be distributed to these early traders.


Volume The daily trading volume of BTC/USDT pair on Palmswap reached 30.5 million USD.

The trading volume of ETH/USDT pair reached 17.1 million USD. The total amount of fees collected is estimated at $30,000.

Compared to its opponent DEX on Polygon, GNS (Gain Network), with a total trading volume of 20 million USD and total transaction fees paid for the protocol is around 21,000 USD, Palmswap is doing much better, and its market Cap is still smaller than GNS. This will partly show the attraction and development potential of this DEX.


There is so much more to say to Palmswap. However, with the advantage of being the leading project in DEX exchanges trading perpetual contracts on BSC, the future development of this project is inevitable. Let's see if Palmswap is really strong enough to compete for BSC in the upcoming DEX race.

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