Monthly Recap: January 2023
Hello Dragons! 🐉
Welcome to Perp88's first monthly recap of 2023! We started this year out strong with many new developments and strong growth across multiple metrics. But before we get into the details, please allow us another opportunity to wish everyone who celebrates the lunar new year a great year ahead!
Protocol Statistics Update 📊
Since the end of 2022, Perp88 has made significant growth across all metrics. Our total value locked exceeds 1.5M USD for the first time, while our total trading volume finally reached over $7M.
- $1,670,000 in TVL (+$1,020,000)
- $7,000,000 in total trading volume (+$4,200,000)
- 820 unique users (+60 users)
With significantly more trading activities, Perp88 has also been able to consistently offer double digit yields in USDC. For the past last weeks of January, the APR for PLP had been sitting above ~15%, and continues to sit well above the 15% mark!
Now that we’ve covered the updates on the protocol statistics, let’s jump right into the key developments of January 2023!
- Implementation of MEV-Aegis
- Revision of Perp88 Cost Parameters
- Revamp of Perp88 Stats page
- In-app Feedback & NPS
- Conclusion of Dynasty Dragon Trait Competition
- Application UI Improvements
- Giveaway Campaigns
Implementation of the MEV-Aegis 🛡️
We have recently implemented the MEV-Aegis, which is Perp88’s MEV-resistant price feeder API. The MEV-Aegis was implemented to improve the overall trading experience on Perp88 and enhance the robustness of our price oracle with the incorporation of price feeds from leading centralized exchanges as well as an MEV-resistant architecture that allows Perp88 to offer 0% price slippage on our leveraged trading feature.
With MEV-Aegis, Perp88’s API fetches new prices every 3–5 seconds to provide our traders with the most up-to-date prices, ensuring that all market and limit orders will be executed using the “Mark Price” displayed on the Perp88 website.
For more details on the MEV-Aegis, please visit the Medium article here.
Revision of Perp88 Cost Parameters ⚙️
In the last month, our team at Perp88 had an opportunity to conduct an analysis on the platform cost to traders. While we found that Perp88 currently offers the lowest transaction cost among its competitors, the carrying cost at Perp88 remains at the market rate.
To ensure that Perp88 is able to provide the best economics to our traders, we made the decision to adjust two key parameters, which are:
- Max. borrowing Rate: 0.0100% per hour -> 0.0088% per hour
- Max. Funding Rate: 0.0025% per hour -> 0.0020% per hour
With the adjustment to the parameter, we can now confidently say that Perp88 can truly offer the biggest cost advantage to our traders compared to our competitors. As Perp88 ramps up more trading activities, we’ll continue to monitor all of the parameters and make adjustments as we see fit.
You can find the analysis on the trading cost we mentioned earlier here.
Revamp of Perp88 Stats Page 📊
We did a quick revisit on the Perp88’s statistics page and made significant changes to the page aesthetics. In addition, we have also added a few more data sets into the stats page to allow our users to leverage platform data for crafting their trading strategies. Namely, the additional data sets that we’ve added in the previous month include:
- Borrowing Rate (Annualized)
- Funding Rate (Annualized)
- Net Borrowing & Funding Rate (Annualized)
As usual, if you have any data requests, please do not hesitate to get in touch with the team via Telegram or Discord. We’ll do our best to assist with your request.
You can find the newly revamped stats page here.
In-app Feedback & NPS 💬
As you might already know, Perp88 strives to be a community-driven project and we have always consistently asked you for feedback to ensure that we can consistently improve our product to best serve our current and future users.
In January, we make it even more convenient for our users to provide feedback by implementing the Net Promoter Score (NPS) feature on our app, including a section where users can write detailed feedback on their overall experience and share how Perp88 can improve. This will hopefully reduce any friction our users may have when providing feedback to the Perp88 team.
To access the feature, simply visit our app and find the “💬 Feedback” button located at the righthand side of the screen.
Conclusion of Dynasty Dragon Trait Competition 🐲
We have finally completed all the trait competitions of the Dragon Dynasty collection! Over fifteen traits have been designed by the community and fifteen whitelist spots to the free-mint collection have been distributed to the winners!
While the art is ready, we have made a decision to pause our current efforts on the initiative and postpone the mint of the collection, as we shift of our efforts towards developing Perp88 v2, which is a significantly improved version of the current Perp88. Once the development of Perp88 v2 is complete, we will revisit the Dragon Dynasty collection.
Those who have already won a whitelist spot will still be entitled for a free mint of the NFT. If you haven’t won a whitelist spot, don’t worry, the fun doesn’t stop here! There will be ample opportunities for you to win one down the road! If there is any development on the NFT collection, we will make the announcement accordingly on our socials, so be sure to stay tuned!
Application UI Improvements 🖥️
We made two primary improvements to the UI in addition to multiple small ones, as highlighted below:
1. We added the “Chart Position” feature
With the addition of this feature, traders on Perp88 can now see the liquidation price as well as the entry price of their position on the chart, making it easier to track PnL & manage Liquidation.
2. We re-vamped the trade history section
We gave a new structure to how the information on trade history is displayed under the “Trades” tab. We also added the “View on PolygonScan” button to allow users to look at the transaction details directly through PolygonScan.
Giveaway Campaigns 🧧
We’re happy to announce that over the past month, we’ve awarded over $1,000 USDC to community members who participated in our four giveaway campaigns.
As always, our campaigns are designed to reward the loyal and early users of Perp88, so if you already use our platform as your go-to decentralized trading solution, do not forget to participate in these campaigns for the rewards in USDC!
We’ll continue to host weekly giveaway campaigns, so stay tuned and be on the lookout for the next opportunity to win big with Perp88.
Closing Remarks 🙇
As we continue to deliver more features and iterate on the existing ones, we would like to extend our gratitude to everyone who has been an integral part of our community, either since its inception or as a recent addition. We hope to continue going strong in 2023 and are hopeful in our aspirations of establishing ourselves as the leading destination for derivatives products.
As we mentioned earlier, we are currently working on developing Perp88 v2, which will be a significant improvement from the current version. Our users will benefit greatly from the upgrade, as many more features and products will be available to our users. Once ready, we will make another formal update on our social channels. In the meantime, we look forward to your continued support as we strive towards realizing our aspiration.
