The last payout for those with staked PERP (sPERP) balances will be on Tuesday, June 21st. The staking program will be replaced with our new veToken model, which will be explained in more detail in an upcoming post.
We’re pleased to announce an airdrop of 100 OP and 100 PERP for all sPERP holders that migrate to Optimism and lock into vePERP. Simply unstake sPERP from June 21st onwards, then bridge PERP over to Optimism and lock in to vePERP for a minimum of 13 weeks.
The staking program distributed 50,000 PERP in rewards per week, which will be redirected to vePERP rewards. These rewards will gradually decrease as we phase in the fee distribution and boosting for vePERP holders, which is to be introduced in the following month.
There are 3 steps to complete the sPERP migration and earn the airdrop, which are outlined below.
1. Unstake sPERP
To unstake your sPERP:
- Head to staking.perp.exchange.
- Claim your staking rewards after the last payout is sent on Tuesday, June 21st (note that claiming requires two transactions). The PERP rewards will then be available in your wallet.
- Unstake sPERP and click on “Initiate Cooldown”, then confirm the transaction in your wallet.
- Wait for the 7-day cooldown
After unstaking, you should see something like this:
Once the 7-day cooldown is over, the unstaked PERP becomes available in your wallet, which must then be bridged to Optimism.
2. Bridge PERP from Mainnet to Optimism
If you’re unfamiliar with bridging assets to Optimism, check out our guide on the topic. While this guide only covers how to bridge ETH or USDC to Optimism, the steps are the same.
First, check here to see the genuine contract address for PERP on the Optimism chain. If you haven’t done so already, add the contract address to your wallet:
Second, you have to use a bridge to transfer PERP from mainnet to Optimism. Currently, PERP can be bridged using the following methods:
c-Bridge
Go to c-Bridge’s transfer page: https://cbridge.celer.network/#/transfer, select PERP from Ethereum mainnet and receive on Optimism.
You’ll first have to approve c-Bridge to use the PERP stored in your wallet. Click on “Approve PERP” and confirm the transaction in your wallet.
After this, you’ll be able to click on the “Transfer” button (which will now be highlighted blue):
Check the bridge rate, fee and other details before sending. Once you’re ready, click on “Transfer” and the following pop-up will appear, showing exactly how many tokens you’ll send from Ethereum and how many tokens you’ll receive on Optimism:
Click on “Confirm Transfer” and sign the transaction with your wallet. Your PERP will then be on Optimism and ready to lock-up into vePERP once the Locker is launched next week!
TransferTo.xyz
Powered by LI.FI, TransferTo allows you to search for the cheapest, safest or fastest routes. To get started, head to https://transferto.xyz/swap.
Select Ethereum and PERP under From and Optimism and PERP under To.
The app will then find all available routes. Select one and then click on “Swap”:
You’ll then have to give permission for TransferTo.xyz to use the tokens in your wallet.
Once this is done, you’ll then have to sign the transaction to start the bridging process. Once the estimated duration has passed, you’ll then have PERP on Optimism, ready to lock into vePERP!
3. Lock PERP to Get vePERP
After bridging to Optimism, the last requirement is to lock up PERP to receive vePERP using our Locker.
Note: we’ll announce the launch of the PERP locker next week on Discord, Telegram and Twitter!
You must lock into vePERP before July 31st to qualify for the airdrop.
To get vePERP, you’ll first have to approve the locker to use the PERP in your wallet by clicking on “Approve”:
Enter the amount of PERP and then lock for at least 13 weeks:
You’ll then receive vePERP in return.
We’ll be laying out the new rewards program and veTokenomic model that will replace staking on L1 with a new initiative on L2! The rewards you earn will eventually include a share of the protocol’s trading fees, with the amount earned proportional to the number of vePERP tokens you hold as compared to the total vePERP supply.
If you have questions or need any help with the migration, please join our Discord! Stay tuned for our upcoming article that explains everything you need to know about vePERP.