Perpetual Protocol Hits New Milestone with Nekodex Expansion, Empowering Mobile DeFi Trading Revolution

As PERP Token Unlocks Yield-Bearing Strategies on Optimism, Protocol Eyes 20% Growth in User Adoption by Q1 2026.

Perpetual Protocol, the flagship decentralized perpetual futures exchange from Perp Labs, has marked a pivotal expansion with the enhanced rollout of its Nekodex mobile app, achieving over 50,000 downloads and $50 million in cumulative trading volume since its 2024 launch.

(Sources: Perpetual website)

Founded in 2019 by Taiwanese entrepreneurs Yenfen Weng and Shao-Kang Lee, the protocol—now operating natively on Ethereum’s Layer 2 Optimism—enables users to trade perpetual contracts with up to 10x leverage across 17+ markets, including BTC, ETH, and altcoins like SOL and LINK. This update integrates gas-free deposits over $500 USDC and multi-collateral support for USDC, ETH, and FRAX, driving a 25% uptick in daily active users to 5,200 as of November 12, 2025. Backed by blue-chip investors including Binance Labs, Alameda Research, and Multicoin Capital, Perpetual Protocol’s PERP token facilitates governance and fee-sharing, with recent integrations like SunPerp on TRON boosting ecosystem liquidity by an estimated 12% in cross-chain perpetuals.

vAMM Innovation & Seamless UX Overhaul

At the heart of Perpetual Protocol lies its virtual Automated Market Maker (vAMM) model, powered by Uniswap v3’s concentrated liquidity engine for sub-second executions and near-zero slippage—addressing the high gas fees and liquidity fragmentation that plague Ethereum mainnet perps platforms like early dYdX iterations. Traditional DEXs often cap leverage at 5x amid oracle risks and impermanent loss, but Perpetual’s Optimism deployment delivers 10x leverage with Chainlink oracles for funding rates, ensuring flash loan resistance without on-chain price feeds. Fees average $0.05 per trade during peak congestion, a 90% reduction from Layer 1, while Nekodex’s mobile-first design eliminates bridging via account abstraction and Passkey authentication, supporting EVM chains like Polygon and Base for one-tap deposits. This composability extends to yield vaults, where users stake PERP for vePERP-locked rewards, blending perps with lending primitives for unified portfolios—outpacing AMM rivals like GMX in interoperability and reducing onboarding friction from days to seconds.

Founder Insights & Expansion Blueprint

“Perpetual Protocol isn’t just trading—it’s democratizing derivatives with tools that put power back in users’ hands, from mobile apps to yield strategies,” stated Shao-Kang Lee, co-founder of Perp Labs.

The roadmap accelerates into 2026 with targeted phases:

• Q4 2025: Full DAO transition, handing admin keys to vePERP holders for enhanced governance on features like cross-margin trading.
• Q1 2026: Nekodex v2 rollout with social trading integrations via Birdeye Terminal, plus 50x leverage pilots on TRON via SunPerp.
• Mid-2026: Multi-L2 expansion to Base and Arbitrum, embedding PERP as an ERC-20 yield primitive for ecosystem-wide incentives.

A revamped staking program, distributing 20% of protocol fees in USDC to vePERP lockers, has spurred 35% growth in locked supply, with airdrops planned for top traders hitting $100M quarterly volume.

From Inception to DeFi Powerhouse

Launched in 2019 amid the DeFi summer boom, Perpetual Protocol pioneered on-chain perpetuals on xDai before migrating to Optimism in 2021 for scalability, evolving from a vAMM prototype to a full ecosystem with Nekodex and Wilde Finance vaults. Audited by Consensys and Peckshield with zero exploits, it has processed $2.5 billion in cumulative volume, capturing 8% of Optimism’s DeFi TVL at $28 million as of November 2025. With a $10.9 million market cap (circulating supply: 72.6 million PERP out of 150 million max), the protocol boasts institutional ties via CMS Holdings and Zee Prime, plus retroactive grants from Optimism’s Collective—positioning it ahead of peers like Drift Protocol in user metrics, though trailing Hyperliquid’s $3B TVL in raw scale.

PERP Token Metrics: Steady Climb Amid Bullish Sentiment

PERP trades at $0.149 as of November 12, 2025—up 2.1% in the last 24 hours on $5.2 million volume, decoupling from Bitcoin’s 1% dip below $98,000.

• Support: $0.129 (50-day EMA, aligning with September lows post-SunPerp launch)
• Resistance: $0.183 (200-day EMA, tested during October’s alt rebound)
• BTC Correlation: 0.65 beta, with PERP gaining on L2 narratives
• Trading Volume: $5.2 million (+15% WoW), driven by Nekodex inflows
• Open Interest: $15 million across 17 markets (up 10% MoM)
• Sentiment Score: +58 (via LunarCrush proxies), buoyed by governance hype

A 25% TVL-to-volume ratio edges out GMX benchmarks, signaling efficiency. With $37 in daily fees yielding $7 protocol revenue, PERP targets $0.20 on DAO milestones, though sub-$0.12 risks loom on stablecoin volatility. This positions Perpetual for 1.5x revenue uplift in Q4, fueled by mobile adoption.