Perpetual Protocol Newsletter - Issue #23

Hi everyone!

During the last few weeks we had a lot of exciting announcements: loads of new partnerships, giveaways (some of them still running like MacBook Mania!) and we are continuing to extend the list of markets on the exchange. Read on below to find out about all that has happened since our last issue.

We have deployed two new markets: $SAND and $LINK. You can now trade and provide liquidity for eight markets in total. Try it out on our platform.

We are currently in the process of another full audit, this time with Trail of Bits. After audits by ConsenSys, ABDK, HashCloak and Dedaub, this is the 5th audit as having secure, fully audited code is a main priority for us at Perpetual Protocol to provide security for our users.

To facilitate the sign-up process for referral partners we have released a new referral code activation dashboard. What is more, anyone can now sign up as a referrer and even win a MacBook when participating in the referral campaign that is currently running!

The deposit function on the Perp trading venue has been updated to include even more bridging options, like our partner Celer Network’s cBridge as highlighted in the last issue or Layerswap, which lets you move your ETH to Optimism in a few clicks - to easily get your funds across for trading and providing liquidity. 

The distribution of liquidity mining rewards has been changed to a per market basis. Since Feb 14, each market gets an allocation of 5k $PERP per week. Check the potential rewards and juicy APRs on the updated liquidity mining rewards UI.

The #ClashOfL1s, Perp’s v2 mainnet trading competition, has concluded! And the winners were: Team $SOL in “most profit” and “most volume”, Team $BTC in “most loss”. Rewards have been sent directly to winners’ wallets on Optimism. All participants that have made at least one trade can claim an NFT of their team avatar here.

We’re working with TrueFi to launch a first-of-a-kind lending portfolio of $5M to facilitate deeper liquidity on Perpetual Protocol v2! Learn more about this partnership in our blog post.

The PERP Convertible Voucher Offering in partnership with Solv Protocol allows us to raise $4M without selling tokens from our treasury in an innovative fundraising method for DeFi projects. It is the largest Convertible Voucher Offering to date with already $3m raised at the time of writing. This means only less than 25% are left to purchase! Learn more about the IVO in our blog post.

We had a blast at the DeFi Valentines Day Party at ETH Denver that we co-hosted together with our wonderful partners TrueFi, Balancer Labs, Solace and Cow Protocol. Thanks to everyone for coming by and partying with us! Couldn’t be there? Watch the video recap in this tweet.

We are proud to announce that Perpetual Protocol is the first launch partner for Ribbon Finance’s treasury vaults! Just launched in Ethereum mainnet, Ribbon Treasury is a product for DAOs and treasuries to generate income on their assets by selling options. To start, we have seeded the vault with >$1m of $PERP for the first month. 

Our co-founder Yenwen Feng wrote a guest article for Cointelegraph. He elaborates on the question if the rise of derivatives trading poses a risk to retail crypto investors and shines light on the measures protocols can take to educate them. Read the article to hear his thoughts.

We have planned even more listings! We’ll keep you posted on our official channels once deployed and live. It is worth staying tuned on the announcements as we have some awesome listing campaigns lined up.

One top focus of our roadmap is adding multi-collateral. This means you will be able to add other tokens than USDC as collateral on the platform. We have started intensive research and will start working on the implementation. 

We are wrapping up the design of a backstop liquidity provider that takes on the positions from accounts close to liquidation. It will function as another layer to protect users’ positions from being liquidated when the market is too volatile.

We are continuing to work on the internal arbitrageur bot to provide liquidity and arbitrage the funding payment when the premium is large enough. Eventually, we are planning to gradually phase out the bot.

As mentioned in the last issue, we are planning to open source the arbitrageur for Perp v2.  This is still a work in progress and we will keep you posted on any updates. 

We are working on an integration that lets users bridge and swap from any chain in one step. Stay tuned for the official announcements to find out who we’re partnering with for this and when the widget goes live!

As mentioned above, we will list quite a few new markets in the coming sprint. It pays to stay tuned on the official announcements to not miss out on any fun campaigns - like for our latest listing $SAND, where you could win exclusive NFTs!

Our Referral Campaign “MacBook Mania” has started! We are giving away 30 MacBook Pro, Perp merch as well as an iPhone 13 Pro. 🤯 The campaign runs until March 3rd and you can enter either as a Referral Partner or as a Referred Trader. Find all the details on how to participate in our blog post.

All of the reward programs are still ongoing! Liquidity mining rewards have increased in total and are now distributed on a per market basis. This means you can increase your rewards by providing liquidity in the lower TVL markets! Additionally, all Perp v2 users can get their gas fees reimbursed in the form of PERP through the gas rebate program.

Any questions on the latest or future updates? Want to live chat with team members? Join our next Community Call #20 on Wednesday, Feb 23 at 1 PM UTC live on Youtube.

📈 DeCommas

DeCommas has announced their automated basis trading strategies. With their automated yield built on top of Perpetual Protocol and Uniswap v3, users can generate yield extracted from from positive funding rates. Their testnet is launching soon. Fill out the whitelist form to be able to deposit in the testnet launch.

⚖️ Set Protocol 

Set Protocol has released their new Perpetual Protocol integration! It  allows the creation of innovative structured products and perpetual-based sets, the first one being the SOLUNAVAX Index by GalleonDAO and Beverage Finance.