Perpetual Protocol (PERP)

Overview & History

Perpetual protocol is a decentralized protocol to trade perpetual contracts for every asset powered by a Virtual Automated Market Maker (vAMM). The project aims to create novel financial instruments by democratizing Futures and other crypto-asset derivatives.

History

Perpetual protocol, formerly known as Strike, was created in 2019 inspired by emerging DeFi protocols such as Synthetix and Uniswap. The team sought to combine the merits of these protocols to create a decentralized perpetual contract trading protocol on Ethereum. The protocol is capable of supporting 20x leverage, short positions, and lower slippage compared to other AMMs thanks to its virtual AMM (vAMM) design.

Unlike well known Automated Market Makers used for both token swaps and price discovery, the vAMM is solely used for price discovery to handle leverage and short positions. Similar to Uniswap, traders can trade with the vAMM without central authorities and is designed to be market neutral and fully collateralized.

PERP is the protocol’s ERC-20 native token. PERP tokens allow community members to govern the protocol and stake their tokens for a fixed amount of time to the Staking Pool. In return, holders are rewarded with the staking incentive, which includes rewards in PERP and transaction fees.

Roadmap

Initial token distribution via Balance Liquidity Boostrapping Pool

Date: September 2020

Perpetual Protocol distributed 7.5 million PERP via a Balancer Liquidity Bootstrapping Pool