PERP Token

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PERP is a utility token used for governance and staking with a fixed supply of 150 million PERP.


The transition to a vote-escrowed tokenomic model is complete with the USDC fee distribution going live on December 15th, 2022. Check out the following articles for more background information:

PERP tokens can be locked at to earn a return in USDC from the fee sharing. Lazy River 2.0, the reward program for USDC fee sharing, also includes the distribution of locked PERP as an additional boost to your yield. The minimum requirements to take part in Lazy River 2.0 are to lock any amount of PERP for at least 2 weeks.

Every week on Thursdays (00:00 UTC), a snapshot of vePERP balances is taken and the rewards are distributed on the following Thursday. The first snapshot takes place on December 15th and part of the protocol’s revenue will begin to be distributed to all vePERP holders from December 22nd onwards.

A portion of trading fees (15%) is only distributed to vePERP holders if the insurance fund threshold is met. The threshold is defined as 10% of the 30-day average of open interest across all markets on Perp. If the insurance fund is greater than the threshold, then 15% of all trading fees will accrue to vePERP holders. Open interest for all markets on Perp can be tracked here while the insurance fund stats are available on Dune Analytics.

The longer a token holder locks PERP for, the more vePERP they will receive in return. Your share of the vePERP supply determines the amount of USDC fee revenue you can earn. PERP can be locked for a maximum of 52 weeks. Once locked, you will not be able to sell or transfer the tokens until the lock time expires.

For example, if you lock 10,000 PERP for the maximum of 52 weeks, this will give you 10,000 vePERP. However, if you only locked for 26 weeks, then you’d receive 5,000 vePERP. Note that locked PERP amounts do not change over time and you’ll be able to claim the original amount of tokens you’ve locked once the lock has expired.

The amount of vePERP decays over time, until the lock expires, at which point your vePERP balance will equal zero and your locked PERP becomes claimable for liquid PERP. You can always extend the lock time or lock more PERP tokens to increase your vePERP balance and earn a greater share of USDC being shared from trading fees.

Important statistics about vePERP can be found in this dashboard, including the daily locked amount of PERP, the total locked amount, past weekly payouts, APR and estimated weekly payouts well as the circulating supply of the PERP token.


The PERP token was launched in September 2020 using Balancer's Liquidity Bootstrapping Pool (LBP), where 7.5 million tokens (5% of the total supply) were distributed to over 1,200 participants.

An LBP is basically a weight shifting pool designed for token distributions that create constant downward pressure on the price, preventing front-running and price speculation. Read more about why we chose the LBP method here. Perpetual Protocol was the first project to launch an ERC-20 token using this innovative distribution method.


  • All investor tokens have been fully issued and vested. Seed and strategic investors received either 1/4 or 1/5 of their tokens each quarter following the v1 mainnet launch (December 15, 2020).

  • Initial investor price was $0.08.

Team Allocations

  • 31.5 million PERP tokens are to be allocated to the team (21% of total supply).

  • Team tokens began unlocking 6 months after mainnet launch (June 15, 2021) at a rate of 2.1% per 3-month period. 90% of these tokens are currently being held or staked by the team, with around 10% being distributed to team members so far.

Perpetual DAO

  • All remaining tokens ('Ecosystem & Rewards' section in the pie chart above) and token minting may only be used with a mandate from the Perpetual DAO. Currently, this mandate is granted via voting on governance proposals.

  • Current use of DAO tokens includes

    • 21 million PERP for rewards, grants, and bootstrapping (link)

    • 20 million PERP to establish an arms-length Market Making Entity (link)

    • 5 million PERP to establish a Security Entity handling audits & bounties (link)

    • Small amounts for community building (link1, link2) See and for past and present proposals.

Token Addresses

There may be PERP tokens that are not genuine. Be sure to check you are trading the correct token.

The following are known PERP tokens on various chains:

  • Ethereum mainnet: 0xbc396689893d065f41bc2c6ecbee5e0085233447

  • Optimism: 0x9e1028f5f1d5ede59748ffcee5532509976840e0

  • xDai: 0x7ecF26cd9A36990b8ea477853663092333f59979

  • BSC: 0x4e7f408be2d4e9d60f49a64b89bb619c84c7c6f5

  • Arbitrum: 0x753d224bcf9aafacd81558c32341416df61d3dac

Token Wallets




Main token wallet

Locked rewards pool and investor/team token supply.


Locker contract (vePERP)


Perpetual DAO Treasury

3rd Party Token Stats

Note: The circulating supply referenced by third-party websites may display different values because of the difference in methodologies used to calculate this metric.

The best estimate of the PERP token’s circulating supply is provided by CoinMetrics’ free float supply metric (which excludes tokens that are provably lost, burned, vesting on-chain and owned by the foundation/founding team). As of December 12th, 2022, PERP’s free float supply equals 85.53 million.





To view the free float supply, select PERP from the ‘assets’ menu and then choose ‘Free Float Supply (native units)’ from the ‘metrics’ menu. A chart of the estimated circulating supply like the one shown below will then be displayed:

Token Terminal

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