After Hyperliquid came out, there were really many projects that did Perps and challenged Hyperliquid, and it is estimated that there are 20+ Perps without complete statistics. Seeing that there are one of the few on-chain perpetual contracts on Kaito, Paradex, I wrote the following data to take a look: - Paradex's asset sink is slightly more than 50 million USDC, which is similar to Ostium, which is doing US stock perpetual trading next door - 4.78k depositors, but since Paradex supports third-party bridges like Layerswap and rhino in addition to the official bridges, and some bridges use EOA addresses for intermediate deposits, there will be more actual depositors/users - Historical cumulative Perps trading volume of $65.48 billion, with a recent daily trading volume of about $1-150 million - The path is similar to Hyperliquid, doing Perp DEX -> Chain/Appchain -> Eco, I feel that it has become a set of general templates for derivatives protocols. Paradex is built on Starknet, and will later launch XUSD, a stablecoin with yields, as margin Paradex was launched by TradeParadigm, which specialises in institutional-grade derivatives trading, and it is a better version for retail investors. It seems to be doing it in 2023, but the main growth is still this year, and it is estimated that the middle reference Hyperliquid has changed its thinking. It's lacklustre overall, so keep watching. I'll write data in the next few days to see what happens to Lighter For exchanges, regardless of on-chain or off-chain, trading volume and liquidity determine the lower limit, and capital sinking determines the upper limit Paradex Dashboard: