We are 1 month old! After nearly a year of planning and development along side virtually unimaginable development in the DeFi space, Perpetual Protocol launched on the Ethereum mainnet on Dec 14.
TL;DR — Grab some USDC and go to perp.exchange to start trading in minutes!
Month 1 — How did we do?
Our first month saw some impressive growth! Within 1 month, we managed to make it into the top 10 on the Dex Metrics from Dune Analytics! (7-day volume)
Stats Dec 14 - Jan 14 Total tx vol Total txs Total fees Total traders
-------------- -------------- ------------ ---------------
495M 179K $495K 229
Daily trading volume (USDC)
Trading volume peaked at over $80M USDC on Jan 11. Super impressive number from our traders! 🙌
Daily trading fees (USDC)
Close to 500k of trading fees have entered the insurance fund so far. There is over 600k in our insurance fund to secure the protocol.
Note: 100% of fees are put into the exchange insurance fund. After the staking pool launches, a portion of these fees will be awarded to stakers.
Gas fees paid on xDai (USD)
Compared to Ethereum mainnet, gas on the xDai network is 1/100th the cost and is covered by us.
Liquidations are triggered by keepers to earn rewards.
We didn’t have any under-collateralized assets liquidated during this period thanks to xDai’s fast block times. (One bad debt was counted due to being a dust position that was too small to liquidate.)
📣 Special mentions
We were blessed with lots of mentions in media outlets during our first month.
- The Block with Mika Honkasalo
- Own Network with Spencer Noon
- ETH Hub with Anthony Sassano
- DeFi Rate
- DeFi Pulse
- Coin Telegraph
- Alpha Alarm with Joseph Young
- Messari here and here
- Brad Laurie aka Blockchain Brad
- Chico Crypto
- Altcoin Buzz
- DeFi France
- Base Layer with David Nage ⬅️ Coming soon!
- Our partners at xDai, Chainlink, Biconomy
What’s next for Perpetual Protocol?
💱 New pairs
During this month we also added our 3rd trading pair — the YFI-USDC perpetual contract. We will be adding a fourth market after a Snapshot vote, with more to come on a regular basis.
Interested in proposing or advocating your favorite token or asset? Head to our governance forum!
⛏️ Transaction mining
This special early-adopter program gives traders more than 100% rebates on trading fees, paid in PERP! The rewards will gradually reduce over time, so get your trades in early!
Transaction mining will launch late January or early February. Details to be confirmed.
🌊 Staking pool
This highly anticipated pool will launch in February. PERP token holders will be able to stake their tokens and earn fees generated by the trading platform, as well as earn PERP staking rewards. Learn more here.
💁 Limit orders
Our #1 most requested feature is still in the planning stages but we expect a solution to be available in Q1 this year. Check out our Gitcoin grant for this tool!
❓ What is Perpetual Protocol?
Perpetual Protocol lets you:
- Start trading perpetual contracts in minutes, with no signup / no setup
- Trade with zero gas fees (How?)
- Keep your funds in your own wallet, not on an exchange or in a bank 👉 Withdraw your funds anytime with no limits
Our vision: Trade long-tail assets you care about that will never get listed on centralized exchanges
🔒 Trade with confidence
Audits: Perpetual Protocol has undergone several stages of auditing by Consensys and PeckShield. Audits are ongoing as we make upgrades to the protocol.
Insurance: We are working with Nexus Mutual and Cover Protocol to offer insurance options from day one. Traders are encouraged to obtain coverage for their funds from one or both of these providers. We are also considering adding more insurance options in the future.
Bug bounty: We have a competitive bug bounty program to attract security researchers and whitehats to evaluate our platform’s security.
🏫 Learn more
Ready to go down the rabbit hole with us? These docs and articles will get you started.