Gas Rebate Program for Perp v2

Published on: 10.12.2021

Perpetual Protocol announced the launch of the Gas Rebate Program to alleviate the gas costs for traders.

In case you aren’t aware — when trading on Optimism or any L2, the gas fees you pay consist of two parts — one is for sequencers, the miners equivalent on an L2, to compensate them for packaging transactions into a block; another one is for miners which will save the transaction data on the Ethereum blockchain.

With that in mind, now, they can start to explain how they reimburse the gas fees for Perp v2 users, traders, and makers alike.

They’ll reimburse up to the combination of L2 gas fees with a gas price of 0.001 Gwei and L1 gas fees for each transaction. There is a weekly cap on how much an address can receive the rebate. But the more PERP an address stake, the higher the cap it has. See below:

Stake 0 PERP = Up to $5 rebate weekly
Stake 50 PERP = Up to $20 rebate weekly
Stake 500 PERP = Up to $500 rebate weekly
Stake 10,000 PERP = Up to $5,000 rebate weekly
Stake 50,000 PERP = Up to $25,000 rebate weekly

The gas rebate will be paid in PERP.

They design the program this way because 1) they want to normalize the outliers so more people can enjoy the program and 2) increasing gas prices doesn’t make your transaction confirmed faster on Optimism.

This program is retroactive, meaning that all of the traders who have traded since the launch of Perp v2 on Optimism mainnet will be able to receive the rebate. The budget for this program is 250K PERP, around $2.75M at the time of writing, and they’ll run it as a 1-month trial.