Despite executing 179,000 transactions during its first month of operation, the xDai-powered Perpetual Protocol spent just $183 on gas fees.
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 volume after operating for only 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 project above the likes of Synthetix, dYdX, and Kyber, and below Balancer.
The milestone was shared in a blog post celebrating the project’s first month of operation — a period in which the DEX drove more than $500 million in total volume and generated more than $500,000 in trading fees.