PERP, the platform token

PerpFun has its own token, PERP. It is not a governance token and it does not entitle you to a stream of payments. It has one mechanism, and the mechanism is that supply only ever goes down.

Contract address — 0x5C45f821aCdb4E9193A993cD332EF6ab87468d04 This page is the reference for it. Treat any other PERP address you are handed as unverified until you have checked it against this one — including one that looks official.

Two engines, one direction

Every PERP the protocol buys is sent to a dead address. Not most of it, not a share held back as depth — all of it. Two flows fund those buys, and they are independent of each other.

1. The protocol's share of every trade on the platform. Every coin on PerpFun charges 1% per swap, and 30% of that — 0.3% of the trade — goes to the protocol treasury. Every coin, whatever its underlying, whichever way its own bet goes, buying or selling. That treasury is what the buyback spends.

2. The token's own transfer tax. PERP trades with a 3% tax, and that tax feeds the same buyback. The token pays for its own burn every time it changes hands.

The first flow scales with the platform. The second scales with the token. Neither depends on the other, and neither depends on anyone choosing to be generous.

Where it lives

PERP is launched on PONS, not on PerpFun.

That is deliberate, and it is worth saying plainly rather than dressing up: a coin on PerpFun cannot carry a transfer tax. The whole point of our launcher is that a coin is reachable in one hop by any router and any bot, and a transfer tax breaks that — swaps revert, scanners flag it red. Our own token needs the tax to fund its burn, so it belongs somewhere built for taxed tokens rather than somewhere it would have to break the rules we hold every other coin to.

What PERP is not

It carries no governance rights, no claim on protocol revenue you can exercise, and no redemption. The treasury's share reaches holders by removing supply from the market, not by paying anything out.

It is also not backed. Coins launched on PerpFun bond onto a leveraged tracker and acquire a floor; PERP does not. Its value is what the market says it is, against a supply that only shrinks.

Reading it yourself

Nothing here asks to be taken on trust. The burn is a balance, not a claim:

PERP.balanceOf(0x…dEaD)    → supply already burned
PERP.totalSupply()         → what it is measured against

The live figures are on the metrics page, read straight off the chain rather than from an indexer — so they hold wherever the token trades.

And the flow that funds the buying is public too, for any coin:

PermanentLockerV3.protocolFees(token)    → the protocol's unclaimed share
PermanentLockerV3.CREATOR_SHARE_BPS()    → 7000, so the protocol takes the other 3000

claimProtocolFees pushes that share to a treasury address that is immutable in the locker. It cannot be redirected — not by us, not by anyone — and it is the address the buyback draws from.