Perpetual Protocol has recently hit it’s one month mainnet anniversary. The team shares a few highlights in a new article that summarizes the trading activity and developments that have occurred over the last month.
The protocol saw immense growth in its first month of live operation as a total of 229 traders generated $495m in total transaction volume. This resulted in $495k of fees generated by the protocol. In its current setup, 100% of these fees go to the Perpetual Protocol insurance fund which will backstop the protocol in case of a black swan event.
However, once staking for the PERP token goes live 50% of these fees will go to PERP stakers in the form of USDC. Staking will become available for PERP token holders starting in February. Read more about the PERP staking mechanism here. Despite large transaction volumes, traders on the Perpetual Protocol also enjoy very low gas fees as the protocol is currently running on the xDai network where the cost of gas is 1/100th of what you’d experience on Ethereum.
During this 1 month period, there were no liquidations. The Perpetual Protocol team credits this to the fast block times offered by xDai.
Soon, Perpetual Protocol will look to list additional tradable pairs starting with YFI–USDC. Later this month they also plan to kick start their transition mining program which will offer traders more than 100% rebate for trading fees, paid in the PERP token.
Perpetual Protocol has undergone audits by ConsenSys and PeckShield. Users can also purchase smart contract coverage on the protocol using Nexus Mutual or Cover Protocol.
To keep up with Perpetual Protocol, follow them on Twitter.