Perpetual Protocol, a DeFi project offering decentralized perpetual contracts using the layer-two Ethereum scaling solution xDai, has emerged as the sixth-largest DEX by weekly trade book after operating for simply one month.

Based on data from Dune Analytics shared by Perpetual Protocol, the DEX's weekly trade volume of more than $299 million would rank the projection above the likes of Synthetix, dYdX, and Kyber, and beneath Balancer.

The milestone was shared in a blog postal service celebrating the project's first calendar month of operation — a menstruum in which the DEX drove more than $500 one thousand thousand in total volume and generated more $500,000 in trading fees.

All trading fees generated past the protocol are currently sent to an insurance fund designed to secure the protocol, with the project planning to divert fifty% of fees to PERP stakers once its staking pool has launched.

In the blog postal service, Perpetual Protocol noted that information technology spent just $183 to execute 179,000 transactions every bit gas fees on xDai are just one-one-hundredth of those on the Ethereum mainnet. With Perpetual Protocol covering the gas fees of its traders, the DEX would have had to pay out $18,300 in fees if it was operating directly on Ethereum.

XDai is one of several L2 scaling solutions that are offering an alternative to the heavy fees associated with operating straight on the Ethereum mainnet, with Synthetix recently launching the starting time phase in its transition to optimistic ringlet-ups.

Looking alee, Perpetual expects to innovate limit society functionality during the outset quarter of 2021, and will also launch staking in February.

Decentralized exchanges emerged equally a cornerstone of the crypto ecosystem during DeFi's Q3 2020 boom, with leading DEX Uniswap now processing well-nigh $i billion in book each twenty-four hour period and regularly surpassing many major centralized exchanges by trade action.

Despite the booming volume, the DEX sector is currently dominated by a scattering of platforms — with roughly one-half of the combined DEX trade activity taking place on Uniswap, and ninety% of combined volume transpiring on the four largest platforms.

DEX marketplace share: Dune Analytics