what's Perpetual Protocol?
Perpetual Protocol is a decentralized exchange (DEX) built on Ethereum's Layer 2 Optimism, specializing in perpetual futures contracts for cryptocurrencies. It enables users to trade long or short positions with up to 10x leverage across various assets, using a virtual automated market maker (vAMM) system for liquidity and price discovery without traditional order books. Liquidity providers can earn fees by supplying assets to the pools, and the protocol integrates with Uniswap v3 for concentrated liquidity in its v2 iteration. The native governance token, PERP, allows holders to participate in protocol decisions, stake for rewards, and benefit from fee-sharing mechanisms. Originally launched in 2020 after a seed round backed by investors like Multicoin Capital and Binance Labs, it emphasizes composability with other DeFi tools while maintaining on-chain settlement for transparency and security.
Perpetual Protocol evolves with new leadership, sunsetting v2, and architecture featured by Cyber Fund.
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Sunsetting Perp v2, Hot Tub, and Nekodex as part of a protocol evolution with new leadership and roadmap.
Featured in an article by Cyber Fund covering the protocol's architecture.
Derivatives sector, led by Perp DEX, ranks #2 in 7-day fees across all crypto sectors.
PERP delisted from Bybit futures trading.
DEX trading records best month ever with CEX posting 5th best month, overall trading volume up 3x from 2023, and perpetual DEX now captures approximately 25% of crypto trading market share.
Smart Money accumulated $20.7K of PERP over 7 days, placing it 3rd in net inflows among Ethereum tokens.
Binance announces delisting of PERP from all spot trading pairs effective 2025-11-12 03:00 UTC.
93% of trading fees are allocated to token buybacks, with current revenue trajectory indicating full supply buyback possible in 2.5 years at $3M market cap.