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A Protocol for Bringing Real-World Assets to the DeFi Ecosystem.
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Perlin’s latest project PerlinX is focused on bringing real-world assets to the Decentralized Finance (DeFi) ecosystem.
PerlinX aims to enable trading of real-world assets through liquidity pools and synthetic asset generation.
The PERL token is used on the PerlinX platform to provide liquidity and create synthetic assets (pxTokens eg. pxGold, pxCarbon).
The 5 intial Balancer pools supported on PerlinX include TUSD, BUSD, USDC, BAL, and ETH.
1. What is PerlinX (PERL)?
PerlinX is a decentralized finance interface platform, allowing users to trade assets of any kind with each other through incentivized liquidity mining and synthetic asset generation.
PerlinX utilizes incentivized liquidity provision through the use of liquidity pools powered by the Balancer protocol. Participants can stake their PERL tokens to provide liquidity and be rewarded for doing so. Rewards for liquidity provision will initially be distributed in PERL, BAL and UMA tokens.
PerlinX also leverages the UMA protocol to generate synthetic assets. Each asset will have its own price feed, which is powered by UMA's Data Verification Mechanism (DVM), a decentralized oracle that's designed to solve the problem of centralized and corruptiple oracle price feeds. All synthetic assets on PerlinX will have the prefix px (eg. pxGold, pxCarbon, etc). Every synthetic asset created using the PerlinX platform will require PERL as collateral.
2. Economics and supply
2.1 Key metrics
ERC-20 at TGE
Seed Sale Allocation
20% of tokens
Seed Sale Token Price
Seed Sale Date Completion
Amount Raised Seed Sale
Strategic Sale Allocation
19.49% of tokens
Strategic Sale Token Price
Strategic Sale Date Completion
Amount Raised Strategic Sale
Private Sale Allocation
8.36% of tokens
Private Sale Token Price
Private Sale Date Completion
Amount Raised Private Sale
Public Sale Allocation
8.38% of tokens
Public Sale Price
Public Sale Date
Amount to Raise Public Sale
Initial Circulating Supply
2.2 Token supply distribution
Seed Sale tokens comprise 20% of the total token supply.
Strategic Sale tokens comprise 19.49% of the total token supply.
Private sale tokens comprise 8.36% of the total token supply.
Public sale tokens comprise of 8.38% total token supply.
Team tokens comprise 15% of the total token supply.
Advisors token comprise 9.65% of the total token supply.
Treasury tokens comprise 19.12% of the total token supply.
###### PERL token distribution (%)
2.3 Sale overview
Seed Sale overview: conducted in January 2018 and raised a total of ~$12.4MM at ~$0.06 per token, selling 20.0% of the total token supply.
Strategic Sale Overview: conducted in May 2018 and raised a total of ~$24.2MM at ~$0.12 per token, selling 19.49% of the total token supply.
Private Sale overview: conducted in July 2018 and raised a total of ~$17.3MM at ~$0.20 per token, selling 8.36% of the total token supply.
Public Sale overview: sale will be conducted in August 2019 for a total raise of $6.7MM USD worth of BNB at $0.07743 per token for 8.38% of the total token supply. PERL/BNB exchange rate will be determined prior to day of sale.
2.4 Token governance and use of funds
As of August 28th 2020, PerlinX has a runway of 7 years and spend is projected to be:
25% Team (business development, marketing, finance, admin).
2.5 PERL token release schedule
The following chart represents the number and breakdown of all PERL tokens that are intended to be released into circulation on a monthly basis.
PERL token release schedule
2.6 Token overview and use-cases
The use cases intended for the PERL token include but are not limited to:
Providing liquidity through staking
Serving as collateral in the generation of synthetic assets
Open the testnet to public validators and staking.
Release updated client.
Release Wavelet Testnet V0.3.
Release Wavelet mainnet.
Release Trade Application Layer and Perlin Trade Toolkit.
PERL token contract upgrade to improved DeFi functionalities.
Enable staking and Balancer pools on PerlinX.
Launch trial liquidity incentive program.
Issurance of synthetic assets on UMA.
Onboard new liquidity pools, asset classes and pxTokens。
Move toward a fully decentralised community governance model for PerlinX。
3.3 Commercial partnership and business development progress
ABN AMRO: ABN AMRO is an European bank involved in international trade finance and commodities. ABN AMRO is working with Perlin to explore the digitisation of global trade and finance.
Trafigura: Trafigura is a commodity trading companies with USD $180 billion in revenues in 2018. Trafigura is working with Perlin to explore the digitisation of global trade and finance.
National Institution for Transforming India:The National Institution for Transforming India is a think tank for the Indian Government. Together the National Institution for Transforming India and Perlin Network will build a privacy-preserving platform that will allow data holders to provide data without breaching security or privacy laws.
PT Telkom:PT Telkom is an Indonesian telecommunication company. Perlin and PT Telkom together sponsor the AI for All Global Hackathon.
Asia Pacific Rayon:Asia Pacific Rayon is a rayon viscose producer. The company has partnered with Perlin to launch the Follow Our Fibre campaign, which enables supply chain traceability.
International Chamber of Commerce (ICC):The ICC represents over 45 million businesses with 1.3 billion employees in 130 countries. The ICC is actively connecting Perlin to its vast members to drive enterprise adoption.
Singapore Government (Enterprise Singapore):Singapore Government is partnering with Perlin and the ICC to establish the Centre of Future Trade ("CoFT"), an open digital platform to deploy blockchain commercial pilots and drive innovation in the global commodities industry.
Dubai Chamber of Commerce:Dubai Chamber of Commerce is an exclusive distribution partner for Perlin products in the Middle East and North Africa (MENA). Under the agreement, Dubai CC will market and resell Perlin products to its members and extensive network in MENA.
ICC's Chambers Climate Coalition:ICC's Chambers Climate Coalition, comprised of 450 business chambers globally, is partnering with Perlin to incorporate blockchain solutions (e.g., Clarify) for greater sustainability and supply chain transparency.
ICC INCOTERMS 2020 release:Perlin will be developing smart contract based smart INCOs to launch with the ICC's INCOTERMS 2020 re-release. Since 1936, INCOTERMS have been used to support all global trade and the initiative will launch in September in over 20 countries.
4. Existing products
PerlinX leverages Balancer, which is an automated liquidity protocol. With Balancer, PerlinX users have access to a tool for non-custodial portfolio management as Balancer pools can be made up of multiple different tokens with individual weightages. Initially there will be 5 Balancer pools on PerlinX, including TUSD, BUSD, USDC, BAL, and ETH. Additional Balancer pools that will be connected to the PerlinX interface will be determined based on community demand and preferences.
Fees derived from traders who rebalance the pools/portfolios through arbitrage will be allocated to PerlinX liquidity providers.
All PerlinX liquidity pools will have PERL as the liquidity asset. To incentivize liquidity providers, rewards will be distributed on a pro rata basis in the form of PERL, BAL and UMA at periodically published intervals. Other incentive tokens may be added over time.
The process of generating synthetic assets and providing liquidity involves five main actors:
Token Sponsor: The party that is staking PERL to mint pxTokens as a maker or sponsor.
Token Taker: The counterparty to the Token Sponsors, purchasing pxTokens from the Token Sponsor or from the Liquidity Pool.
External Broker: An offchain platform where equivalent pxTokens are traded, which can serve as a platform for stakers to hedge their position, or even as a price feed.
Liquidity Pool: Liquidity pools are powered by algorithmic market makers, which allows Token Takers to trade with it, or Token Sponsors to provide liquidity to it.
Smart Contract: The smart contract will be created by PerlinX, which will include all the economic terms (e.g. collateralization ratio, ability to terminate prematurely, etc) relevant to the specific pxTokens to be minted.
Other long-term projects being developed by the Perlin team include trade and finance industry focused enterprise platforms such as TradeFlow and the Carbon DAO.
5. Project team
The PerlinX team claims that while Dorjee Sun continues to play an important role in the project's development, the rest of the team choose to remain anouymous, as PerlinX should be "leaderless and community-driven".
6. PerlinX's activity and community overview
6.1 Development activity
6.2 Social and community data
Community growth strategy
Leveraging its partnership with the International Chamber of Commerce (ICC), PerlinX aims to grow its community globally and help drive adoption of blockchain-based DeFi platforms.
PerlinX's current Community development strategies include:
Collaborating with other DeFi protocols to optimize services of PerlinX.
Continuously engaging with the community via social channels.
Publishing periodic project development updates.
PerlinX's future Community development strategies include:
Conducting Online and local meetups.
Partnering with more traditional finance companies to bring more real-world assets onto blockchains.
Community and social channels (as of August 28th 2020)