What is DePerp?
DePerp is a decentralized perpetual exchange offering a secure, fast, and efficient trading experience. DePerp caters to traders worldwide who seek control over their assets, transparent transactions, and a user-friendly interface.
DePerp differentiate themselves with features such as no KYC requirements, high leverage options, advanced order types, margin trading, and strong protection against price manipulation.
Moreover, DePerp's unique partnership with Pyth Network provides reliable and accurate market data, enhancing trading efficiency and trust among users.
What problem does DePerp solve?
Traders in the decentralized finance (DeFi) ecosystem often face challenges such as lack of transparency, slow transactions, risk of price manipulation, and limited access to accurate market data. DePerp addresses these issues by offering a platform where users can trade with self-custody, benefiting from transparent on-chain transaction data and robust anti-price manipulation mechanisms. Additionally, through their partnership with Pyth Network, DePerp provides real-time and trustworthy market data, empowering traders to make informed decisions.
The platform is designed to be user-friendly, efficient, and offers a suite of advanced trading features, presenting DePerp as the ideal solution for traders navigating the DeFi space
Who uses DePerp?
DePerp is used by a variety of individuals and groups within the crypto space. This includes:
- Traders: Both novice and experienced traders looking for a platform that offers high leverage, accurate market data, and protection against price manipulation use DePerp. It is an ideal choice for those seeking to maximize their trading potential in a secure and transparent environment.
- Liquidity Providers: DePerp attracts liquidity providers who can benefit from earning fees from the protocol. This includes market makers and arbitrageurs who value accurate and reliable price data for their trading activities.
- Crypto Enthusiasts: Those interested in a wide range of crypto assets. DePerp supports a broad spectrum of cryptocurrencies, giving users the opportunity to trade various assets in one place.
- DeFi Users: As a decentralized exchange, DePerp appeals to those who value the principles of DeFi, such as non-custodial control of funds, transparency, and security
What are DePerp's key use cases?
Key use cases for DePerp include:
- Trading Crypto Assets: DePerp allows users to trade a wide range of crypto assets. It supports popular coins and tokens as well as emerging ones, offering traders a comprehensive platform for their trading activities.
- Leveraged Trading: Traders on DePerp can leverage their positions by borrowing funds, allowing for increased exposure. Leverage ranges from 2x to 100x, enabling traders to potentially amplify their profits.
- Providing Liquidity: Users can provide liquidity to DePerp's markets and earn rewards from fees generated by the protocol. This makes DePerp a potential source of passive income for those who have spare assets to provide as liquidity.
- Engaging with DeFi: As a decentralized exchange, DePerp is an entry point for users looking to engage with DeFi. It embodies the core principles of DeFi, such as transparency, security, and control over one's own funds.
- Accessing Accurate Market Data: Through its partnership with Pyth, DePerp offers traders accurate and timely market data. This ensures that traders can make informed decisions based on real-time market conditions
The project DePerp offers several key advantages:
- Self-Custody Asset Management: Users have full control over their funds, ensuring security and eliminating the need to trust a centralized entity.
- Transparent On-Chain Transactions: All transaction data is recorded on the blockchain, providing transparency and verifiability.
- Advanced Technology: DePerp leverages advanced technology to enhance trading performance, reduce costs, and provide a faster and more efficient trading experience.
- User-Friendly Interface: The platform is designed with a fluid and intuitive user interface, making it convenient for traders, even those accustomed to centralized exchanges.
- Liquidity Provision and Fees: Backed by multi-asset liquidity pools, DePerp allows liquidity providers to earn fees from market making and leveraged trading.
How to get started with DePerp
Here are the steps to get started with the DePerp project:
- Connect a Non-Custodial Wallet: Start by connecting a non-custodial wallet of your choice to the DePerp platform.
- Select an Asset and Place a Position: Choose the asset you want to trade. You can choose the long direction if you anticipate price growth. Your leverage and collateral selection will affect the position size.
- Set a Take Profit Order and Stop Loss Order: You can set a take profit order to automatically execute when the price reaches your target. To mitigate losses, set a stop loss order.
- Grant Permission for the Contract: Grant permission for the contract to use funds from your wallet. If you want to bet the maximum amount, subsequent orders won't require permission.
- Wait for Transaction Confirmation: Wait for transaction confirmation and check the position size before placing the order. The order is now placed on the blockchain and will wait for it to be filled.
- Manage Your Position: Your positions are displayed on the chart and you can change the time frame to view your orders for this position. You can also choose to close the entire position or open an opposite sell position.
- Review Your Position History: Review the history of your positions and use filters to view successful transactions. You can also verify the transactions on the blockchain.
- Analyze the Liquidity Providers: They deposit funds and provide leverage for your positions, earning commissions in return. By placing a deposit, providers take losses from trading and distribute them to those who earned profits.
- Participate in the Rewards Section: Stackers also receive a portion of the trading commission as a governance fee. When you make a deposit, you become eligible for a token and brand rewards proportional to your share in the pool.
Please note that a six-month lock-up period is required for withdrawals. Withdrawing earlier incurs a 30% fine by the contract. For a more detailed walkthrough, you can find info on the DePerp site.