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- Perpy Weekly Recap #44
Perpy Weekly Recap #44
Welcome back to our weekly recap, where we bring you the key updates and developments from the Perpy ecosystem. We have reached a major milestone this week, the protocol is now accessible to everyone!
Let's explore the highlight.
The public version of the protocol is available!
After 6 months of tirelessly building a new platform from scratch and 3 months of closed beta iterating with our incredible community to shape a tailor-made UI for traders and investors, we are proud and excited to release Perpy Spectra!
π₯ The best-in-class SocialFi UI and Trading Engine
π Trade multiple assets in one single Trading Vault
π Choose your chain, are you BNB or Arbitrum?
Here is a table below comparing the different versions of our protocol:
Thereβs more on the horizon! A few weeks after we go public, weβll add GMX V2 and Spot Trading. More assets, more liquidity for you, degens π±
New staking module page
During the code update, we've made a pragmatic choice - to keep xPRY and not introduce a new vested token, vPRY. Why? To avoid any hassle for users, prevent confusion between tokens, minimize smart contract risks, and enhance the overall user experience. No migration will be required, and current xPRY stakers will earn protocol revenue from day one after the new staking module is deployed.
π Distribution change
Protocol fees collected after a profitable trade is closed will now be used to buy back $PRY to be finally distributed to the staking module, Liquid and Locked. As we are looking to establish our legal structure, regulatory compliance is vital for the long-term health of Perpy, and we can't distribute USDC.
π Earn now, no wait period
Also, here's some good news - we've waived the 7-day waiting period for liquid stakers before they receive the fee distribution. Do note, there's still a 0.5% exit fee when liquid stakers withdraw their PRY from the liquid staking module.
Everything else about the new staking module remains unchanged
For a detailed rundown of all these changes, check out the updated article:
Staking module page:
Management Fees
π Shortly after Perpy's public launch, traders will have the option to set management fees in addition to performance fees
π€ What does this mean?
During the vault creation process, vault managers can opt-in for a management fee ranging from 1% to 5% on their vault. This translates to an annual fee of 1%-5% on the total Assets Under Management (AUM).
From these collected fees, the protocol will take a 50% cut to buy back $PRY tokens from the market and then burn them π₯
As always a win-win situation for Vault Managers and $PRY holders!
π For instance, for a vault with a 4% management fee:
Let's consider that a vault sustains an average AUM of $1 million throughout the year. From this amount, $40,000 will be deducted from the vault, $20,000 allocated to the trader and the remaining $20,000 used by the protocol to buy back and burn $PRY tokens reducing the total supply π
Perpy Launch Trading Competition
To kick off our public launch with a bang, we've rolled out an epic trading competition! π₯
ποΈ Date
The competition will last for nearly 3 weeks, starting on November 27th at 1 p.m. UTC and ending on December 18th at 1 p.m. UTC.
π― Instructions
If you have already created a vault, you can continue to trade on it. If you don't have one, create a vault and choose the chain you want to trade on (Arbitrum or BSC).
Only trades that are closed during the competition period will be considered. This means that trades must be opened after November 27th at 1 p.m. UTC and closed before December 18th at 1 p.m. UTC. The opened trades will NOT be considered when the competition ends.
Each vault is required to have a Total Value Locked (TVL) of at least $150 before initiating the first trade after the competition kicks off. However, you can trade with a portion of the $150 or more, the risk management is yours.
π° Prizes
The total prize pool will be 10,000 USDC and will be distributed across two different leaderboards as follows:
9,000 USDC for the total absolute PnL (sum of your individual trades PnL in USDC):
π₯ $5000$
π₯ $2000$
π₯ $1000$
4. $700$
5. $300$
1,000 USDC for the total percentage PNL (sum of your individual trades PnL in percentage):
π₯ $500
π₯ $200
π₯ $150
4. $100
5. $50$
π€ Why two leaderboards?
We want to give small portfolio traders a chance to show their trading skills and grow their brand and TVL!
This is your moment to shine in the trading arena. Seize the opportunity, outperform the competition, and celebrate your triumphs! π
Stay tuned for more updates coming your way in a week or two. Thank you for your support, and see you in our next recap!