Key Metrics - May 2024

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TLDR

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

📈 Paradex hits $25B in ATH volume
👫 Perfect 10 Referral Program
💰 New Variable Points: OI and TVL
🚀 26 new market listings shipped

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Product Updates

New Market Listings

Our mission to reach 100 market listings by year-end is in full swing. This May, we’ve doubled our efforts by launching 26 new perpetual markets, bringing our current total to 54. Here’s a snapshot of our latest additions.

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All-Time Trading Volume: Reaching New Heights

May was nothing short of epic! We smashed through $25 billion in all-time trading volume since our mainnet launch in Oct’23. Huge shoutout to all you legends for making this happen. We're just getting started and can't wait to drop more cool stuff your way.
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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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Perfect 10 Rerferral Program

We’re stoked to drop our much-awaited referral program! Share your code to invite friends to Paradex, and score these perks: 10% of their fees, 10% of their points, and they get a 10% fee discount. It's a win-win! Plus, if you leave your referral code on your X bio for 2 weeks, we’ll ship you a piece of exclusive merch (drop us a DM if you’re keen)🤩

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New Variable Points Addition: OI and TVL

In addition to our weekly maker and taker points which we’ve been giving out 1M points/week,  we’ve added new variable points rewards to the pool for you degens to farm. (Coming soon, Points campaign)😉 

• Open Interest ("OI") Points
  10 points per week per $1,000 in OI on the platform ($10M OI cap per user). Distributed based on a user's average open interest across all open positions
• Total Value Locked ("TVL") Points
  20 points per week per $1,000 in TVL held on the platform ($1M TVL cap per user). Distributed based on a user's average TVL held on Paradex

For the technical folks out there, take a deep dive here into our points overview doc 

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Paradex and the Crypto Derivatives Landscape Podcast

Our fearless leader, Anand Gomes, co-founder of Paradigm and Paradex, sat down with Larry Sukernik, co-founder of Reverie for an action packed episode covering the dominance of perp dexes, the role of convexity, volatility and margin, building on Starknet and competing in a really difficult and dynamic market. Listen to the podcast here.

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UI/UX Optimizations

We’re all about making your trading smooth as ever. This May, we launched some slick UI/UX upgrades:

Single step deposit
Simplify your trading with our new Single-Step Deposits.One tap is all it takes to get your funds in your account instantly. Initiate a deposit from your Ethereum wallet to the Starknet bridge and it will automatically be sent to Paraclear. It’s just that easy.⚡️ 

MOAR leverage for $WIF
You asked for it, we ship it. We've upped the leverage on our $WIF perp to 10x. Go apeshit 

Custom Referral codes Tired of those boring, generic referral codes? So are we. That’s why we’re handing the reins over to you. Now, anyone can create their own custom referral code. Invite your friends in style and make it personal. 🚀
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Infrastructure Upgrades

Funding Rate Protections

Introducing our latest infrastructure update - new funding rate protections, designed to mitigate volatility during times of illiquid market. Initial indicators suggest a significant reduction in funding rate volatility. Check out the chart below for a glimpse into how funding rate volatility went down 📉

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Paradex Points

Points Recap

As the competition heats up on our leaderboard, 0x2574…b3e7 maintains its stronghold at the coveted #1 position, showcasing consistent performance since last month. Excitingly, newcomers 0x6c3d...7ac4 and 0x4bfe...eb13 have joined the ranks, adding fresh energy to our leaderboard this month. Cheers to our reigning champ and a hearty welcome to the rising stars! 🌟

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Wrapping UP

Join us on our new Paradex Homeworld on Telegram! If you haven't already joined, what are you waiting for? That wraps up May, but stay tuned for more exciting updates on the horizon. And here's a sneak peek: we're gearing up to launch an OI points campaign soon!

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