HomeEthereumPerpetual Protocol v2 launches on Ethereum layer-2 solution Optimism

Perpetual Protocol v2 launches on Ethereum layer-2 solution Optimism

-


Perpetual Protocol v2 launches on Ethereum layer-2 solution Optimism

Perpetual Protocol, a decentralized perpetual futures exchange, has moved to Ethereum’s Layer 2 Optimistic roll-up scaling solution Optimism in its latest effort to provide the best-decentralized derivatives trading experience in crypto.

The launch of Perpetual Protocol v2 (dubbed Curie) to Optimism Mainnet reduces the cost required to place a trade and speeds up trade execution, all while relying on the battle-tested security and decentralization of the Ethereum network.

During the testnet launch, close to 3,000 traders generated 480 million in trading volume over the 7 day competition period. Trade slippage had a 900% improvement over Perpetual Protocol v1 and users also experienced a 4,600% decrease in cost associated with opening a position on Perpetual Protocol v2 versus if it was on Ethereum Mainnet.

“Perpetual Protocol has generated over 33 billion trading volume on the xDai Chain. However, we notice our previous scaling solution would not be able to provide the high speed and low costs required for users,” said Yenwen Feng, Co-Founder of Perpetual Protocol.

“After careful deliberation of all available options, we decided to launch with Optimism in which the network supports our commitment to a user-driven, builder-first approach to DeFi applications,” Feng added.

Why launch on Optimism?

Perpetual Protocol v2 integrates with and innovates upon Uniswap v3 which greatly improves capital efficiency for liquidity providers (LPs) while simultaneously allowing them to tap into the large trading volume generated by the perpetual futures on Decentralized Exchanges (DEX).

LPs play a key role in v2, providing a way for market makers to earn a return on capital besides trading. The emphasis on interoperability and partnerships for v2 also opens the door for strategic integrations which will provide products for users while tapping into the protocol’s deep liquidity. 

DeFi protocols such as Visor Finance, Popsicle Finance, and Teahouse Finance, will launch their managed LP service for v2 soon after the new mainnet launch, making it easier than ever to earn a yield on capital by providing liquidity.

With nearly $33 billion in volume since its launch last December, Perpetual Protocol is committed to developing the best possible protocol for users and developers, and the team is also working on advanced order types, including limit orders, support for multi-collateral and permissionless market creation mechanisms in the next couple of months.

Posted In: Ethereum, Technology

CryptoSlate Newsletter

Featuring a summary of the most important daily stories in the world of crypto, DeFi, NFTs and more.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

LATEST POSTS

Ethereum price analysis: ETH rejects downside, continues consolidation below $1,350

Ethereum price analysis is bullish today as we have seen failure to move lower and further consolidation over the last 24 hours. Therefore, ETH/USD...

How NFTs and the Metaverse can keep fashion luxurious

Luxury in the metaverse isn’t just exclusive to owning the biggest land plot or the best NFT avatar — it’s more than that....

Blockchain could help anonymously document war crimes

Blockchain combined with decentralized storage could ensure data preservation and anonymity when reporting war crimes. Human rights investigators appointed by the...

Mainstream media sentiment shifts in favor of Bitcoin amid fiat currency woes

While mainstream media generally remains cautious against Bitcoin, current fiat debacles left outlets with no choice but to recognize BTC’s standout performance. ...

Most Popular

spot_img