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Perpetual Protocol, or PERP, is a decentralized derivatives exchange that allows traders to access a wide range of assets, including cryptocurrencies, gold, and other commodities. The platform's goal is to expose investors to a variety of opportunities across different assets, and its native token, also called PERP, is used for various purposes within the ecosystem.

Perpetual contracts, which are similar to traditional options, are agreements to purchase an asset at a later date for a predetermined price. However, unlike traditional options, perpetual contracts do not have an expiration date, allowing traders to increase their profit potential in specific market scenarios. Perpetual Protocol is one of the major decentralized exchanges (DEXs) for derivatives trading, with a daily trading volume that puts it among the top in the industry. The platform currently serves over 15 markets.

The history of Perpetual Protocol began in 2019, when the team behind the project, originally known as Strike, was inspired by Automated Market Makers (AMMs) such as Synthetix and Uniswap. The goal was to integrate the features of these protocols into a decentralized perpetual contract trading platform that runs on Ethereum. Unlike AMMs such as Uniswap, which are used for both token swaps and price discovery, Perpetual Protocol's virtual AMM is used only for price tracking to manage leverage and short positions.

In August 2020, Perpetual Protocol announced that it had raised $1.8 million in a strategic round led by Multicoin Capital, with participation from Zee Prime Capital, Three Arrows Capital, CMS Holdings, LLC, and Alameda Research.

The network functions as a decentralized perpetual contract platform that represents a wide variety of assets. Anyone can purchase and sell these assets in a secure way by using the network's Virtual Automated Market Maker (vAMM) protocol. One of the major advantages of Perpetual Protocol is its low fee structure, which is achieved through the use of Layer-2 scaling methods to deliver fast transactions with low costs.

The vAMM is the core of Perpetual Protocol's solution. It operates on the same principles as AMMs like Uniswap, but it adds a number of unique features to the equation. For example, the network enables users to trade using leverage and short selling from an AMM-style exchange, and it claims to provide efficient liquidity provisioning and high transaction throughput.

The platform's unique technical framework also enables lenders to receive their repayments on time, even if a borrower is late on loan payments. This is achieved through a combination of collateral requirements and liquidity pool profits.

As for the uses of the protocol's native token, PERP, it is an ERC-20 token that can be staked for interest and kickback on the platform's transaction fees. The total token supply is set at 150 million. Staking rewards in the Perpetual Protocol ecosystem are tiered based on the number of tokens a user locks up, providing an incentive for users to hold and stake their tokens.

In summary, Perpetual Protocol is a decentralized derivatives exchange that allows traders to access a wide range of assets in a secure and efficient way. Its native token, PERP, is used for various purposes within the ecosystem, including staking for rewards and kickbacks on transaction fees. With its unique technical framework and low fee structure, Perpetual Protocol aims to provide a comprehensive and accessible solution for trading derivatives on the blockchain.