Perpetual
💡 Perpetual offers a perpetuals and leverage DEX that allows for composability
Type:
DeFi
Token Strength
- $PERP governs the DAO's treasury.
- Perpetual also implemented vePERP to protect governance from sybil attacks and incentivize HODLers.
- vePERP's gauges account for both the amount locked and locked period, which grants extra voting power to long-term HODLers.
- vePERP currently allows users to earn referral fees and part of the protocols' fees
- governance
- staking rewards
- benefit from the protocol’s growth (i.e., speculation)
- protocol fees (flat 0.1% trading fee), which accrue to LPs and to stakeholders (up to $25K distributed weekly)
- Perpetual will also implement an USDC yield switch, where the protocol will distribute 10% of fees to vePERP holders
- the USDC fee switch will be implemented once the insurance fund reaches 10% of the 30-day open interest across all markets
- self-custody
- robust financial products
- market making
- composability (other Dapps can build on top of Perpetual DEX)
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Our Take
- flat fee structure disincentivizes larger trades and limits growth
- Most of the supply not in circulation will become DAO's funds, making governance attractive
- vePERP should incentivize HODLing and could become a demand driver
- the USDC yield switch will improve yield quality
Deep Dive
Supply breakdown
