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Transaction Mining
Motivation
Transaction mining is a rewards program that aims to incentivize trading by giving traders fee rebates in the form of PERP rewards.
- Reward early traders with PERP to attract more traders to the system
- Distribute PERP into the hands of users
- Prevent wash trading
Rewards
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Weekly reward cap
150,000 PERP
Trading fee rebates
For positions open for more than 30 minutes: Full reward
For positions open for less than 30 minutes: 1/3 reward
Reward calculation
Trading fees * 55%
Trading fees * 55%
Total reward: 110%
Note: When total trading fees exceed the weekly reward cap, rewards will be given on a proportional basis.
Vesting
1/2 reward has no vesting
1/2 reward is vested 6 months
Reward calculation period
Every Monday, 6:00 UTC
Min reward value
1 PERP (Rewards less than 1 PERP will not be claimable.)
Example
- 1.Use 100 USDC collateral to open ETH long with 5x leverage; fee is 0.50 USDC. Close the position after 35 minutes (assume PnL = 0); fee is 0.50 USDC. Total fees paid are 1.00 USDC. At the end of the week, you can claim PERP worth 1.10 USDC (half unlocked now, half unlocked after 6 months).
- 2.Use 100 USDC collateral to open ETH long with 5x leverage; fee is 0.50 USDC. Close the position after 15 minutes (assume PnL = 0); fee is 0.50 USDC. Total fees paid are 1.00 USDC. At the end of the week, you can claim PERP worth 0.36 USDC (half unlocked now, half unlocked after 6 months).
Off-Chain Process
- 1.Perpetual Protocol aggregates all the trading fees paid by traders each week.
- 2.Each trader is rewarded a USD-denominated value of PERP based on a percentage of their aggregated trading fees.
- 3.The rewarded PERP tokens are capped per week. Once the rewarded PERP > the cap, the rewarded PERP will be proportionally distributed to stakers.
- 4.Half of the PERP rewards will be locked on-chain for 6 months.
- 5.Perpetual Protocol pays each staker by submitting one or more on-chain transactions.
- 6.Perpetual Protocol will publish weekly trading stats.
Last modified 1yr ago
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