To put it bluntly, Perpetual Protocol v1 has been a massive success. Since it launched in December, the platform has facilitated $20B in total trading volume and generated $20M in protocol earnings.
To put this level of traction into perspective, Perpetual Protocol is currently the largest decentralized perps exchange by trading volume, attaining an 83% market share since the beginning of June.
Importantly, the fees generated via trading accrue directly to the protocol. Over the past 30 days, Perp Protocol ranks 7th in protocol earnings as seen below, according to data from Token Terminal. Not bad for a protocol that’s been live for less than a year.
Having said that, the decentralized perpetuals market still has a long way to go to catch up to its potential. To understand this potential, it’s worth diving into the explosive growth experienced by decentralized spot trading platforms during 2020. While over the course of last year the overall spot trading market grew, decentralized protocols grew significantly faster than their centralized counterparts. Specifically, volumes facilitated by the top 10 centralized spot trading platforms grew by 285%, while volumes o
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