Perpetual Protocol (PERP) is a decentralised contract protocol that builds on a virtual automated market maker (vAMM) design. Similar to Uniswap (UNI) traders can trade a variety of different asset classes such as cryptocurrencies  and fiat currencies without the need for counterparties.

Perpetual protocol introduced the approach known as virtual automated market making (vAMM) to enable on-chain perpetual contract trading. Unlike conventional AMM’s where assets are stored within the smart contract, vAMM’s in Perpetual Protocol do not store any asset whatsoever. Instead, the assets are stored in a smart contract vault that manages all of the collateral backing the vAMM. 

The PERP token is the governance token for the perceptual protocol platform and can be used for governance and staking. PERP holders can lock up or stake their PERP assets for a fixed amount of time to the staking pool.