Ano ang Perpetual Protocol? (PERP)
Ipinaliwanag ang Perpetual Protocol (PERP)
Perpetual Protocol is a software that seeks to incentivize a distributed network of computers to operate an exchange where users can buy and sell derivative contracts.
Perpetual Protocol is a decentralized finance (DeFi) project that enables this service through written code, without the need for financial intermediaries. Moreover, Perpetual Protocol is simply a collection of programs (smart contracts) running on the Ethereum blockchain that were composed to communicate and replicate services offered in derivatives markets.
This means Perpetual Protocol users do not need to trust a particular institution or collection of people to execute trades, they need only to trust the code will execute as written.
Perpetual Protocol was inspired by popular decentralized exchange Uniswap and synthetic asset platform Synthetix. However, Perpetual Protocol isn’t meant for spot trading or gaining exposure to real-world assets, rather it’s designed for leverage trading, short positions, and low levels of slippage.
To achieve this, Perpetual Protocol uses a process that includes a virtual automated market maker (vAMM) and collateralization vault. These structures are designed to settle trades and enable anyone access to complex financial instruments such as perpetual contracts.
Notably, a perpetual contract is a derivative similar to a futures contract but without an expiry date. In conventional markets, a futures contract enables people to speculate on the price of an underlying asset until a specific date in the future when that asset is delivered [in-kind or cash-equivalent]. Comparatively, perpetual contracts are permanent where the underlying is never delivered and traders pay certain fees to maintain their position.
Additionally, the native cryptocurrency of Perpetual Protocol, PERP, is used in staking and governance. More specifically, PERP tokens are used in securing its marketplace and influencing the future direction of the project.
To stay up to date on new features, markets, and community recaps, you can bookmark Perpetual Protocol’s Medium page.
Sino gumawa ng Perpetual Protocol?
Nagmula sa Taiwan, ang Perpetual Protocol ay pinamumunuan ng mga tagapagtatag na sina Yenwen Feng at Shao-Kang. Sinimulan ang proyekto noong 2018 sa ilalim ng dating pangalan nitong "Strike" at kalaunan ay inilunsad ang mainnet nito noong Disyembre 2020 sa ilalim ng bagong alyas nito.
Sa kabuuan, ang proyekto ay nakalikom ng humigit-kumulang $10.65 milyon kapalit ng halos 25% ng pinakamataas na 150 milyong supply ng PERP. Bukod pa rito, pinanatili ng founding team at mga tagapayo nito ang 21% ng supply (36 milyon) sa kaganapan ng paglikha ng token.
Ang proyekto ay orihinal na pinondohan ng isang investment fund sa isang seed round na naglabas ng 6.25 milyong PERP. Kalaunan noong Agosto 2020, namahagi ang proyekto ng 22.5 milyong PERP sa isang pribadong round na pinangunahan ng Multicoin Capital kasama ang iba pa kabilang ang Alameda Research at Three Arrows Capital. Nang sumunod na buwan, ang proyekto ay inilunsad sa publiko sa pamamagitan ng isang liquidity mining campaign sa Balancer, na naglabas ng pito at kalahating milyong PERP sa isang bootstrapping pool.
Habang ang Perpetual Protocol ay nagpaplano sa paglipat ng pamamahala ng protocol sa komunidad, ito ay kasalukuyang kinokontrol ng core development team habang ito ay nananatili sa mga unang yugto ng proyekto.
Paano gumagana ang Perpetual Protocol?
Perpetual Protocol was designed to facilitate the buying and selling of perpetual contracts in a way that mirrors a traditional exchange.
It does this by creating a new version of an Automated Market Maker (AMM), a technique that utilizes a math function to determine the price of an asset and facilitate the exchange of two or more assets. To learn more about how other protocols implement this technique, check out Uniswap, Balancer, or Curve.
Virtual Automated Market Maker (vAMM)
In the most common AMM setups, users deposit crypto assets into liquidity pools that represent certain trading pairs. Then, users who trade against assets in the pool pay a fee that is distributed to all liquidity providers proportionally, based on their contribution to the pool. In this setup, the DeFi protocol providers and traders engage with are both determining the price for each pair and facilitating the actual exchange of assets.
In contrast, Perpetual Protocol’s vAMM is designed only for price discovery, not for spot exchange. While it uses the same mathematical function as other DeFi projects like Uniswap to determine prices, there are no real crypto assets stored within the vAMM. This is why it’s called a “virtual” Automated Market Maker.
In practice, Perpetual Protocol maintains smart contracts that act as a ‘Clearing House’ and ‘Collateralization Vault’ to enable leverage on both long and short trades. The Clearing House accepts the initial deposits of traders and records the nature of their position (margin amount, direction, and the amount of leverage). Subsequently, the Clearing House sends the deposits to the ‘Collateralization Vault,’ which helps backstop and secure trading positions, and notifies the vAMM to update prices.
It may also be worth noting that the Perpetual Protocol team has manually chosen the different markets available for traders while they expect this process to be carried out by their Decentralized Autonomous Organization (DAO) structure in the future.
In the event of unexpected losses from either losses in the liquidation process or the inability of traders to fund position payments, the insurance fund is the first line of defense. This fund accrues through the protocol’s usage as this is where 50% of transactions fees are deposited.
In the event of the Insurance Fund being depleted, a smart contract is triggered that mints new PERP and subsequently sells them for collateral in the Vault to protect the system’s solvency.
Bakit May Halaga Ang PERP?
Ang cryptocurrency ng Perpetual Protocol, tinatawag na PERP, ay may mahalagang papel sa pagpapanatili at pagpapatakbo ng network nito.
Ang mga gumagamit na may hawak ng PERP ay maaaring makatulong na pamahalaan ang protocol sa hinaharap sa pamamagitan ng pagboto sa mga panukala na magpapasulong sa pagpapaunlad ng proyekto at pagbutihin ang ecosystem nito.
Bilang kahalili, ang mga gumagamit na nagse-stake sa PERP ay bibigyan ng hindi inilaan at o bagong minted na supply pati na rin isang bahagi ng 50% ng mga bayarin ng trading protocol (sa USDC).
Mga Gabay sa Crypto ng Kraken
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Bakit gagamit ng PERP?
Maaaring makita ng mga trader na nakakaakit ang Perpetual Protocol batay sa abilidad na makapagbigay ng access sa mga perpetual contract sa labas ng centralized exchange.Maari rin itong maging kapaki-pakinabang kung makilala mo ang arbitrage na mga oportunidad sa pagitan ng mga pool na inaalok sa Perpetual Protocol at mga inaalok sa ibang mga market.
Ang mga user ay maaari rin mamuhunan sa PERP kung sila ay naniniwala na ang decentralized trading ng mga cryptocurrency ay makakakuha ng katanyagan sa hinaharap.
Bumili ng Perpetual Protocol
Ngayon ay handa ka nang gawin ang susunod na hakbang at bumili ng ilang PERP!