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Perpetual Protocol Newsletter Issue #40 - New Referral Program, Smart Contract Updates & Community Events

Perpetual Protocol Newsletter
Perpetual Protocol Newsletter Issue #40 - New Referral Program, Smart Contract Updates & Community Events
By Perpetual Protocol Team • Issue #40 • View online
Hi everyone,
Hot off the press - our latest newsletter issue including our new referral program, smart contract updates to make the protocol more secure and preparation for the start of fee sharing as well as fun community events. Read on below to find out more.

Highlights from the last development sprint
🛠️ Product
1. Referral Program Update
Perpetual Protocol (✨🔴_🔴✨)
📢 Referral Program update! 📢

To align the referral program with our new tokenomics, some major changes are being introduced to incentivize the locking of vePERP🔒
The TL;DR: 
  • As part of our transition to a new staking model on Optimism, the updated version of the referral program will soon depend entirely on vePERP.
  • To participate in the new referral program, traders and referral partners must hold at least 10 vePERP.
  • The proportion of the weekly rewards depend on referred volume and the share of vePERP relative to all other referral partners.
  • Referral partners using contract addresses will need to delegate vePERP to externally owned addresses.
Please read through our twitter announcement for all details.
2. Smart Contract Update: Partial Liquidation Threshold
We have implemented a minor smart contract update to fully liquidate small positions at once instead of partial liquidations. Small positions present a challenge to the protocol because the reward that liquidators can receive by liquidating small positions may be close to, or below, the gas price (aka dust limit). Positions with a value of $100 or lower will now be subject to full liquidation to make the protocol more secure for users. If you have any questions or are a liquidator, please reach out to us on Discord.
3. Smart Contract Update: Bad Debt Settlement
On the road to fee sharing with stakers, a minor protocol update was required to complete the link between the clearinghouse (CH) and insurance fund (IF). Bad debts will now be settled proactively by transfer of funds from IF to CH to ensure clear on-chain accounting of the IF balance, bringing the protocol one step closer to the start of revenue sharing. For more info, please refer to our Discord update.
🤝 Marketing & Partnerships
1. Perp Shark x Optimism Quest
Perpetual Protocol (✨🔴_🔴✨)
gm explorers 🧑‍🚀🔴✨

Good news from the city of @OptimismFND! The special NFT reward for completing the Perpetual Protocol Optimism Quest is now claimable👇
Claim your Perp Shark NFT after completing the Perpetual Protocol Optimism Quest.
2. Community Event: Gartic Phone
Did you join us and the Perp community for a fun game of Gartic Phone that mixes Pictionary with the Telephone game? We had a lot of fun and some awesome prizes for the winners. No worries if you’ve missed it, check out the fun activities we have planned this week in the next section!
3. Messari Mainnet
To-dos in this development sprint
🛠️ Product
1. New Referral Program Starts
Get ready for the new referral program by making sure that you lock at least 10 vePERP before Thursday, October 13th (00:00 UTC) to be eligible for the first batch of rewards. Read our Twitter announcement for full details.
2. Migration to Goerli Testnet
We’re migrating our test environment to Goerli as Kovan is being shut down. This does not affect our end users!
🤝 Marketing & Partnerships
1. Twitter Space with DeCommas 
Next week we are inviting DeCommas to chat about their product built on top of Perp v2, the newly awarded grant, and more. Details to follow soon.
2. Perp Interactive
If you have any questions about Perpetual Protocol or just want to hang out and chat about Perp, DeFi and more, this is for you! Join our Perp Interactive session this Thursday at 3pm UTC. Register here to participate.
3. Community Event: Perp Trivia Night
Perpetual Protocol (✨🔴_🔴✨)
Get your quiz hats on, it’s time for Perp’s first community-hosted trivia competition!

Sign-up on to compete in the Perp Trivia Night on October 7th 20:00 EDT.
Sign up here to compete in the Perp Trivia Night on October 7th, 20:00 EDT (Oct 8th, 00:00 UTC).
Team & Ecosystem Updates
1. Product Stats Update
Perpetual Protocol (✨🔴_🔴✨)
Some recent exchange stats!

Perp v2 has had over
💥 25k distinct traders in total
💻 with 6k distinct traders in the last 7 days
📈 and handled more than 6M trades

Data from @DuneAnalytics 🧙
2. Community Call #36
As usual, we will host a Community Call this Wednesday, October 5th, to bring you up to speed on the latest and future updates. Join us at 1pm UTC live on Youtube
Further Readings
Did you enjoy this issue?
Perpetual Protocol Team

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

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