What’s DeFi in my mind?

To me, DeFi(Decentralised Finance) is an open, decentralised financial system that allows anyone to trade or interact with others directly in the market without any restriction or boundaries.

What is Perpetual Protocol and why I bought it?

Perpetual Protocol is a Taiwan Project that focuses on building a platform for decentralised perpetual contracts. It was formerly called Strike Protocol and it was invested by big names such as Binance Lab, Alameda Research and Three Arrows Capital. It applied an AMM model with lower slippage and people can trade with leverage with their own wallet.

In my opinion, DeFi itself has great potential, but the DeFi tokens right now is purely speculative and everyone wants to make huge gains like 10x, 20x in the bubble. Everyone got overwhelmed by the market sentiment, and some got rekted.

Many yield farming tokens dropped quite a lot recently, and honestly that is not surprising, because the token price was the only thing to support the high return of many yield farming projects. If I want to invest in a DeFi project, I would like to look at some projects that is really promising and would bring value to the market.

In light of the success of Serum(which went 30x after its IEO on FTX), I decided to invest some money in a similar project - Perpetual Protocol. Derivative markets account for a large percentage of cryptocurrency trading volume, and a decentralised futures trading is absolutely needed in the DeFi Space.

Buying the token was a very fun experience because they used Balancer Liquidity Bootstrapping Pool(LBP) to conduct their IDO. It started with a very high start price and heavy selling pressure to prevent early bird advantages. Now the token can be traded in MXC exchange and the Balancer DEX.

It was the first DeFi project that I invested heavily on, and it taught me a lesson on how to use Metamask to connect to Balancer and swap tokens, also I learnt how to mint my own BPT and provide liquidity to the market, it was a really interest experience, and I am able to earn a nice passive income with the liquidity provider program offered by the team.

The trading platform of Perpetual Protocol is already live on Etherum Kovan Network, and you can check it directly on this site: https://kovan.perp.exchange/

I have done my own research and realised that Binance did invest into this project, and the announcement can be found in the official Binance blog: https://www.binance.com/en/blog/421499824684900849/Strengthening-the-DeFi-Space-By-Backing-1inch-and-More-Startups

Imagine the huge gain when it got listed on Binance and FTX. How exciting would that be! Many DeFi Projects such as JustSwap and UniSwap did very well too, and maybe there will be more people want to look into the other aspects of DeFi, such as NFT, and of course, derivatives market.