Perpetual Protocol Has Become the Sixth Largest Decentralized Exchange within a Month
Perpetual Protocol, which is basically a DeFi venture providing decentralized perpetual agreements utilizing the second-layer scaling solution for Ethereum blockchain, has become the sixth biggest DEX in terms of trading volume after running for just a month.
As per data provided by Dune Analytics and distributed by Perpetual covenant, the weekly trading volume is over 299 million dollars, which would put the venture above projects such as Kyber, dYdX and Synthetix, but below Balancer.
The landmark was shared in a media post rejoicing the venture’s initial month of running, the time span during which the DEX recorded over 500 million in aggregate volumes and accrued asked over $500,000 in trading-related charges.
The entire trading fees produced by the Covenant is presently transferred to an insurance fund structured to safeguard the Covenant, with the venture aiming to move 50% of fees to PERP stakers after the launch of staking pool.
In the media post, perpetual protocol pointed out that it had expended a sum of just $183 to process 179,000 trades as gas charges on xDAi is only one-hundredth of the fees paid on the Ethereum mainnet. As perpetual protocol covers the gas charges of its traders, the DEX needs to pay $18300 dollars in charges, in case it was running directly on Ethereum blockchain.
XDai is one among numerous L2 scaling solutions that offers a substitute to the high fees linked with running directly on Ethereum blockchain. Synthetix unveiled the initial stage in its transformation to positive roll-ups in recent times.
Going forward, perpetual anticipates introducing limit order facility during the first quarter of this year. Furthermore, it anticipates introducing staking in February.
Decentralized exchanges have turned out to be a major landmark of cryptocurrency domain in the third quarter last year, during DeFi boom, with the top DEX Uniswap currently handling roughly $1 billion in trading volume every day, and consistently eclipsing several major centralized cryptocurrency exchanges in terms of trading activity.
Congratulations to the @perpprotocol, just over one month old and already making some serious moves with trading volume surpasing 500M!
Running on @xdaichain, gas for more than 179K transactions was only $183! https://t.co/RiqoUY4xit
— xDai Stake (@xdaichain) January 18, 2021
In spite of the fast increasing trading volume, only a handful of platforms rule the DEX industry currently, with almost 50% of total DEX trading volume happening on Uniswap, and 90% of total volume taking place on the top four trading platforms.