Perpetual Protocol

What is an eternal protocol?

The Perpetual Protocol Token or PERP is a utility token built into the Perpetual Protocol. The latter is a decentralized perpetual futures exchange. It is built on the basis of xDai and the Optimistic Rollup network of the second layer of Ethereum – Optimism.

PERP is based on ERK-20 token standard. It has two main use cases:

• Staking. Users can stake their PERP tokens and receive cryptocurrency rewards. Moreover, 50% of trading commissions are distributed among stakers;
• Control. The Perpetual Protocol token serves as a governance token. This means that PERP holders can vote on proposals submitted to the Perpetual DAO or put forward their own. The more PERP tokens a person has, the more power they have.

The updated tokenomics model will be implemented in the second quarter of 2022. This new model will feature vePERP tokens.

The total supply of Perpetual Protocol tokens is 150,000,000, making it deflationary. This allows the price of PERP to increase over time. Tokens were distributed as follows:

• 54.8% — Ecosystem and rewards;
• 21% – Team and Advisors;
• 15% – Strategic investors;
• 5% – LBP Balancer;
• 4.2% are seed investors.

For more information, you can view PERP price history or the current price of Perpetual Protocol in the chart above.

What are the main features of the Eternal Protocol?

Perpetual Protocol is a fully decentralized platform for perpetual futures trading. As a refreshment, Perpetual futures are a type of futures that do not have an expiration date..

Users can use Perpetual Protocol to participate in non-custodial trading and start long or short with leverage up to 10x.

The project highlights the importance of accessibility and security when it comes to open-ended trading protocols. That’s why their main goal is to provide the most accessible decentralized futures trading platform with the highest level of security.

Chain link is the preferred oracle used by the Eternal Protocol. His main responsibility is provide Perpetual Protocol with real-time information about the average market price of coins or tokens. This information is also known as the index price.

Additionally, the Perpetual Protocol platform was developed on Uniswap v3 smart contracts to process trades. He uses virtual automated market maker (vAMM) to complete transactions. The latter provides on-chain liquidity in addition to full collateral.

Most importantly, users trade against vAMM and not through the order book. All perpetual futures have their own vAMM. In addition, they are also protected by the Eternal Protocol insurance fund.

Unlike many EVM-based platforms, Perpetual Protocol does not require high fees. This is possible for several reasons. First, it uses Optimism, which combines multiple transactions into one. Secondly, Perpetual Protocol integrates xDai Layer 2 scaling solution.

The governance model used by Perpetual Protocol is based on community voting through the Perpetual Protocol. DAO which is divided into sub-DAOs such as Grants DAO and Token Listing DAO.

As discussed in the What is a Persistent Protocol section, PERP also serves as a governance token. The number of available tokens directly depends on the number of votes. Simply put, 1 PERP token equals 1 vote.

Perpetual Protocol recognizes that this type of governance model is not ideal, so in the future it will introduce a new model based on vePERP tokens, which will allow users to increase their voting without increasing the number of tokens they hold.

In fact, they will be able increase their voting rights by fixation their PERP tokens for up to 52 weeks. When PERP tokens are locked, users receive vePERP tokens instead.

In addition, Perpetual Protocol offers a grant program for all eligible projects based on the Perpetual Protocol or offering liquidity solutions to improve it.

An Ethereum-compatible wallet and USDC are the only requirements to start trading on the Perpetual Protocol platform.

The Perpetual Protocol crypto project has been audited by Consensus And Peckshield.

Who developed the eternal protocol?

The Perpetual Protocol cryptocurrency project was launched in 2019. It is a Taiwanese company co-founded by entrepreneurs. Yenfen Weng And Shao-Kang Lee.

Initially the project was launched under the name Strike but there was renamed to Perpetual Protocol in the summer of 2020.

Yenfen Wen attended National Chiaodong University, where he received his bachelor’s degree.
degree in Electrical and Control Engineering and a Master’s degree in Computer Science. In addition to Perpetual Protocol, he was part of the founding team of numerous projects, including gamelet.com and Cubie Inc.

Shao-Kang Li is a crypto entrepreneur with a background in software development. He received a bachelor’s degree in information management from Yuan Jie University and a master’s degree in software engineering from National Central University.

Before the Eternal Protocol the duo co-founded other companies including Zaoo Inc. And Cinch network.

The project has received support from major venture capital firms such as Binance Labs, Zee Prime Capital, CMS Holdings and Multiarrows Capital. This allowed the project to raise $1,800,000 in its seed round.

Before you begin a project, be sure to do your research. Start with the chart above, which will give you the current price of the Eternal Protocol and other information.