Perpetual Pools v1
Perpetual Pools v1 were launched in September 2021 and deprecated in May 2022 as Perpetual Pools v2, a more modular design of mostly the same underlying mechanism was released.
Perpetual Pools are a simple way to create leveraged tokens that don't expire and can't be liquidated. These tokens give traders magnified exposure to an underlying asset or index. They are easy to trade on a secondary market and do not require management by a third party.
There are some conditions for Perpetual Pools to operate. First, long and short parties have to sacrifice some sensitivity to large price movements so they never lose 100% of their collateral. Second, traders need to queue to mint and burn tokens from a pool. Third, there is an implied rate paid by the in-demand party to their counterparty.