Key Metrics - March 2024

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TLDR

In case you missed all the exciting updates over the course of March, here's a quick recap of this past month’s key accomplishments:

🚀 Launched 6 new perps (10 total)
📈 Increased leverage for all markets
💸 Lowered minimum order value to $500 for all coins
🔥 Added order size slider for easier order entry
🛑 Added stop limit and stop market order types
🐍 Introduced Paradex Python SDK
🗯️ Moved data availability layer to ETH blobs (Ethereum’s 4844 upgrade)

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Product Updates

New Market Listings

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In March, we added 6 new perpetual futures markets to our platform, a first step towards our ambitious goal of +100 markets by the end of the year 🦾
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AVAX-USD-PERP
WIF-USD-PERP
TIA-USD-PERP
NEAR-USD-PERP
FTM-USD-PERP‍
DOGE-USD-PERP

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Mooooooar Leverage

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Degens demanded more leverage and we answered the call by increasing leverage across all perpetual instruments:

50x for BTC and ETH
20x for SOL and DOGE
10x for AVAX, TIA, NEAR, FTM
5x for STRK and WIF

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Reduced Minimum Order Value ($500)

Next, we halved the minimum size order for altcoin perpetuals from $1,000 to $500, and have subsequently reduced ALL markets to $500. We are committed to lowering minimum order values even further as we drive gas costs lower.
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Note: Paradex is committed to being one the safest and most secure places to trade in Defi. This was a key reason for building on a Starknet Appchain which inherits the security guarantees of Ethereum. This security does come with a cost however, and Paradex covers this cost for its users. We’ve made huge strides in optimizing L1 Ethereum gas costs and as we continue to drive gas costs down we’ll lower minimum order values and add more markets 🚀.

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UI/UX Optimizations

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We are deeply committed to having a clean, easy to use UX for our users. Paradex degens deserve the absolute best.

Key upgrades to our UI / UX this past month included:

‍New Order Types
‍We added stop limit and stop market order types to help our users manage their risk and open positions more efficiently

‍Order Size Slider
Degens using our UI don’t want to do math in their head to size new orders - our new order size slider does the work for you

‍Charts Makeover
Our charts also received a makeover, now featuring average entry price and liquidation price lines to help you manage your open positions
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Liquidation Price for Open Positions
Liquidation price now shown in the Positions table for each open position for better risk management

Faster Orderbook
We amped up the order book update frequency, cutting it from 100ms to a lightning-fast 50ms! You’ll not find a more responsive orderbook in DEFI (if you find one, do let us know 😏)

Points Dashboard Refresh
We refreshed our points dashboard to give our degens a real time detailed overview of the points they’ve earned including an analytics section for chad degens looking to maximize their points potential

Launched Paradex Python SDK
We ♥️ systematic alpha traders, and upgraded their toolkit in March with the addition of the Paradex Python SDK 🐍. The SDK offers seamless integration with automatic account generation using L1 or L2 private keys, streamlined onboarding, and authentication calls with signatures and JWT token retrieval. Read more about it here.

New Neon Rebel Skin
Last but not least, say hello to our badass new look, the Neon Rebel skin!

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Infrastructure Upgrades

Ethereum Decun Upgrade (4844) - Blobs!

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On March 13, Ethereum activated the Decun hard fork enabling one of the most highly anticipated upgrades to the Ethereum network since Proof of Stake (PoS) - Proto-Danksharding. Known officially as EIP-4844, and informally as "blobs", this upgrade is a pivotal step forward in Ethereum’s roadmap towards a Layer 2-centric ecosystem. It introduces a dedicated data availability (DA) space, termed "blobs", for storing data for Layer 2 projects such as Paradex. The goal was clear: to dramatically lower data availability gas costs for L2 rollups.

Paradex, in tandem with the Starknet team, became one of the first projects to utilize blobs and immediately witnessed our cost of data storage drop to virtually zero, a stark contrast to the previous 55% of total gas expenditure that DA represented. Following the introduction of "blobscriptions", the blob fee market has experienced fluctuations, yet the cost of utilizing blob space for DA remains significantly more affordable than traditional calldata…at least for now.

Despite the progress, there remains considerable work to be done in both expanding blob capacity and enhancing the efficiency of L2's utilization of blobs. Nevertheless, we are extremely encouraged by the early results of Proto-Danksharding 🚀

To learn more about Blobs we highly recommend Vitaliks blogpost: “Ethereum has blobs. Where do we go from here?”. Also, we’d like to extend a huge shoutout to the @ethereum devs and the @Starknet teams for making this a reality! ❤️

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Paradex Points

Points Recap

In March, Paradex users received 4.4 million points. Exciting opportunities for earning more rewards and points are coming—stay tuned. More educational content on Paradex Points is also on the way this April.

Finally, a big shoutout to our Top 5 traders on the leaderboard! Will you be on the leaderboard next month 🤔

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