Breaking Records in the DEX World
In just a month of operation, Perpetual Protocol has made a splash in the decentralized finance (DeFi) pool by securing a spot as the sixth-largest decentralized exchange (DEX) by weekly trade volume. This rapid ascent has been fueled by an impressive weekly trade volume surpassing $299 million, leaving established names like Synthetix and dYdX in its wake.
Record Trade Volume and Fees
Data put forth by Dune Analytics showcases how the protocol has recorded a staggering $500 million in total volume since its inception, while generating over $500,000 in trading fees. For a project that’s still in its infancy, this is like an overachieving toddler outshining all the other kids during a spelling bee!
The Ins and Outs of Fees
Every trading fee collected currently goes into an insurance fund, safeguarding the protocol’s health. Future plans reveal that once the staking pool is live, 50% of these fees will be redirected to PERP stakers, giving participants a rewarding incentive to jump on board.
Something to Laugh About: Gas Fees
Perpetual Protocol has managed to keep expenses remarkably low, executing 179,000 transactions for a mere $183 in gas fees—digging through the couch cushions for spare change, if you will. In contrast, if this operation were on the Ethereum mainnet, it would have cost about $18,300. That’s a big difference!
The Road Ahead
Looking to the future, Perpetual Protocol has ambitious plans. The DEX is set to unveil limit order functionality in the first quarter of 2021, with staking launching later in February. With these exciting updates, one can only wonder what else this precocious exchange has up its sleeve!
Why DEXs Matter
Decentralized exchanges have become essential within the crypto landscape, especially after the DeFi boom of Q3 2020, with the likes of Uniswap processing almost $1 billion daily. However, despite the staggering numbers, the DEX market is still concentrated among a handful of key players, with Uniswap alone accounting for about 50% of all DEX trade activity. Perpetual Protocol’s emergence will likely shake things up, providing users with more choices and potentially better fees!
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