Mainnet Deferred Due to Excessive Gas Prices
Perpetual Protocol is sorry to announce our Mainnet Launch will be pushed back because of the insane gas price recently.
Our auditor Peckshield has given us the green light, and we are ready to deploy our platform on the Ethereum Mainnet. But extremely high gas prices these days make it impractical for many of our users to use Perpetual Protocol. It also makes it difficult for us to deploy and maintain Perpetual Protocol sustainably.
We estimate the fees to open/close orders on perp.fi is around $100 when gas = 500 gwei. This kind of transactional cost would prevent most users from accessing perp.fi.
Due to this issue, Perpetual Protocol wants to hold off our Mainnet launch indefinitely until one of these circumstances met in the future:
- The gas price becomes normal (~100 for around 2 weeks), though we doubt this would be the case in the next few months.
- perp.fi can run on a Layer 2 solution on Ethereum or its side chain.
We’re sorry that we can’t let you try out this platform sooner, but you can try out our testnet here 👇
Migrating to a Layer 2 solution is our top priority right now, and we will do our best to make it happen ASAP.
Will the PERP Token Distribution Be Delayed?
After consulting with our community and internally, we’ve decided to move our Balancer LBP distribution to September 9, at 6:00 am UTC.
You can find more information about the distribution in our FAQ, and we will also announce more details soon.
Feel free to discuss anything with us on our Discord server, Telegram, or pm us on Twitter!!
✈️https://twitter.com/perpprotocol