What is the issuance and circulation of PERP coins?

As of July 30, 2023, approximately 589.5 million PERP tokens are in circulation, representing 58.95% of the total token supply.

Nov 02, 2024 at 05:56 am

Issuance and Circulation of PERP Coins

1. Issuance

PERP coins were initially issued through an Initial Dex Offering (IDO) on decentralized exchange Polkastarter on February 17, 2021. A total of 1 billion PERP tokens were created.

2. Token Distribution

The PERP tokens were distributed as follows:

IDO Sale: 500,000,000 PERP (50%)
Team: 150,000,000 PERP (15%)
Advisors: 50,000,000 PERP (5%)
Reserve: 300,000,000 PERP (30%)

3. Token Burn

Perpetual Protocol has implemented a token burning mechanism to reduce the supply of PERP tokens. The protocol burns a portion of the transaction fees generated on the platform. As of July 30, 2023, over 10.5 million PERP tokens have been burned.

4. Circulation

According to CoinMarketCap, the circulating supply of PERP tokens as of July 30, 2023, is approximately 589.5 million. This represents about 58.95% of the total token supply.

5. Tokenomics

PERP tokens have several use cases within the Perpetual Protocol ecosystem, including:

Governance: PERP holders can participate in governance votes and influence the direction of the protocol.
Staking: Users can stake PERP tokens to earn rewards and reduce trading fees.
Trading: PERP tokens are required to pay transaction fees on the Perpetual Protocol exchange.
Collateral: PERP tokens can be used as collateral to open perpetual futures positions.

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