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Perpetual Protocol Newsletter Issue #36 - Introducing vePERP, H1 2022 Recap & more

Perpetual Protocol Newsletter
Perpetual Protocol Newsletter Issue #36 - Introducing vePERP, H1 2022 Recap & more
By Perpetual Protocol Team • Issue #36 • View online
Hi everyone,
We’re starting to roll out our new vePERP tokenomics! After sharing an introduction to vePERP including the planned use cases, the first phase comes with an update to our referral program. Furthermore, we recap key milestones of the first half of 2022 and give an overview of what’s coming up next. As always, read on to learn more.

Highlights from the last development sprint
🛠️ Product
1. Introducing vePERP
vePERP is here! Read through our blog post for a brief introduction to vePERP and an overview of our plans and envisioned use cases in the referral program, for liquidity mining and last but not least USDC fee distribution.
Introducing vePERP — Perpetual Protocol 🥨
2. vePERP as Referral Rewards
For the first phase of the new tokenomics model, there has been an update to the referral program. Referral rewards are now paid out in vePERP instead of PERP (starting this week from August 8th). To claim the rewards you need to have a non-zero amount of locked PERP with a lock time of at least 4 weeks. Referral tiers are still based on the amount of sPERP, but will be upgraded to work in tandem with vePERP in the future. Learn more in our article and check your rewards here.
3. Weekly Pool Party Rewards 
A short reminder that our “Pool Party” liquidity mining is an ongoing program. Rewards in $OP and $PERP (5k per market and week each) are paid out to liquidity providers every Monday based on the amount of volume facilitated in any market on Perp v2. Learn more about the Perp x OP Summer Pool Party in our post and get started by diving into one of the pools on app.perp.com.
4. Perp H1 2022 Recap 
Our progress report for H1 2022 is out! We’re revisiting key milestones of the first half of 2022 and give an outlook on what’s coming up next. Read the full report here.
Perp Progress Report: Recap of H1 2022 — Perpetual Protocol 🥨
🤝 Marketing & Partnerships
1. Galleon NFT WL Giveaway
We’ve teamed up with our grantee Galleon (remember $BYE? 👋) to give away whitelist spots to their Cursed Pirates NFTs, a free mint collection of 5.5k unique pirates. All PERP token holders can get a whitelist spot by following the steps in our Discord announcement.
2. Twitter Space with Biconomy
In our latest Twitter Space we were joined by Biconomy to chat about our integration of Biconomy’s Hyphen bridge, bridging during OP Summer, UX in crypto and more. Listen to the recording here.
3. Index Coop’s $MNYe launch
Index Coop has launched their first yield product on Optimism! Built on top of Perp v2 and Set Protocol, their newly launched $MNYe token (Market Neutral Yield ETH) automates a basis trading strategy to earn a price neutral yield.
4. Pepe T-Shirts on our Swag Store
Who doesn’t 💚🐸? That’s why all our special edition Pepe T-Shirts are now available on our swag store:
To-dos in this development sprint
🛠️ Product
1. Liquidation Mechanism Update
A smart contract update to improve the liquidation mechanism on Perp v2 is scheduled for this week. We’re moving from market-selling positions to deal with liquidations to position-transferring liquidations. This mechanism incentivizes liquidators to take on positions very close to insolvency by giving them a discount. By transferring positions instead of market-selling them, liquidation can happen without affecting the market price. Our core developer Shaoku Tien breaks down the new liquidation mechanism in this blog post. We’re interested in gathering comments or feedback from the community, so please let us know your thoughts!
2. $OP as Collateral
We’re going to add another collateral type! $OP is next up on the list and will be made available on Perp v2 to deposit as collateral soon (next to USDC, ETH & FRAX).
🤝 Marketing & Partnerships
1. Perp Interactive
Our new weekly session about all things Perp “Perp Interactive” is going into the second round. No matter if you’re new to Perpetual Protocol or one of our long-time community members - join us on Thursdays for an interactive session. Please register here.
2. Battle of the Perp Poker Masters #1
Perpetual Protocol (✨🔴_🔴✨)
♠️♥️ Battle of the Perp Poker Masters #1 ♦️♣️

It’s been a hot minute since we had our last Hold’em tourney. Since it was so well-received we'll be putting on another at August 13, 2:00 AM UTC! https://t.co/139XetTYJF
3. Messari Mainnet Speaker
Perpetual Protocol (✨🔴_🔴✨)
Save the date! Join us at @MessariCrypto's #Mainnet2022 this September 21-23 in New York, where our co-founder @tempofeng will be speaking 🔥

🎟️ Grab a ticket: https://t.co/qRBrpSUb8f https://t.co/m6yVZlbZHM
Team & Ecosystem Updates
1. Product Stats Update
Perpetual Protocol (✨🔴_🔴✨)
✨Over 12B$ in total trading volume done on Perp v2✨

Yes, that's right, B as in Billion. Thanks to all our traders and our community. Let's reach the next milestone together! https://t.co/yyAtdeZApO
2. We’re on Lens 🌿
Follow us at perpetual.lens!
3. Subscribe to Perp on Mirror
Mirror recently enabled Web3 subscriptions for Mirror publications on mirror.xyz! Subscribe to receive Perp updates, educational guides and crypto-related content to your inbox: https://perpprotocol.mirror.xyz/
4. Community Call #32
As usual, we will host a Community Call the following Wednesday, August 10th, to bring you up to speed on the latest and future updates. Join the English Community Call at 1pm UTC live on Youtube
Further Readings
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Perpetual Protocol Team

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