what's perennial labs?

Perennial Labs is a DeFi protocol specializing in decentralized derivatives trading, particularly perpetual futures (perps). It operates as a high-performance rollup on the Base ecosystem, designed for speed and efficiency in executing trades. The protocol leverages intent-based architecture to solve liquidity fragmentation in DeFi, enabling deeper markets and optimal pricing for perpetuals through seamless execution across chains like Base and Arbitrum. At its core, Perennial uses a modular design that integrates with various infrastructure providers, such as Celestia for data availability, Succinct Labs for ZK fraud proofs, and partners like Goldsky, Relay Protocol, Privy, and Circle's Bridged USDC. This setup allows for customized rollups tailored to trading needs, reducing latency and costs while maintaining security. The Petals Program incentivizes liquidity provision and participation, fostering a vibrant ecosystem for traders and builders. Perennial's intents framework represents an evolution in perps DEX functionality, where users submit trading intents that are fulfilled off-chain before on-chain settlement, improving capital efficiency and user experience in volatile crypto markets.

Perennial Labs rebranded to Cascade; original points program status uncertain.