The detailed proposal in response to this incident is on Perpetual Protocol Governance Forum.

What happened?

At 6:45 am on 2021/2/21 (UTC+8), there was a price crash on the BTC perpetual market on Perpetual Protocol. The BTC price dropped from 56,000 USDC to a low of 37,000 USDC. The price recovered after about an hour.

Flash crashes are a common risk in leveraged trading. Centralized exchanges like Bitmex and Binance have developed ways to mitigate the effects, keeping crashes to a much more limited scale.

While many of the techniques used by CEXs cannot be applied in the context of an AMM-based…

We have just completed our very first community call. Thank you all for joining. We were very excited to share our updates and answer many interesting questions.

For those who were not able to join the call, we have uploaded the recording on Youtube and shared a summary of our Q&A session below.

Q&A

(From zoom participant Christian Lanz)
Q: Will staking be PERP only? Or will it be with a pool?
Yenwen: Right now staking will be PERP only. It will not be with a pool. …

We are 1 month old! After nearly a year of planning and development along side virtually unimaginable development in the DeFi space, Perpetual Protocol launched on the Ethereum mainnet on Dec 14.

TL;DR — Grab some USDC and go to perp.exchange to start trading in minutes!

Month 1 — How did we do?

Our first month saw some impressive growth! Within 1 month, we managed to make it into the top 10 on the Dex Metrics from Dune Analytics! (7-day volume)

After an intense seven days, the final results for our first mainnet trading competition are in!

First of all, let’s look at some stats:

Stats:

(The following charts include all of the transactions since the launch of the protocol.)

After the release of Perpetual Protocol on Ethereum and xDai mainnet, we’re thrilled to reveal our bug bounty program with rewards up to 50,000 USD or 10% total value locked (whichever is higher) per bug found!

💰 Rewards

Perpetual Protocol’s bug bounty program will pay out rewards based on the severity of the bugs found and the rewards will be denominated in PERP.

The level of severity and the reward for each submission is solely at the discretion of the Perpetual Protocol team. …

After an informal community vote to choose an ̶i̶m̶p̶o̶s̶t̶e̶r̶ trading pair, we are delighted to announce the latest entrant on the Perpetual Protocol exchange!

Contract Specifications

  Quote asset             USDC  
  Personal position cap   0.5 YFI           
  Underlying Index        Chainlink            
  Initial Margin          10%               
  Maintenance Margin      6.25%             
  Transaction Fees        0.1% of notional

Why YFI?

We wanted to launch a new market in time for our trading competition participants to trade a new perpetual contract, so we turned to our community on Discord and gov.perp.fi forum for an informal vote:

📣 Back by popular demand, we are holding our first Mainnet Trading Competition!

📅 Competition Period

Dec 24 14:00 UTC — Dec 31 14:00 UTC

📝 Where to register

Go to comp.perp.exchange to register.

• Accounts (ie wallet addresses) will appear on our public leaderboard — create a new account before trading.
• Trades settle in USDC, so please prepare USDC for trading.
• Position size caps: 20 ETH; 0.5 BTC

⚠️ Note that hardware wallets (e.g. Ledger, Trezor, etc.) are currently not supported by Perpetual Protocol due to our use of xDai and meta transactions.

We at working to implement solutions to this. Do not attempt to deposit funds…

Since the launch of Perpetual Protocol, we’ve received lots of questions regarding how we use Chainlink and what the future holds for this collaboration. To better inform our users, we wrote this definitive guide that goes into the integration in more detail.

The Perpetual Protocol + Chainlink Integration

A perpetual contract is a kind of derivative similar to a futures contract but without the expiry date. For conventional futures contracts such as WTI, the contract’s price will gradually converge with the underlying asset’s spot market price as the expiry date of the contract approaches. …