The moment PERP token holders have been waiting for is here!
Perpetual Protocol native staking is live 🎉
We highly recommend reading the details below but if you are a degen to the bone …
… stake now! 👉 http://perp.link/3cgwae
⌚ Staking starts 3/30 Tue at 7 AM UTC.
(Note: Staking rewards are linear and calculated per minute, so don’t worry if you didn’t start staking in the first few blocks!)
2-Stage Roll Out
Perpetual Protocol native staking will launch in 2 phases.
🚧 Early phase (beta)
For the 1st period (tentatively set at 3 weeks), we will have a soft launch where only PERP rewards are given to stakers. All PERP rewards come from the Reward & Ecosystem pool.
Initially, trading fees will not be shared with stakers, and 100% of fees will continue to go to the Insurance Fund. Please read on for details.
Rewards pool per week: 150K PERP
Rewards will be given in 2 forms:
1. 🌊 Liquid rewards — claimable immediately
Weekly exchange fees will be calculated, and 50% of this US dollar amount will be distributed proportionally as PERP to stakers. These PERP tokens come from the DAO reward pool, and can be withdrawn immediately.
Liquid rewards (PERP) = weekly USDC exchange fees * 50% * (1/PERP price*)
*PERP price will be 24h TWAP from Coingecko at time of calculation
2. 🦺 Vesting rewards — rewards vest after 6 months
Vesting rewards will be distributed proportionally to stakers in an amount equal to the weekly reward pool (150K PERP) minus the weekly liquid reward amount. Rewards will be given in PERP tokens from the DAO reward pool, and will be vested after 6 months.
Vesting rewards (PERP) = 150K PERP - Liquid rewards
See our docs for details.
- Rewards will be calculated according to the schedule here.
- For the first week (March 30 — April 4), rewards will also be 150K PERP.
- Rewards are calculated each week, and staking time is calculated per minute.
🛣️ Main phase
Research in partnership with Delphi Digital is ongoing to determine the best way to share trading fee rewards (USDC) with stakers in a way that ensures long term system stability.
Currently we have identified two goals we believe need to be met before trading fee sharing can begin:
- A minimum ratio between value of funds in the Insurance Fund and the total open interest (sum value of all open positions) on the Perpetual Protocol DEX. Currently this ratio has been set at 5% (value of the Insurance Fund must be at least 5% of the open interest). We are continuing to research this risk model and will share our findings and developments as they become available.
- Enough time, testing and auditing have passed that the Perpetual Protocol team has a very high degree of confidence in the integrity and stability of the protocol smart contracts. This second goal is already well under way but more time is needed to establish the level of confidence we feel is necessary for critical financial applications.
🧊 Cool Down and Unstake
⚠️Important: After cool down starts, you must wait 14 days to unstake your tokens (unlock).
In order to fully secure the protocol, stakers must do a 14 day cool down before unstaking.
You may stake and unstake at any time — after 3 minutes, 3 days or 3 months — with no restriction. However, once you begin the unstake process, you must wait 14 days to access your PERP tokens.
⚠️ Important: After cool down starts, PERP tokens will not be part of the reward pool; you will not receive rewards for these tokens.
Step 1: Begin cool-down (1 transaction) Step 2: Wait 14 days Step 3: Unstake tokens (1 transaction) — tokens will now be transferable from your wallet.
Ready to stake?
Go to the link below after 3/30 Tue at 7 AM UTC and connect your wallet!