Before trading any crypto assets it is important to understand the risks. This overview summarizes certain risks associated with PERP.
No securities regulatory authority has expressed an opinion about PERP, including an opinion that PERP itself is not a security and/or derivative.
Token Description & Project Background
Perpetual Protocol, previously known as Strike, was established in 2019, drawing inspiration from Uniswap and Synthetix which at the time were emerging decentralized finance (DeFi) protocols. Operating on the Ethereum network, Perpetual Protocol consists of a set of smart contracts that function as an exchange. However, being open-source decentralized software, it operates as a decentralized exchange (DEX).
Unlike traditional spot trading platforms, Perpetual Protocol is specifically designed for leverage trading, short positions and minimizing slippage. Its virtual automated market maker and collateralization vault are key components that facilitate trades and grant users access to complex financial instruments, such as perpetual contracts.
The protocol’s native governance token is PERP, which serves to incentivize users for providing liquidity to the platform. During its launch, the project raised approximately US$10.65 million, representing 25% of the total token supply. Perpetual Protocol was founded in Taiwan by Yenwen Feng and Shao-Kang. Shao-Kang who possesses an MSc in Software Engineering from the National Central University, has a history of founding multiple startups. On the other hand, Yenwen Feng brings over 17 years of experience in the financial and tech industries, having co-founded companies like Cubie Inc and Cinch Network. Yenwen Feng holds an MSc degree in Computer Science from the National Chiao Tung University.
Risks of PERP
Like an investment in other crypto assets, there are some general risks to investing in PERP. These include: (i) volatility risk and liquidity risk, (ii) short history risk, (iii) demand risk, (iv) forking risk, (v) code defects, (vi) regulatory risk, (vii) electronic trading risk, and (viii) cyber security risk. For additional information of these and other general risks associated with crypto assets and Uphold’s platform, please refer to thestatement.
In addition to these general risks, an investment in PERP is subject to the following specific risks:
- PERP operates using smart contracts, which have an association with vulnerabilities and security breaches. Despite undergoing successful audits by well-regarded third-party entities, it is essential to acknowledge the existence of inherent risks. Furthermore, the project’s future trajectory hinges on the decisions made by a global community of PERP token holders.
We emphasize that this Crypto Asset Statement is not an exhaustive description or summary of all risks associated with PERP. Investors should conduct their own research and perform their own assessment before trading any crypto asset to determine the appropriate level of risk for their personal circumstances.
The PERP community and aforementioned founders are not under any legal or regulatory obligation to disclose material information to the public regarding its activities. Holders of PERP have no recourse to PERP community, founders, or Uphold if PERP declines in value for any reason.
Changes to applicable law may adversely affect the use, transfer, exchange, or value of any of your crypto assets, and such changes may be sudden and without notice.
Uphold’s Evaluation Process
Prior to listing PERP on the Uphold Platform, Uphold performed due diligence on PERP and determined that PERP is unlikely to be a security or derivative under relevant securities legislation. Uphold’s analysis including reviewing publicly available information on the following:
- The creation, governance, usage, and design of PERP, including ensuring the source code is open-source, audited and peer reviewed, security, and roadmap for growth in the developer community.
- The supply, demand, maturity, utility, and liquidity of PERP.
- Any marketing materials put forward by the PERP social team including on, Twitter, Medium blog, LinkedIn posts, Discord and Telegram channels.
- Material technical risks associated with PERP, including any code defects, security breaches and other threats concerning PERP and its supporting blockchain (such as the susceptibility to hacking and impact of forking), or the practices and protocols that apply to them.
- Legal and regulatory risks associated with PERP, including any pending, potential, or prior civil, regulatory, criminal, or enforcement action relating to the issuance, distribution, or use of PERP.
Uphold has prepared this Crypto Asset Statement based on publicly available information. Although Uphold has taken steps to obtain information from apparently reliable sources, information contained in this Crypto Asset Statement may be inaccurate, incomplete or out-of-date. This overview is a starting point for you to perform your own research prior to investing in a crypto asset.
Uphold users should read thestatement for additional discussion of general risks associated with crypto assets made available through the Uphold platform.
Canadian residents, please note that Uphold has filed an application for registration in certain Canadian jurisdictions but has not yet obtained registration. Until such time as Uphold obtains registration, Uphold has agreed to abide by the terms of an undertaking available at the following. Please also review the for additional discussion of general risks associated with the crypto assets made available through Uphold Platform. Please be aware that statutory rights of action for damages or rescission in section 130.1 of the Securities Act (Ontario) and, if applicable, similar statutory rights under securities legislation in the other provinces and territories of Canada do not apply in respect of this Crypto Asset Statement or other disclosures on the Uphold website and statement.
Last updated on June 21, 2023.
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