The story of Perpetual Protocol is pretty interesting. It's a derivative trading protocol, but its mechanism is quite simple and well-designed.

First, the basics. Perpetual Protocol is essentially a digital marketplace where you can bet on the price fluctuations of various assets. You can increase your positions using debt or put up your assets as collateral. In other words, leverage trading is possible.

What’s important here is the concept of "perpetual contracts." These are similar to futures contracts without an expiration date and are linked to the price of the underlying asset. You can use up to 10x leverage. Unlike regular exchanges, smart contracts automatically determine prices, and everything proceeds transparently. So participants can settle gains and losses without exchanging actual assets.

And then there's the PERP token. This is used for protocol governance. The more PERP you hold, the greater influence you have in voting on the future direction of the protocol. An interesting aspect is that locking existing PERP allows you to earn additional PERP. This design rewards long-term holders.

The project itself started in 2019. Since then, it has continuously evolved, changing names and updating its system multiple times. They also actively distribute incentives to users who contribute to improvements.

The current total supply is 150 million PERP. That's a significant scale and is recognized in the market. Recently, interest in such derivative protocols has been increasing, so I think PERP is worth watching. It’s also worth checking out on Gate or similar platforms.