The PERA Odyssey (Part II)
The Launch Saga
PERA token was supposed to launch on Gate.io on July 8th, but unfortunately, Gate.io couldn’t distribute $PERA to startup participants, postponing the launch. On account of this, we decided to arrange an AMA (Ask Me Anything) event in our official Telegram group was conducted to clear things up.
Then the launch day came, but unfortunately, some of the SHO participants’ tokens were burnt due to a technical issue on the DAO Maker claim page.
Investors were supposed to be able to claim 20% of their tokens, but due to a technical issue DAO Maker faced 7.122.000 PERA tokens were burnt. Thus, investors were only able to claim only 35% of their tokens, burning the rest without being aware. On the launch day, $640 worth of SHO participants’ investments were burnt.
The burnt tokens were almost equivalent to 28% of our market cap, these tokens were bound and to be unlocked by the vesting schedule, but this incident wasn’t all bad news. Due to the total supply decrease, the future selling pressure would significantly decrease.
This incident caused a deflationary effect on the total supply, the total supply was determined to be around 70M PERA tokens in the second year but due to this incident, it is now down to 63.4M.
DAO Maker sent $500 worth of PERA to SHO participants to compensate for their loss.
We decided to cover the rest of our SHO participants’ losses by using the PERA reserve. By subtracting the $500 portion DAO Maker will cover, there would be $140 left to be covered.
As a sign of goodwill, we decided to distribute an additional 750 PERA to the investors. The distribution was conducted on September the 5th, in the form of an airdrop. PERA Tokens were sent to the SHO participants’ wallets, which they provided during the registration of SHO.
A Reassuring Path
One of our main focuses is the trustworthiness of our project. Our first thought was that locking a great deal of liquidity on UNICRYPT. This agreement wasn’t the only safety feature we planned. In addition, the ownership of the smart contract moved to multisign, maximizing security.
So, on July the 13th Pera went ahead and transferred the PERA smart contract ownership to a multi-sig wallet on GnosisSafe.
Putting a smile on our users’ faces is another aspect we emphasize, high APY’s are satisfactory but, we are aware that there is always room for more. Thus, on July 13th we conducted a randomized airdrop to CMC (Coin Market Cap) users, to whom added $PERA to their watchlist on CMC (Coin Market Cap) and retweeted @PeraFinance on Twitter.
The Road Ahead
The first week of September was quite significant, starting from the 1st of September to incentivize volume increase, we have planned to distribute additional tokens on boosted competition weeks.
We have already organized the first boosted competitions week, and it has been a blast, the week was BNB boosted and we have given out $10.000 worth of BNB on top of PERA to our top ten contenders. We will be continuing to organize these boosted competitions in the future stay tuned for the next one. We will be distributing additional partner tokens.
Furthermore, we have completed our cross-chain tests the previous month, and with Anyswap on our side, we have successfully migrated into Polygon Network and agreed with the largest DEX on Polygon, QuickSwap. Meaning a dispensation of the token supply to a variety of chains.
In early Q4, Pera protocol will merge with other AMM pools via Beta integration. Pera protocol would be injected into Avalanche, Ethereum, and many more chains.
We are currently working on a PERA staking smart contract with different tiers of pools (with various time constraints) enabling PERA users to earn multi-asset yields by staking their PERA tokens. We will be further informing you on the matter in the following months.
For Your Information
We are currently working hard to integrate our protocol into different chains, but the daily trading competitions are not yet integrated into Polygon, but as stated before the team is working hard to do so. Stay tuned as PERA continues to integrate into different networks and implement its technology. PERA trading competition is now on three separate DEXes, moving a step forward on our mission to strengthen our trading incentivization program.
As an outcome of these partnerships, we have successfully locked over $500.000 worth of PERA on different dApps, in addition to the PERA dApp. We have locked over $1.3M worth of PERA. Total Value Locked around such a high level of TVL; we average a daily trading volume of up to 2.045.719 PERA. Interestingly with such a high level of TVL and trading volume, a significant percentage of APR is being provided by our unique smart contract.
238% of APR on ApeSwap’s PERA-BNB LP
683% of APY on Beefy Finance’s PERA-BNB LP
99% of APR on Wault Finance’s PERA-WEX LP
About PERA Finance
Pera Finance is a platform where traders, liquidity providers, holders, and stakers can yield farm together. With DeFi’s first decentralized trading competition, Pera Finance aims to be DeFi’s most sustainable and profitable yield farming protocol.
Pera Finance is a new type of trading and yield farming protocol, designed to secure long-term trading volume and liquidity utilization for the whole DeFi ecosystem. Pera Finance offers decentralized and customizable trading competitions to DeFi space and includes traders to the yield farming space for the first time, what we call DeFi 2.0!