Perpetual Protocol is composed of two parts: Uniswap-inspired Virtual AMMs backed by fully collateralized vaults and a built-in Staking Pool that provide a backstop for each virtual market. PERP is Perpetual Protocol's ERC-20 native protocol token. PERP holders can stake PERPs to help provide a backstop for the protocol. In return, stakers are rewarded with part of the transaction fees plus staking rewards. Once the ecosystem is matured and there is broader token distribution, Perpetual Protocol will gradually transit to community governance and let the community decide the future development of the protocol.