Perpetual Protocol, launched in 2019 as "Strike Protocol", is a decentralized perpetual contract protocol for every asset, made possible by a Virtual Automated Market Maker (vAMM) design (constant product curve). Perpetual Protocol is composed of two parts: Uniswap-inspired Virtual AMMs backed by fully collateralized vaults and a built-in Staking Pool that provide a backstop for each virtual market.
Focusing exclusively on perpetual swap contracts, the PERP token is Perpetual Protocol’s ERC-20 native token with the main goal to serve in the Perpetual Protocol’s Insurance Fund, which aims to cover any unexpected losses from leveraged trading.
PERP holders can stake PERPs to help provide a backstop for the protocol. In return, stakers are rewarded with part of the transaction fees plus staking rewards.
The PERP team claims the Perpetual Protocol include the following key features: 20x leverage on-chain perpetual contact, going Long or short on any asset and low slippage.
Perpetual Protocol was created by team based in Taipei, Taiwan.