$PSP was first introduced as an airdrop to its most active users. Many users getting a very nice 5-figures USD worth of airdrop. Same as many other expensive airdrop, many of the receivers will immediately dump the free token for quick profit which is why we've seen a lot of $PSP sold/swapped for other tokens. In November of 2021 alone, over 100M $PSP was swapped. This exceeds the total $PSP claimed in that month, meaning many claimers or other users bought $PSP on the market for short-term price action appreciation.

Other than for token trading, $PSP also can be staked to receive a yield percentage. Graph below shows the monthly amount of $PSP staked on Paraswap.

There's also plenty of buying transactions for $PSP tokens especially in November with over 180M token bought. Most of the transaction occurs on Uniswap-V2.

In conclusion, other that for short term token trading, users can also use $PSP to stake and also vote on proposal proposed on Paraswap DAO. And similar to other airdropped tokens, a large portion of $PSP was dumped immediately after claimed.