What Is Perpetual Protocol?
Perpetual Protocol is a decentralized protocol for trading perpetual contracts with adequate liquidity generated by vAMMs. It aims to be the Uniswap in the perpetual contract sector, allowing anybody to create a new perpetual contract market without any entry barrier.
In November 2021, Perpetual Protocol v2 was deployed in Optimism, a Layer 2 network. Thus, a faster and low-cost experience of trading perpetual contracts can be available through the Optimism wallet in imToken.
Further Reading: Know More about Perpetual Protocol
How to Use Perpetual Protocol with imToken?
Preparations:
- Deposit ETH in your Optimism wallet to pay gas fee, which is required for trading on the Optimism network.
- Deposit USDC in your Optimism wallet as margin, which is needed for swapping in Perpetual Protocol.
Note: Please fully understand perpetual contracts and their potential risks before swapping them since they are derivatives of high risks.
You can deposit tokens from the Ethereum mainnet to the Optimism network by following this tutorial: How to Use Optimism with imToken?
Depositing USDC
1. Open the Optimism wallet, click "Browser" at the bottom, enter "Perpetual Protocol" in the search box and launch the DApp.
2. New users of Perpetual Protocol must first check to agree to Terms of Service then click “Start Trading” - “Connect Wallet” - “imToken”.
3. You can deposit USDC as margin through “Deposit” in Perpetual Protocol. Before the deposit, you should first click “Approve” so that Perpetual Protocol can have your USDC authorization. After that, you need to click “Deposit” again.
The summary including your net USD value and free collateral in Perpetual Protocol will be displayed.
Opening Your Position
1. Click “Markets” at the bottom to choose the market you want to swap. For example, in the ETH market, click “Long” or “Short” to enter the “Open Position” page.
2. On the page, after entering the USDC amount, you can swap in your preferred position by clicking “Long” or “Short” at the top left corner. The leverage will be automatically converted to “Buying Power” by the system. Then, click “Confirm Long” or “Confirm Short” to swap. You have successfully opened a position when seeing a “Transaction Confirmed” pop-up.
Note: 50% of Buying Power means 5x leverage and the margin of a newly opened position will be updated based on existing positions.
Closing Your Position
At the bottom on the ETH market page, you can check the details of your current position, including “Avg. Open Price” and “Profit / Loss”.
If you want to close your position, please click “Close Position” - “Confirm Close”. You have successfully closed your position after seeing a “Transaction Confirmed” pop-up.
If you have any problem, please reach out to the official team of Perpetual Protocol:
- Telegram：https://t.me/perp_cn
- Discord：https://discord.com/invite/Dq9mTmCaBb
End
For best security on large amounts of crypto, consider our hardware wallet, imKey. imKey also allows users to use Perpetual Protocol on Optimism and supports Layer 2 ecosystem.
Risk Warning: The content of this article does not constitute any form of investment advice or recommendation. imToken does not make any guarantees and promises for the third-party services and products mentioned in this article, nor assume any responsibility. Digital asset investment has risks. You should carefully evaluate these investment risks and consult with relevant professionals to make your own decisions.