Proposal: List PERP as a collateral asset

Summary
We propose to list PERP for lending and borrowing.

For: List PERP
Against: Do nothing

Background
In case you haven’t heard of the Perpetual Protocol (perp.fi), here is a quick recap:

Perpetual Protocol is a decentralized perpetual contract protocol for every asset. With the help of our virtual AMMs (vAMMs), traders can trade perpetual contracts with up to 16x leverage without the need to wait for a counterparty.

PERP is the native token of the Perpetual Protocol, and there are two utilities for it:

  1. Staking:
    PERP holder can stake their tokens on the protocol. In return, they’ll be rewarded with the staking rewards (in PERP) and a cut on the transaction fees (in USDC).
  2. Governance:
    Stakers can use their staked PERP to vote on 1) the next new market to be included on the protocol and 2) the important parameters of the protocol.

Milestones

  • The cumulative trading volume reaches 100M USDC in less than 3 weeks after launch.
  • The peak single-day trading volume is over 80M USDC.
  • The number of unique traders per day is over 100.

Benefits to CREAM
Due to PERP’s recent price surge, some LPs have exited the Balancer LP Rewards Program provided by the team for fear of the impermanent loss. As such, by accepting PERP as the collateral on the protocol, CREAM could capture additional TVL from these PERP holders whose assets currently sit idle.

Specification
List PERP at a Collateral Factor of 0%

Audits
The protocol has been audited by Peck Shield and Consensys. The audit report from the former can be found here.
And we also have an ongoing bug bounty program with up to 10% TVL inside the Clearing House contract as the bounty rewards.