Perpetual Protocol (PERP) is a decentralized finance (DeFi) platform built on the Ethereum blockchain, offering a trustless crypto trading platform for perpetual swaps and futures contracts. It allows users to trade with high leverage and minimal liquidity issues, utilizing an automated market maker (AMM) system. The native PERP token serves as a governance token and is used for transaction fees and liquidity provision.
The Perpetual Protocol (PERP) token is a native cryptocurrency used within the Perpetual Protocol ecosystem. It has several key uses:
Earning Rewards: Token holders can lock their PERP tokens in a smart contract to earn rewards in the form of USDC. The amount of rewards received is based on the number of tokens locked and the duration of the lock period. This process generates "voting escrow PERP" (vePERP) tokens, which are used for community governance and reward distribution.
Community Governance: vePERP tokens enable holders to participate in the decentralized autonomous organization (DAO) of Perpetual Protocol, allowing them to vote on proposals and shape the future of the platform.
Staking: Users can stake their PERP tokens to secure passive rewards. The amount of rewards earned through staking is based on the number of tokens locked up.
Liquidity Provision: PERP tokens are used to provide liquidity to the platform, which helps to ensure that traders have access to the assets they need. Liquidity providers earn rewards for their contributions.
Platform Interaction: PERP tokens are required to interact with the platform's features, such as trading and staking. This ensures that users have a vested interest in the platform's success and are incentivized to contribute to its growth.
Overall, the PERP token plays a central role in the Perpetual Protocol ecosystem, facilitating community governance, reward distribution, and platform interaction.
To store Perpetual Protocol (PERP) tokens, you can use the Coin98 Wallet. Here are the steps to follow:
- Open Coin98 Wallet: Start by opening the Coin98 Wallet on your device.
- Search for PERP Token: Click on the search icon on the home screen and search for PERP Token.
- Add PERP Token: Once you find the PERP Token, add it to your wallet by following the on-screen instructions.
This will allow you to securely store your PERP tokens within the Coin98 Wallet.
To buy Perpetual Protocol (PERP) tokens, you can follow these steps:
Using Kraken- Create an account: Sign up on Kraken's crypto exchange and connect a funding method.
- Verify your account: Complete the security check and enable JavaScript and cookies.
- Buy PERP: Use your connected funding method to purchase PERP tokens.
- Create an account: Sign up on KuCoin with your email address, mobile phone number, and country of residence.
- Secure your account: Set up Google 2FA, anti-phishing code, and trading password.
- Verify your account: Enter personal information and upload a valid Photo ID.
- Add a payment method: Add a credit/debit card or bank account.
- Buy PERP: Use a variety of payment options to buy PERP tokens on KuCoin's spot market.
- Create and verify your account: Sign up with Google, Apple, or enter your name and email, and verify your email, phone number, and identity.
- Add funds: Make a bank deposit or use your credit card to add funds.
- Buy PERP: Click on the Kriptomat icon, select "Buy," choose Perpetual Protocol, enter the amount, preview the transaction, and confirm your purchase.
- Create a Coinbase account: Download the Coinbase app and sign up with a valid ID.
- Add a payment method: Connect a payment method such as a bank account, debit card, or initiate a wire transfer.
- Start a trade: Select "Buy & Sell" on Coinbase.com or tap the (+) Buy on the Home tab in the mobile app.
- Select Perpetual Protocol: Search for Perpetual Protocol and select it from the list of assets.
- Enter the amount: Input the amount you want to spend in your local currency.
- Finalize your purchase: Preview the transaction and confirm your purchase.