$PERP
Governance: The PERP token allows holders to vote on protocol upgrades, changes, and future directions.
vePERP: This token is used for staking and allows users to earn referral fees and part of the protocols' fees. It also protects governance from sybil attacks and incentivizes HODLers.
Liquidity Mining: PERP is used to incentivize liquidity providers to supply liquidity to the Perpetual Protocol.
Collateral: PERP is used as collateral for traders to open perpetual swap positions on the platform.

Governance:
Holders of $PERP tokens can participate in governance by voting on protocol upgrades and changes, giving them a say in the direction of the platform.

Staking Rewards & revenue share:
Staking $PERP tokens can earn holders staking rewards in the form of additional tokens, incentivizing long-term holding and supporting network security. Furthermore, Perpetual will implement USDC yields, where it will distribute 10% of fees to vePERP holders in USDC

Protocol Growth:
As Perpetual Protocol continues to expand its offerings and attract more users, demand for $perp tokens may increase as investors speculate on the potential growth of the platform.

The value created by Perpetual Protocol lies in its decentralized exchange (DEX) that enables perpetuals and leverage trading, benefiting traders and DeFi by allowing speculation on assets without expiry and amplifying positions. Composability with other DeFi protocols adds value via seamless integration, creating a robust ecosystem.

Value accrual to token:
Trading fees (0.1%) accrue to Liquidity Providers and $vePERP holders (i.e users who have locked $PERP). Perpetual will distribute 10% of fees to vePERP holders in USDC. Once the insurance fund reaches 10% of the 30-day open interest across all markets, the USDC yield switch will be implemented. This helps to build a sustainable ecosystem and incentivizes long-term participation. The token's value increases as demand for the protocol grows, incentivizing token holders to participate and potentially earn higher rewards.

Value accrual to protocol:
Perpetual will distribute 10% of fees to vePERP holders in USDC, the rest remains in the treasury.

The business model for Perpetual Protocol:

Revenue comes from Trading fees generated from users opening long positions and LPs providing virtual tokens to Uniswap V3 pools

Revenue is denominated in: Whatever the pool assets are (e.g., USDC, ETH)

Revenue goes to: LPs earn 80% of trading fees, rewards in PERP and OP tokens; vePERP holders receive a % of trading fees and rewards for referring new users.