☄️Launch Event

Liquidity Provider Event

The event will start on 07/12/2023 for early applicants and on 07/14/2023 for everyone.

Pre-Launch

As an extra incentive to provide liquidity to the protocol, there will be a Pre-Launch Liquidity Reward Program. PLP minting will begin on 07/12/2023 with no minimum amount for minting. The redeeming of PLP for USDT will be enabled with the V2 Exchange launch, 7 days after the Event launch (19/07/2023).

There will be 6 tiers as follows:

Tier	PLP	PALM	PALM / PLP
1	0 - 500,000	2,500,000	5.00
2	500,000 - 1,500,000	3,750,000	3.75
3	1,500,000 - 3,000,000	5,000,000	3.33
4	3,000,000 - 5,000,000	5,000,000	2.50
5	5,000,000 - 7,500,000	5,000,000	2.00
6	7,500,000 - 10,000,000	3,750,000	1.50

The tiers are to be filled on a first come first serve basis, with a maximum of 25,000,000 PALM in rewards if fully filled. The starting price of PLP will be ~1 USDT.

PALM Rewards

The total $T$ PALM given out as rewards over 6 Months vesting period is a function of how many PLPs are minted.

PLP Minted [H]	PALM Rewards [T]
H < 500,000	5.00 x H
500,000 < H < 1,500,000	3.75 x (H – 500,000) + 2,500,000
1,500,000 < H < 3,000,000	3.33 x (H – 1,500,000) + 6,250,000
3,000,000 < H < 5,000,000	2.50 x (H – 3,000,000) + 11,250,000
5,000,000 < H < 7,500,000	2.00 x (H – 5,000,000) + 16,250,000
7,500,000 < H < 10,000,000	1.50 x (H – 7,500,000) + 21,250,000

Definitions

T: The total PALM Event PLP rewards over 6 month vesting period for all wallets

H: The total PLP that is minted by all wallets.

Claim

Rewards in PALM can be claimed daily for 6 months, the first claim will be 30 days after PLP is minted (purchased). If users have minted PLP in different tiers, they have different vesting periods.

For example, assume someone mints 5000 PLP in tier 1 (5.00 PALM/PLP) and another 5000 PLP in tier 5 (2.00 PALM/PLP). Their $Reward$ would then be 35000=5000*5.00 + 5000*2.00.

Expired Rewards

When PLP is redeemed against USDT, PALM Rewards that are still outstanding and vested will be expired.

Example Alice buys 10,000 PLP in Tier 1 and another 10,000 PLP in Tier 2. Alice would be rewarded with 50,000 PALM for Tier 1 and 37,500 PALM rewards for Tier 2. Alice can claim the rewards daily, but if Alice decides to sell 10,000 PLP after 30 days, Tier 2 rewards would expire and Alice would not be able to claim any more rewards from Tier 2. The rewards Alice earned in Tier 1 remain untouched and can be claimed daily.

PLP minters will earn PALM rewards in addition to a range of protocol revenues during the event. Redeem PLP will go live on July 19th with the Exchange launch, until then PLP tokens cannot be sold for USDT. To learn more about PLP: Liquidity Providing