In 2025, Perpetual Protocol rolled out its long-anticipated Perp v3 ("Curie") on Optimism, introducing multi-collateral support, gasless trading for larger orders, and up to 50× leverage. The upgrade shifted away from static Uniswap v3 integrations toward a modular Smart Liquidity Framework, enabling dynamic LP strategies like oracle pricing and hedged spot execution. Combined with simplified user onboarding through passkeys and a CEX-like interface, Perp v3 represents a bold attempt to unify DeFi composability with centralized-level performance.
After years of limited utility, the $PERP token gained new life in 2025 with reward mechanics embedded directly into the trading experience via Nekodex, Perp Labs’ user-friendly frontend. Traders and holders now earn daily PERP rewards without staking, while larger holders enjoy a share of trade surplus through a slippage rebate program. These changes tightly link protocol usage with token demand, reinforcing PERP’s role as both incentive and access key.
Perpetual Protocol's ambitions now extend far beyond just trading derivatives. With products like Nekodex (cross-chain DEX interface), Hot Tub (passive vaults), NekoVault (yield via Morpho lending), and the upcoming Wilde card (spend-from-yield debit), the team is building a vertically integrated suite that turns DeFi into a full-stack financial experience. Everything is designed to abstract complexity while keeping user funds productive and composable.
