Nov 17, 2021

Bi-weekly Update #19 (2021/11/15~11/29)

By Perpetual Protocol Team • Issue #19 • View online

Hi everyone!

We have had lots of new subscribers coming in since our last issue. So first off, we’d like to thank you for subscribing. As you might already know, we send out the bi-weekly update on Tuesday (occasionally Wednesday), and we cover the progress we’ve made this and the subsequent week, along with the updates from our partners.

Now, without further ado, let’s get started!

Highlights from the last development sprint

📑 Smart Contracts

1. Separate the position from maker and taker

If you’ve tried out the leveraged liquidity provision on Perp v2 testnet, you probably felt confused seeing an open position after providing liquidity. To fix this, we’ve separated the impermanent position from the maker and the permanent position from the taker at the contract level. Internal audit will now go through the code and so will Dedaub.

🛢 Backend

1. Monitoring services

We’ve set up monitoring services that notify the team when something is wrong. Scenarios like when the Arbitrum’s RPC we use is broken, ETH balance is low on the keepers, there are abnormal fund movements, etc.

2. Accounting verification on the smart contract

Our backend team has verified that the balance for each address is correct on the smart contract when The Perpfect Game concludes (i.e. no one gets more or less than what he/she is supposed to get).

💻 Web

1. Translating Errors from Smart Contracts into Human Readable Format

One common complaint from v1’s UI is the error messages. Users weren’t sure what they meant. We’ve modified the error messages on v2’s UI, which should make it easier for users to understand the reasons behind a failed tx.

🤝 Partnership/Marketing

1. Coinmarketcap’s Earn Program

We provided $50,000 worth of $PERP to incentivize people to learn more about Perp v2 and why it’s exciting. The first 10,000 participants who pass the quizzes will be rewarded with $5 worth of $PERP. Get paid to learn here.

2. Community Call with Teahouse Finance

We held a community call with our partners at Teahouse Finance. We went through how Teahouse differs from other managed LP protocols and what their progress is so far. You can watch the replay here.

3. Binance Liquid Swap Supports $PERP

Binance now supports $PERP on their Liquid Swap platform. You can stake your PERP and USDT to earn a share of 2,800 $PERP. At the time of writing, the yield is over 61%. Check out the announcement here.

4. Yenwen Joined FutureX Meetup

Yenwen joined FutureX Meetup to discuss the future of decentralized derivatives platforms. You can read the recap here or watch the replay here.

5. Onboarding Program

Did you know you can earn $200 USDC from learning how to use Perpetual Protocol? Yes, you heard that right! Check our onboarding program to learn more.

To-dos in this development sprint

📑 Smart Contracts

1. Auditing V2 (🏁 finish line in sight!)

So far the code for Perp v2 have been audited by Consensys, ABDK (Uniswap v3’s auditor), and HashCloak. The next one will be Dedaub, which is scheduled for the end of November.

2. Write an Integration Guide (🚧 still a work in progress!)

To speed up the integration process for our partners, the smart contracts team has started to work on an integration guide for Perp v2 to help keep pace with our BD team.

3. Limit-order/Multi-collateral Feature Research

We’ll start researching how to implement the highly sought-after limit order and multi-collateral feature in this sprint.

🛢 Backend

1. Subgraph Modification

Since we’ve separated the position from maker and taker at the contract level, we need to modify our existing subgraph for v2 accordingly.

2. Internal Arbitrageur Bot Update

We’ll update the internal arbitrageur bot that will be used to move the price when there are few traders in the early days of v2. As more traders join the platform, we’ll gradually phase out this bot. Similar to what we did for v1, the address for our internal bot will be publicized.

💻 Web

1. Maker UI (🚧 still a work in progress!)

If you joined The Perpfect Game you saw it and you probably agree that function-wise it’s ready, but aesthetically there’s room for improvement. We’ll be improving on the aesthetics of the UI in this sprint.

2. Liquidity Mining UI (🚧 still a work in progress!)

We’ll launch a liquidity mining campaign along with the launch of v2 to encourage people to provide liquidity on the protocol. There will be a UI that allows users to stake their LP NFT on the liquidity mining smart contract.

Ecosystem Updates

📦 Blocmates

Crypto made simple - one article at a time.

The editor at Blocmates has produced two articles for us. One explains how Perp v2 works and another one walks you through how to trade on Perp v2 testnet.

Did you enjoy this issue?

By Perpetual Protocol Team

The latest totally not derivative bi-weekly update from the Perpetual Protocol team.

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