Perpetual Protocol

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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%

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.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 10mo ago

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