Transaction Mining

Perpetual Protocol transaction mining has ended. Claims can still be made here.

Do you have ideas for an improved Tx Mining Stage 2? Come to our Discord!

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

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.