What is Perpetual Protocol? Perpetual Protocol (PERP) is a decentralized exchange (DEX) that operates through an automated market maker (AMM). As Kriptokoin.com, we have compiled the answers to frequently asked questions such as what is Perpetual Protocol, what it offers, how it works, what is PERP coin, what is it used for, how to get it.
What is Perpetual Protocol? What does PERP offer?
Founded in 2018, Perpetual Protocol is a decentralized exchange (DEX) built on the Ethereum Blockchain. The exchange offers its users services such as leverage, short positions and trading with low slippage. The platform works as a smart contract that uses automated market makers (AMMs) rather than individuals or institutions to complete transactions. The platform does not host the spot trading service. Besides, DEX has a native cryptocurrency called PERP.
DEX, which has an AMM like SushiSwap, does not have liquidity pools, unlike its competitors. Real assets are not stored in repositories, they are virtual assets. Half of the transaction fee received from the transactions carried out on the network is distributed as a reward to the staking users. The remaining half is reserved for the insurance fund. The platform allows leverage up to 20 times. Besides, DEX also provides liquidity opportunity. Users can leverage their fiat or gold assets as well as crypto assets such as Bitcoin, Bitcoin Cash, Ethereum, and Ethereum-based ERC-20 tokens. The platform aims to offer high speed and low transaction fees thanks to its L2 scaling solution.
What is PERP coin? What is it used for?
PERP coin is a token that works as the native cryptocurrency of the Perpetual Protocol. DEX, which emerged relatively recently, is still managed by a team. The platform aims to operate as a decentralized autonomous organization (DAO) in the future. Once that happens, PERP holders will be able to vote in the decision-making processes that determine the future of the exchange.
PERP coin has staking feature. Users who hold the token in their wallets can stake their assets. The platform distributes half of the resulting transaction fees to the stakers. PERP holders can earn passive income by staking their assets. In addition, users can trade with over 10x leverage via PERP. At the time of writing, the token was ranked 160th on the overall cryptocurrency list, with a market cap of $382.5 million. In addition, 172 million PERP tokens were in circulation.
How to get PERP coin?
Investors interested in Perpetual Protocol, which stands out as an advantageous DEX, are searching for exchanges where the PERP coin is listed. Currently, crypto exchanges such as Binance, FTX, and Uniswap list the token. Interested investors can purchase PERP by signing up for one of these exchanges and depositing money.
