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What is PERP coin? What can PERP coins do? How to store PERP coins?
As the native token of Perpetual Protocol, PERP coins enable staking, governance participation, and community involvement while facilitating decentralized perpetual contract trading.
Nov 19, 2024 at 11:53 pm
What is PERP Coin?
- Definition: Perpetual Protocol (PERP), launched in December 2020, is a decentralized futures trading protocol that offers decentralized perpetual contracts, enabling users to trade assets without expiry dates.
Key Features:
- Perpetual contract trading: Allows traders to take long or short positions on assets without facing settlement timelines or delivery risks.
- Highly leveraged trading: Provides up to 10x leverage for increased profit potential.
- Protocol-owned liquidity: Automatically distributes trading fees back to the protocol's treasury, ensuring sustainable liquidity for traders.
What Can PERP Coins Do?
- Staking: PERP coin holders can stake their tokens to earn rewards and contribute to the stability of the protocol.
- Governance: PERP coin holders participate in the protocol's governance process by voting on key parameters, such as trading fees and risk parameters.
- Community Involvement: Active participation in the PERP community through forums and social media can influence protocol development and decision-making.
How to Store PERP Coins?
- Hardware Wallet: For optimal security, store PERP coins in a hardware wallet like Ledger or Trezor.
- Software Wallet: Software wallets such as MetaMask and Coinbase Wallet provide convenient access and storage, but ensure the custodian is reputable.
- Exchange Wallets: PERP coins can be stored in the exchange wallets of platforms that list the token, such as OKX, Binance, and Coinbase. However, it's generally not recommended to store large amounts of crypto in exchange wallets due to potential cybersecurity risks.
Additional Information:
- PERP coin is the native token of the Perpetual Protocol ecosystem.
- As of March 8, 2023, the circulating supply of PERP coins is 106,607,191 out of a total supply of 150,000,000.
- PERP coin is currently ranked 138th in market capitalization among all cryptocurrencies, with a market cap of approximately $154 million.
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