I recently took a fresh look at PERP, and it's a more interesting protocol than I initially thought. Have you heard of Perpetual Protocol? In simple terms, it’s like a digital marketplace where you can trade based on the price fluctuations of various assets.

The key feature of this protocol is that it adopts a system called "perpetual contracts." In other words, it’s similar to futures trading without an expiration date. You can also use leverage by borrowing, and the maximum leverage is up to 10 times. Unlike regular exchanges, smart contracts automatically determine the prices, ensuring everything remains transparent and fair.

And here’s the important part: this protocol is powered by the PERP token. Holders of PERP have voting rights in the protocol’s governance, influencing how it’s operated. The more PERP you hold, the greater your influence. Additionally, locking PERP allows you to earn extra PERP tokens through a reward system.

Launched in 2019, this protocol has undergone multiple improvements over time. There have been name changes and system upgrades. Users who helped improve the protocol are rewarded with PERP tokens. The total supply is fixed at 150 million, with about 72.6 million currently in circulation. Recently, the price has been around $0.02, with a 24-hour change of -3.18%.

Understanding these mechanisms shows that PERP’s value isn’t just a speculative asset but a crucial piece for participating in the overall governance of the protocol. You can also trade PERP on Gate.io, so if you're interested, it’s worth checking out.