Perpetual Protocol Newsletter - Issue #27

Hi everyone!

This newsletter issue is brought to you right from the heart of Amsterdam at DevConnect. If you happen to be around, join our panel talk next Monday on building derivatives on Layer 2 or come dance or chat with us at the party we’re co-hosting. We are still buidling though and bringing you fresh product updates, read on to find out more.

We listed two new markets in the last sprint: MATIC and AAVE. You can now trade and provide liquidity for 17 markets in total. Try it out here.

Our backstop liquidity provider is ready to deploy on testnet and we are preparing for an audit. It takes on the positions from accounts close to liquidation and will function as another layer to protect users’ positions from being liquidated when the market is too volatile.

The Simplified Maker UI is live, making LP’ing easier! You can now choose from one of two market views when providing liquidity: Bullish or Bearish. Next, select your price range (narrow, medium or wide), enter your position size and add liquidity. Then you’re all set to earn a share of the pool’s trading fees as well as liquidity mining rewards.

Our Onboarding Program v2 where you can win 200 USDC as a reward has started. The whitelist battle to become eligible to join the onboarding call is running until Friday. Complete as many tasks as possible to get one of the slots on the four onboarding calls. Participants who continuously trade for the following four weeks will get the onboarding reward. All details can be found in our blog post.

To celebrate the new $MATIC/USD trading pair, we hosted a trading competition. The one-week competition had a prize pool of $10k in $PERP and $MATIC for 10 winners. The top 3 PnL traders could win $MATIC depending on their rank; winners 4 to 10 were chosen randomly from all Matic market traders that reached a trading volume of at least $2,500. All those traders that reached the threshold can also claim an OAT here.

We hope you had a nice easter weekend and did some easter egg hunting as you could on Perp v2. The Perp Easter bunny hid 11 eggs on app.perp.com each containing a word. The first one to find them all got the 12th word from us, making it a seed phrase to a wallet with 100 $PERP in it.

DefiSlate has published an article on how to leverage perpetual futures trading and market making using different strategies to unlock the true power of Perp v2, featuring our new simplified maker UI and more advanced strategies, written by our talented BD team member Anwar.

We have two new trading pairs scheduled for this sprint. Follow the official channels to be the first to know. 

With multi-collateral almost ready to launch, we have started to work on another major milestone on our roadmap: limit orders. It is still in the early stages but we have finalized first specs.

We will work on some tweaks to make the simplified maker UI even better for our users during this sprint, like adding estimated rewards and APR.

The historic funding rate chart can now be downloaded at the click of a button. We are working on the next upgrade to let users choose the duration and date they want to have displayed.

We will continue to list new markets as mentioned above. Follow the official announcements to not miss out on any fun campaigns and giveaways - like the $MATIC trading competition from last sprint. 

We are in Amsterdam! Come party with us at the DanceConneeect Web3 Party that we’re co-hosting together with TrueFi, Optimism and The Graph on Thursday, 21st of April at Supperclub Amsterdam. Our very own core dev team member Dylan Yang will be on the panel at DeFi Day “Building derivatives on Layer 2” together with Ben from Optimism and Hilmar from Gelato. Please come find us and say hi if you’re around!

The snapshot vote on the tokenomics proposal has been accepted. On a high level, the proposal suggests a vote-escrow model, or vePERP, and to update the growth programs to work in tandem with it. Additionally, it proposes to implement governance controls for fee distribution and a new governance process in line with industry standards. Read the full proposal here. The proposal has several key parameters that will be set by voters, including how DEX revenue will be deployed, snapshot to vote on parameters will follow.

Saddle x Perp Partnership: The proposal suggesting to build a partnership between Saddle Finance and Perpetual Protocol through a token swap as well as allocating SDL and PERP rewards to liquidity mining on Perp V2 has been accepted.

Frax x Perp: The proposal suggests a tokenswap of $2M PERP and FXS, using FXS as collateral on Perp v2 and more. It has been accepted as well.

As usual, we will host a Community Call the following Wednesday, April 20th, to discuss the latest and future updates. The English Community Call takes place at 1pm UTC followed by our Chinese Community Call at 2pm UTC, both live on Youtube.

Find the latest articles that we have published below: