Perpetual Protocol – the decentralized derivatives exchange – has just announced the progressive rollout of their long awaited mainnet.
We're thrilled to announce our mainnet is finally here!
You can now trade ETH and BTC perpetual contracts with up to 12x leverage on-chain at:https://t.co/hGSPyStUz5
(and there is no gas fee during your trades!)
— Perpetual Protocol (@perpprotocol) December 16, 2020
As mentioned in the tweet above, trading on Perpetual Protocol will be gas free! This is great news as gas prices have recently surged with the re-emergence of attractive yield farms and signals of a return to the long-awaited crypto bull market.
The protocol is able to offer gas free trading due to a strategic decision to build on xDai Chain back in October of this year. As a quick recap, the Perpetual Protocol team chose xDai due to the efficient scaling it provided and it’s compatibility with Ethereum. With xDai there is no need for an erc-20 bridge like the ones we see built by other layer-1 competitors. Read more about Perpetual Protocol’s decision to build on xDai here.
The protocol will slowly enable larger position sizes per trader as the system proves itself to be stable throughout varying amounts of trading volume. These limits will be increased in stages, with each stage lasting around 1-2 weeks. Perpetual Protocol is already listed on Cover Protocol so potential users can hedge against potential smart contract hacks that could jeopardize their funds on Perpetual Protocol.
For more details on obtaining smart contract coverage on Perpetual Protocol, check out this documentation provided by the Cover Protocol team – https://docs.coverprotocol.com/user-guide/user-guide
Just 12 hours after their initial launch, Perpetual Protocol reached one of their pre-set limits on open interest for stage 1 and had to increase their maximum caps to allow additional users to try out the platform.
Did not expect we would reach the open interest cap this fast🤯
Both of the caps have now been increased so more people can try our platform out:
👨🔧 Personal Position Cap:
📬 Open Interest Cap:
1M USD https://t.co/NUjaYvxr5Y
— Perpetual Protocol (@perpprotocol) December 17, 2020
Users that are still wary about depositing funds onto a new product can try out the Perpetual Protocol UI on the Rinkeby testnet here.
Keep up with Perpetual Protocol by following them on Twitter.