Name Price24H (%)
Tether (USDT)
PERP Surges Following Fee-Sharing Launch; Ethereum Successfu...

PERP Surges Following Fee-Sharing Launch; Ethereum Successfully Deploys First Shadow Fork for Shanghai Upgrade

Daily Top Mover — Perpetual Protocol (PERP)

Most U.S. equity indices fell slightly overnight as investors waited for further signals on corporate earnings. The earnings season will kick into overdrive in the coming week as Big Techs begin to unveil their Q4 results. Meanwhile, the broader cryptocurrency market retraced, with Bitcoin and Ether declining by 2.6% and 6.5% in the past 24 hours as of the time of writing. The top mover for today, PERP, registered a 24-hour return of 20.14%, outperforming the broader market due to the announcement of fee sharing to staked PERP holders. 

PERP is the native token of Perpetual Protocol, a perpetual trading platform on Optimism and the fifth largest decentralized perpetual exchange by market capitalization. Perpetual Protocol offers 17 perpetual trading pairs, including BTC and ETH, among others. PERP’s recent outperformance came as it announced to kick off fee sharing with staked PERP holders (vePERP holders). 15% of the total trading fees will be rewarded to vePERP holders in USDC, together with additional locked PERP rewards. The fee-sharing will create values for vePERP holders, in turn, sending a tailwind to the PERP price as holders flock to own and stake PERP. On another note, fee-sharing has turned mainstream for mature protocols recently, with Uniswap ,proposing, a “Fee Switch” to UNI holders in the past December. 

Check Out the Latest Prices, Charts, and Data for ,PERP/USDT,!

Talk of the Town

On Jan 23, 2023, Ethereum developers deployed the shadow fork for the Shanghai upgrade. The shadow fork will allow developers to first run tests before launching a public testnet. The shadow fork initially ran into some complications due to the incorrect application of the configuration on GETH; however, once corrections were made, all were in agreement. Ethereum developer, Marius Van Der Wijden, also indicated that the team would be testing the network’s security for flaws.

Check out what else is buzzing in the crypto scene today:

Ton validators are set to vote on suspending wallets holding $2.5 billion on Toncoin. (,Link,)

Bitcoin miner Argo Blockchain resumes trading on Nasdaq. (,Link,)

Swiss private bank tokenizes its own shares as its foray into Web3. (,Link,)

EU lawmakers propose to levy strict requirements on banks’ crypto holdings. (,Link,)

Aave community debates on its V3 launch on the Ethereum mainnet. (,Link,)

Source: Bybit Blog


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