Edited on November 21st to reflect the staking module parameters changes

• vPRY is deprecated, and xPRY is kept. No migration is required.

• the 7 days to get revenue distribution is waived.

• distribution mecanism update

Perpy got a full revamp from the front-end, with the new UI, down to the back-end, with new vault architecture to trade multi-assets on multi-perps inside one vault, and PRY token needed his set of improvements too!

This article introduces the upcoming changes set to reward our early adopters and believers in Perpy's success.

Let’s jump right in!

New Staking Module

In the past weeks, we’ve looked at different staking models and involved the community in the thinking process to revamp the $PRY staking module. The goal is still to align incentives between liquid and long-term stakers, bolstering the adoption of $PRY.

Timing and schedule-wise, we want to have the new staking module live before Spectra Public launch, around October-November 2023.

Our proposed adjustments aim to strike a balance between PRY holders who want to remain liquid while earning some protocol fees but rewarding our committed long-term stakers with a more significant share of protocol fees and exclusive perks associated with locking $PRY.

Stake $PRY in the “Liquid” staking module:

• Protocol fees multiplier: 1x

• 0.5% fee when unstaking which are burned

Stake $PRY in the “Locked” staking module (will be converted in xPRY):

• Protocol fees multiplier: 3x when staked

• Protocol fees multiplier: 1.5x during the 6-month redeeming period

• No unstaking fee

• Extra Perks

  • Enjoy platform fee discounts

  • Governance rights when DAO is live

  • Priority access to Perpy Vaults new features and Closed Beta

  • Future utilities to reveal

It’s important to understand that xPRY is a vested version of PRY subject to a 180-day vesting period when users want to convert back to PRY.

In the meantime, xPRY holders are getting higher protocol fees and additional utilities in Perpy’s protocol.

xPRY Vesting

The redemption process to convert xPRY to PRY is a 6-month (180 days) vesting period, and the reward multiplier will go down to 1.5x during this period.

Users can choose a shorter period but will forfeit PRY, which will be burned.

The conversion ratios are the following:

• The minimum vesting duration of 15 days will provide a 1:0.5 ratio

• The maximum vesting duration of 6 months will provide a 1:1 ratio

Distribution scheme

Protocol fees are collected each time a vault manager closes a trade in profits.

These collected fees will be used to buy back $PRY and will be the primary and the only token distributed to the staking module, Liquid and Locked.

Why distributing $PRY? As we are looking to establish our legal structure, regulatory compliance is vital for the long-term health of Perpy.

How the protocol fees will be distributed?

Each week, the protocol fees generated from the previous week will be distributed based on the wallet multipliers.

Gaston has staked 100 $PRY in the lock staking module and did not initiate a redeeming period, getting a 3x multiplier.

Micheline has staked 100 $PRY in the liquid staking module, getting a 1x multiplier.

The previous week, Perpy generated $2000 in fees.

Gaston will receive $1500 and Micheline $500 (worth of $PRY).

No migration is required for xPRY stakers to enjoy the new staking module.

Here is a sneak peek of the staking module page going live on Nov. 24th