DeFi Tokens PERP, DYDX Lead Crypto Market Higher, Bitcoin Nears $44K — CoinDesk

Launched in 2018 as “Strike” and later relaunched with a new name and the mainnet in December 2020, Perpetual Protocol is a decentralized exchange (DEX) designed for leverage trading, short positions, and low levels of slippage. It uses a virtual automated market maker (vAMM) and collateralization vault to settle trades and enable trading in perpetual contracts, which are futures without expiry.