Grand Cayman, Cayman Islands, July 26, 2024, Chainwire
Kwenta, the leading on-chain perpetual exchange on the Optimism network, has partnered with Perennial to launch a new joint product and incentive program on the Arbitrum network. This initiative, backed by a significant $1.9 million grant from ARB, aims to attract new users and liquidity providers to Arbitrum and spark renewed interest in on-chain perpetual trading.
Kwenta and Perennial's expansion strategy
Kwenta, known for being a UX layer for criminals operating on Optimism and Base, is expanding its reach to Arbitrum in a bid to build a one-stop marketplace for on-chain perpetual contracts. This move is facilitated by Perennial V2, an Arbitrum-native protocol designed to be a hyper-efficient liquidity layer for derivatives trading. The joint initiative is designed to revitalize the popular AMM model for leveraged trading by giving traders a powerful and familiar interface to interact with smart contract liquidity.
Perennial’s vision is to create a single global liquidity layer where all markets, all chains, and all liquidity converge into a decentralized nexus. By integrating Kwenta’s top-tier trading interface with Perennial’s advanced trading infrastructure, Arbitrum users will benefit from a streamlined trading experience. Trading orders on select Kwenta markets will be seamlessly routed through Perennial, ensuring efficiency and reliability. This collaboration combines Kwenta’s top-tier trading platform with Perennial’s hyper-efficient trading infrastructure, delivering the best possible experience for traders.
Incentive Program Details
The newly launched incentive program focuses on two main areas:
- Transaction Rebates: Active traders will benefit from significant fee rebates, making it more profitable to trade on the platform. This initiative is expected to boost transaction volume and retain users.
- Liquidity Boost: Liquidity providers will be incentivized to supply liquidity, ensuring deep and efficient markets.
For more details on how to earn potential rewards, users can visit the Kwenta Rewards Blog for details on trading rewards or visit the Perennial Discord server for information on rewards for providing liquidity.
Team information
Burt Rock, CMO at Kwenta, highlighted how far onchain criminals have come, saying: “We’ve seen a lot of new perpetuity marketplaces focused on improving the user experience, but most are making huge sacrifices in terms of decentralization. We want to show people that you can actually build decentralized applications that are amazing to use and even better than the offchain versions.”
Kevin Britz, CEO and co-founder of Perennial, added: “Kwenta has been a market leader in the IP crime space, regularly generating over $100M in OI. We are excited to welcome them to our home at Arbitrum and expand the number of teams leveraging Perennial’s infrastructure. In a crowded IP crime landscape, the combination of our protocol with Kwenta’s interface will drive increased volume, increased liquidity, and a CEX-grade user experience.”
Perspective of the future
The introduction of this incentive program represents a crucial step in the evolution of Kwenta and Perennial. With Kwenta concentrating on the UX and frontend aspects of trading and Perennial focusing on providing a robust liquidity layer, the collaboration is set to deliver a decentralized trading experience that is highly efficient and user-friendly. This specialization model showcases how projects can synergize to provide superior services in the DeFi space. The combined expertise of Kwenta and Perennial promises to raise the bar for on-chain perpetual trading, making it more accessible and appealing to a wider audience.
For more information, users can visit the Kwenta website and the Perennial website. Users can also read the Perennial launch announcement for more details.
About Kwenta and Perennial
Kwenta: As a leading platform for derivatives trading, Kwenta has facilitated over $50 billion in volume on Optimism and Base. The platform is expanding to Arbitrum to launch its perpetuals marketplace, a single application for comparing and trading across multiple on-chain platforms.
Perennial: Perennial is a pioneering DeFi liquidity layer that offers hyper-efficient infrastructure for a variety of business applications. Its modular and efficient design supports custom markets, leveraging fast execution and capital efficiency to power DeFi applications.
ContactsBurt RocaKwenta[email protected]Lucas TerryPerennial[email protected]
This article was originally published on Chainwire
