Detailed tutorial on participating in the Perpetual Agreement Balancer LBP

According to BlockBeats, Perpetual Protocol will distribute 7.5 million PERP through Balancer LBP (liquidity bootstrap pool) at around 14:00 Beijing time on September 9, 2020. Balancer LBP will start from block 10825600 and last until block 1084645, which is about three days. During this period, the weight of the pool will gradually change from PERP: USDC = 90:10 to PERP: USDC = 30:70, which will put downward pressure on prices.

How to participate in the Perpetual Protocol LBP

If you are not familiar with concepts such as Perpetual Protocol, vAMM, or liquidity mining, it is recommended that you read the following article before participating: Perpetual Protocol's vAMM: How to Make Uniswap Retail Investors More Profitable

You can also learn about Balancer LBPs (Liquidity Bootstrap Pools) here. They are a special type of weight transfer pool designed for token distribution:

In order to exchange PERP tokens on Balancer LBP, users will have to go through three steps:

Install and setup MetaMask Navigate to Balancer LBP via perp.fifi ; exchange for PERP

The following are the detailed steps:

1. Install and set up MetaMask.

It is recommended to use MetaMask, which is a Web3-enabled cryptocurrency wallet, to exchange tokens on Balancer LBP. You can download the MetaMask extension directly in browsers like Google, Chrome, Firefox, etc. In addition to MetaMask, Balancer also supports WalletConnect, Coinbase, Portis, etc. This guide will focus on MetaMask, which is similar to other wallets.

Once you have MetaMask ready, you will need to prepare two cryptocurrencies: 1) Ethereum, which is used to pay Ethereum transaction fees, and 2) USDC, which is used to exchange PERP tokens. Although other tokens can be used, we recommend that you prepare USDC. While Balancer's multi-pool routing means that other tokens besides USDC can be used, it may make it more expensive for you to obtain PERP due to the additional hops required.

2. Navigate to Balancer LBP via perp.fifi

2.1 Go to perp

2.2 Go to the Balancer LBP introduction page

Perpetual Protocol has developed a real-time price chart to help you understand current price trends immediately

2.3 Go directly to the Balancer LBP page via the button on perp.fifi

Balancer is a multi-dimensional automated market maker built on Ethereum. Once you arrive at Balancer, you should see a page similar to the following

Here is the PERP token contract address and the PERP/USDC pool contract address for your reference:

PERP token address: 0xbC396689893D065F41bc2C6EcbeE5e0085233447

Balancer LBP Address — TBD Please check for the correct token contract address. If you exchange the wrong PERP tokens, you will not be able to get them back.

2.4 Click "Unlock" to unlock your wallet. Next, you need to allow Balancer to spend your USDC for the first time so that you can interact with the Balancer smart contract continuously. Submit the transaction and wait for confirmation.

3. Exchange for PERP

IMPORTANT: DO NOT EXCHANGE PERP TOKENS TOO EARLY, OTHERWISE YOU MAY GET UNFAIRLY PRICED TOKENS

After submitting your bid, just wait a few minutes for MetaMask to update the transaction status from “PENDING” to “SUCCESS”.

Please remember to prepare a small amount of ETH as GAS fee (transaction fee) to exchange your USDC for PERP tokens. After the exchange, if you can't see the PERP token in your wallet, copy and paste the token contract address below to manually add the "PERP token" to MetaMask.

Token Contract Address: 0xbC396689893D065F41bc2C6EcbeE5e0085233447

Token Symbol: PERPDecimals of Precision: 18

Balancer LBP is available for 3 days and its purpose is to prevent front-running. Balancer LBP will start at a high price and then drop rapidly as the pool weight changes.

This prevents others from buying up all the tokens first. After the 3-day period, part of the proceeds will be used to seed the Balancer pool. This pool will be seeded with part of the proceeds from LBP and will use the final price of LBP.

PERP holders can also add liquidity to this shared pool and earn liquidity mining rewards. More information about this will be released later.