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Perpetual Protocol (Strike) – $PERP Listing Soon

Aug 22, 2020 · 5 min read

By Paul Burlage

Perpetual Protocol, previously Strike Protocol, has plans to list their $PERP token soon. Since writing about Perpetual Protocol in May, its name isn’t the only thing that has changed. Let’s break down the current design. 

Overview

Perpetual Protocol is a decentralized futures AMM that support leverage The first products offered are 20x leveraged perpetual swaps (ETH/USDT, BTC/USDT, LINK/USDT) Perpetual Protocol utilizes a “Virtual Automated Market Maker” (vAMM). The AMM invariant is the pricing function, but not the actual representation of assets. Perpetual Protocol uses Uniswap’s x*y=k formula. LPs do not deposit assets into an AMM and trader’s do not borrow said deposited assets at leverage. Assets are stored in a vault as collateral behind the vAMM The vAMM relies on a funding rate (based on FTX’s perps) that adjusts based on the balance between the ratio of open long and short positions (uses Chainlink for the index price feed

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