Proposal for Perpetual Protocol Integration into Shapeshift

Workstream Discussion Partnerships
1

Summary

Proposal is for the integration of Perpetual Protocol an vAMM based decentralized exchange into the Shapeshift ecosystem

Abstract

The integration of Perpetual Protocol into Shapeshift would allow users to trade perpetual derivatives within Shapeshift. Also would allow Shapeshift users to stake their $PERP. Perpetual Protocol is a decentralized exchange that utilizes a vAMM model to trade, we are currently on xDAI and upon the release of our v2 ‘Curie’ will be moving to Arbitrum.

Specification

There would be a need to be 1 project manager, a UI/UX designer and engineers in order to integrate it into the web version, IOS and android versions. Also working on Keepkey support would also be highly desirable.

The implementation of this would be funded by our grants program available on Perpetual Protocol, you can read more about this in the link at the bottom.

First would be the design of the UI/UX for community feedback and review. This should include a design for a staking page through Shapeshift as well.

Secondly would be the integration and implementation of the above UI/UX and then tested by the project manager

Last would be integration of Keepkey support would be important as well as it being tested by the project manager

The bounty size will be up to the team itself when proposing to Perpetual Protocol’s grants committee, if deemed reasonable will be approved by the committee itself, however open to discussion on this in the forums as well 1f642. The bounty will be payed in increments of 1/3 for each milestone completed above.

Benefits

For users:

Users will be able to trade decentralised derivatives through Shapeshift, never having to leave Shapeshift in order to trade perpetual swaps.

For the DAO:

We have a volume program at Perpetual Protocol that can be accompanied with the successful integration of Perpetual Protocol in Shapeshift that would give a 30% fee rebate straight back to the ShapeshiftDAO for all trades made through the Shapeshift UI.

Also we propose a token swap with Shapeshift, helping bring Shapeshift into our ecosystem that already has great partners such as dHEDGE ( Copy trading platform think of eToro’s copy trading function). The value of this token swap we have proposed initially a 500K token swap (swapping 500K USD worth of FOX tokens for 500K USD worth of PERP tokens), however this can be changed to go up or down and is just a starting point.

Drawbacks

The time and scale of the integration would take significant time, however from our end at Perpetual Protocol we will help with whatever the team needs 1f642

Conclusion

Would love to hear the community’s feedback and will answer any questions to the best of my abilities.

Link to our grants program:

https://perp.notion.site/Perpetual-Protocol-Grants-513d969a6e3845b8bcff7acb4e14e0bf

Link to our ecosystem fund:

https://medium.com/perpetual-protocol/building-the-perpetual-flywheel-introducing-perpetual-ecosystem-fund-ad57679cbd35

2

discourse-post-upload20231125-65354-qm14df.png Lawrence:

We have a volume program at Perpetual Protocol that can be accompanied with the successful integration of Perpetual Protocol in Shapeshift that would give a 30% fee rebate straight back to the ShapeshiftDAO for all trades made through the Shapeshift UI.

  1. Hi Lawrence,

    I am interested in learning more about the quoted area above. A few questions

    Is this 30% fee rebate have qualifications to hit from shapeshift side? (ie, certain number of transactions/amount of $PERP traded in a given period)

  2. How often is this paid out to the DAO Treasury?
  3. 2a. What is this paid out in? Stable Coin? Perp Token?
  4. Will this take place over the lifetime that $PERP is on the ShapeShift Platform?
  5. Could you talk about the estimated time line for previous implementations on other platforms?

Thanks so much for your proposal and I look forward to reading your answers.

-PTT

3
  1. Hey PTT!

    To answer

    The Fee rebate does not have any qualifications

  2. It will be calculated and paid out monthly and will be paid out in perp tokens, there is currently a 1m USD p/m cap but this can be increased at discretion
  3. The length of this volume program is still TBD I believe.

Implementation for previous projects have taken around 3 - 4 months I believe, however due to the imminent launch of v2 this might factor in to the implementation of perpetual protocol into Shapeshift

  1. 1f642

Hope I was able to answer your questions 1f603

4

Thank you so much, This answers all of my questions pointedly! I appreciate the quick response. With all these factors, I think this proposal is one we should push through as an additional revenue generating stream for the Treasury. This will have my support, assuming no major security/engineering workstream reservations/concerns.

5

Hey - thanks for posting this draft proposal, I think a perpetual protocol integration into ShapeShift would be amazing!

I like what you have laid out in terms of the milestones though you may want to break out the different versions (e.g milestone for new open source web and milestone for mobile versions).

I think in terms of the total bounty this could be a pretty significant lift, so I would recommend a bounty worth 150-200k usd worth of PERP depending how significant of a priority you want devs and product folks to pick this up with.

Also love the idea of a token swap to establish partnership between both DAO’s treasuries, 500k worth seems like a great place to start.

It’s worth noting that if you are not requesting funds from the ShapeShift DAO treasury the PERP team/community could just put up a bounty for this work without having to go through ShapeShift governance at all, though the token swap would definitely require a proposal to be voted on.

Either way, I would love to see this integration in ShapeShift and support this effort!

6

Hey Jon thank you for the feedback! I will get back to my team on the bounty amount you have suggested and propose to them about not needing to go through governance for the grant itself =)

7

I want this integration so bad, 100% fully support this proposal moving forward