On this section you will find some of the Frequently Asked Questions we received from our community during the last few months. This library of questions and answers will be updated as we’re moving forward and we’ll get more questions around PALM token.
The 30 month vesting period for rounds prior to the public round all starts at TGE and unlocks daily over the 30 month period. There are a few reasons behind
our decision here:
- Our decision to institute a 30-month vesting period is driven by our commitment to the long-term success of the project, stability and alignment of
interests between all our stakeholders. Other top tier projects have also taken this long-term approach.
- A key factor for us is to ensure that those participating in the earlier rounds share a similar commitment to our vision and are dedicated to its
realization. This also encourages stakeholders to play a more active role in our community (if they choose to).
- We understand that it's quite a significant commitment, and we are dedicated to maintaining transparency throughout. One of the many reasons we
didn’t launch a token earlier was we wanted to do things radically different and show the community our commitment to the project- by bootstrapping and
launching our platform first. Product before token.
Staking lets you tap into the rebates which are a recycling of a portion of protocol revenue as well as a usage based emissions released. So yes it has a primary
utility as opposed to tokens that just do governance.
One of the other things to mention is the "curve" that was brought up earlier. Many inflation curves are based on time, ours is based on usage emissions. This
means it scales as the protocol grows, but also vice versa as well which ensures greater supply-demand stability.
The team's vesting is based on this curve - which incentives us to grow the platform and ensure that it is sustainably being utilized by our customers. These are
much more strict vesting terms than a traditional linear team vesting approach. I hope this is made clear as we believe it shows a true commitment to the
success of the project, as opposed to founders in other projects that will dump as things unlock. We all know projects and blockchains where this has
happened.... we don't want this.
The team is building a roadmap around the Ergo IDO, Cardano IDO and Cardano ISPO and will share them with the community in the coming days. That way
everyone knows what is going to happen with the community funding rounds.
Both Angel & Seed rounds happened before the community raise rounds. Bear in mind we have been building a lot of this extremely lean for the last 18 months.
The seed & angel rounds are really to target strategic partners and investors than can really help build the system up even further (e.g connections to new
markets, buyers, embedded services, etc...). Even those rounds compared to other large projects is significantly smaller.
All vesting is 30 months and begins at the token generation event (TGE). This is the same for all investors, regardless of the round to ensure transparency and a
fair unlock schedule.
One of the ideas behind Palmyra was our frustration with the cycles of huge bear and bull markets in crypto. The platform was designed as B2B from
the get go and a focus on commodities so that we would have a solid business model that would create and accrue value regardless of what was happening in
the crypto markets.
PALM is an extremely unique opportunity that provides the utility of web 3 technology but exposed to the revenue opportunities of commodity markets.
Our thinking is rooted in the belief that people still need to buy and sell commodities every day. Its a huge market worth trillions of dollars and if we can
provide a paradigm shifting solution, people will just use it and there will be a consistent stream of protocol revenue that comes through and rebates to recycle
through the token economy. This model ensures sustainable value creation for the protocol from business conducted outside of the crypto markets.
Its really important to try understand this bit. We are uniquely positioned to do something completely different as many (basically all) of our customers run
businesses completely unrelated to crypto.
Token holders who stake which is the primary utility will be able to get access to rebates.
In the future we will also utilize the treasury for business development and scaling - we are in the process of building some form of grants system where token
holders can refer their contacts. This is still a WIP but In active development. The power of the community is immense and we want to find the right balance
to incentivize the community help scale the platform on top our own team efforts. More information coming on a later date.
Many of the businesses using Palmyra are not crypto native. Many just want a platform to conduct commerce in a more efficient way. The rebate mechanism
can still be tapped into by them, but requires them to hold PALM. Stakers can effectively "contribute" towards that and make up the difference to claim part
of the rebate.
The core idea is that part of the protocol revenue is recycled and claimed through a rebate. The wording rebate was very specifically chosen to ensure that
those that participate in the token economy have an opportunity to have access to protocol revenue through this mechanism.
