What is Perpetual Protocol?
PERP is the ERC-20 utility and governacne token for Perpetual Protocol, a virtual automated market maker (vAMM) leveraged derivatives protocol offering decentralized perpetual contracts. Unlike standard AMMs where pools of asset pairs are used for trading, vAMMs work with only one asset as collateral for leveraged trades. Perpetual Protocol's decentralized exchange (DEX) allows users to trade a wide range of assets, including cryptocurrencies and synthetic assets backed by gold, crude oil, and other fiat currencies, with the option to short sell with up to 10x leverage. PERP is used as a backup insurance fund for the protocol, for on-chain governance voting, and for staking in the Perpetual Staking Pool.