PerlinX V.2 Launch & Partnership with UMA Protocol
By: Darren Toh
Tags: Defi, Trade, Yield Farming, Derivatives, Blockchain

PerlinX is the 1st implementation of synthetic asset minting based on UMA Protocol

Earn DOUBLE rewards for minting PxUSD using PERL as collateral & staking in the new PERL<>PxUSD pool

We’re honoured and excited to be an important part of UMA’s ecosystem and to progress Perlin’s path to bridging legacy financial systems and products to DeFi — democratising access to markets for all.

democratizing the decentralised trading of real-world assets and DeFi.

“Perlin really dug deep into the UMA protocol to design synthetic assets that leverage the priceless contract design. Theirs is the first UI of this caliber, and I’m excited to see what products they can bring to market.” Hart Lambur — UMA Co-founder

TLDR — What Does PerlinX V.2 Do?

PERL is now a collateral asset on UMA Protocol , allowing users to mint and farm synthetic token assets of any kind ( PxAssets ).

, allowing users to mint and farm synthetic token assets of any kind ( ). The 1st PxAsset you can mint is PxUSD , which is a ‘yield dollar’ pegged to USD and minted with PERL as collateral (a more detailed post on PxUSD will be published soon).

, which is a ‘yield dollar’ pegged to USD and minted with PERL as collateral (a more detailed post on PxUSD will be published soon). DOUBLE REWARDS for minting PxUSD and staking in the new PERL<>PxUSD liquidity pool.

in the new liquidity pool. Weekly rewards increased by 20% (from 1mil PERL/week to 1.2mil PERL/week).

(from 1mil PERL/week to 1.2mil PERL/week). You can start minting PxUSD today using 100% PERLs and no other assets.

and no other assets. TRIPLE REWARDS will soon be available as part of a joint liquidity program in PERL, BAL (now available) and UMA tokens (coming soon).

You can now earn DOUBLE PERL rewards for minting PxUSD and staking in the PERL<>PxUSD liquidity pool

What are PxAsset Tokens?

Synthetic PxAsset tokens allow people to take a position on the price of any asset without holding the actual asset. In partnership with UMA Protocol, PerlinX V.2 allows users to create PxAssets that are securely collateralized without an on-chain price feed (e.g. “Priceless” assets). These PxAssets are designed with mechanisms to incentivize token sponsors (those who create the synths) to properly collateralize their positions with PERL and blend features of prediction markets, futures markets, and collateralized loans. Our PxUSD is the 1st synth users can mint on PerlinX today.

Why Create Synthetic PxAssets on PerlinX?

A few key reasons you will want to create synthetic PxAssets to hold or trade:

Earn DOUBLE incentive rewards in PERL when you mint PxUSD and stake it in the new PERL<>PxUSD pool. Mint any synthetic PxAsset you want to trade on the price of any real-world asset without needing to hold the underlying asset itself. Farm PERL, BAL (now available) and UMA (coming soon!) for minting synthetic PxAssets and providing liquidity on PerlinX. Take long or short positions on the underlying asset, depending on where you think the asset price is going. This allows you to participate in the unlimited potential for price movements and volatility. Short sell assets that don’t have an easily accessible derivatives market and assist in price discovery. If you believe the price of the asset will go down, you can short sell the asset (which creates more ‘temporary supply’) and buy back later.

How Do I Create Synthetic PxAssets on PerlinX?

PERL tokens are required as collateral to create synthetic tokens on PerlinX. Here below are a few simplified diagrams on how PxAssets are minted, maintained and settled on PerlinX.

For more detailed instructions, see our Gitbook User Guide HERE.

The PxAsset and PxUSD minting process

Users need to maintain the required collateral amount to avoid being liquidated

Based on UMA, PxAssets will expire and settle each month

Other Synthetic PxAssets Coming Soon

PxUSD is just the first of many synthetic assets you will be able to mint using PerlinX. We are actively exploring other PxAssets to onboard soon.

Please let us know what other PxAssets you want us to list (and why) in our Discord community discussion channel HERE.

USEFUL LINKS

PerlinX & UMA Synthetic PxAsset Minting

Part 1: Introducing PxUSD & what you can do with it

Part 2: All the Calculations & Values You Need to Know

PerlinX Synthetic Asset Guide: https://docs.perlinx.finance/perlin-community/perlinx-synthetic-asset-guide

Start Staking now: http://app.perlinx.finance

Community APY dashboard: bit.ly/PerlinX

Warning

This post is not investment advice. As with exposure to all assets, there are risks involved in trading synthetic tokens, which you need to assess for yourself before participating. Minting synthetic PxAssets using PERL means that you will be exposed to the price volatility of both the PERL and the PxAsset (both upside and downside!).

Stay tuned for more updates and announcements on our channels:

Twitter | Discord | Telegram Announcements | Telegram Discussion