Key Metrics - April 2024

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TLDR

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

🚀 Launched 10 new perps markets
📈 Hit a new ATH in ADV ($246M) and monthly volume ($7.4B)
⬇️ Reduced minimum order size to $200 BTC and ETH Perps
☀️ $SOL joins $BTC and $ETH as a Tier 1 major

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Product Updates

New Market Listings

Our journey to reach 100 market listings by year-end is well underway, and this April, we added 10 new perpetual markets to our platform, a 2x from the start of the month! Here’s a snapshot of our latest additions:
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AEVO-USD-PERP
ARB-USD-PERP
BNB-USD-PERP
FET-USD-PERP
PYTH-USD-PERP
RNDR-USD-PERP
SUI-USD-PERP
TAO-USD-PERP
TON-USD-PERP
WLD-USD-PERP‍

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Monthly Volume: Reaching New Heights

April was a standout month as Paradex hit new all-time highs with $7.4 billion in monthly volume and a daily average of $246 million. Since our mainnet launch in October '23, we’ve surpassed $20 billion in trading volume. We’re thrilled, and yes, we’re just getting started 🔥

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Reduced Minimum Order Value ($200)

We continued to make significant strides in lowering our gas costs per transaction in April, allowing us to reduce the minimum order value to $200 for most markets (except BTC and ETH). We’re certainly not finished here and look forward to driving even lower minimum order sizes in the coming months as we further optimize gas costs.
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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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Welcome to the Majors: $SOL

We upgraded $SOL to become a Tier 1 instrument, joining the likes of $BTC and $ETH, after its massive run since last summer. As a reminder, Tier 1 instruments currently command a majority of Paradex's reward pool, with 80% of total points allocated to this category. You can find more information about our points program and allocation here.

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UI/UX Optimizations

Our commitment to providing a seamless trading experience is unwavering. This April, we rolled out several UI/UX improvements:

Partial Marker Close
‍Open positions can now be partially closed by clicking the MARKET button in the position table and using the percentage selectors

Open Orders on Chart
We added Open Order lines to our charts so traders can easily see their limit orders relative to current market prices 👀
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‍Global Settings
Traders can now customize their UI / UX starting with the ability to toggle on/off toast notifications and adjust charting features like Entry Price, Liquidation Price and Open Order chart lines.
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Infrastructure Upgrades

Gas Per Trade 90% Cheaper

Since our launch in October 2023, our gas per trade has dropped drastically from an average of nearly 6,000 to below 500 (+90% decrease), all while adding several new markets and maintaining our risk engine on-chain.

Big shoutout to the StarkWare team for their monumental efforts in increasing block size, optimizing proof verification gas/step, and transitioning to blob storage (4844), which alone reduced our DA costs by +90%. We’ve been amazing at how quickly we’ve been able to design and implement optimizations over the past few months 🦾

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Paradex Points

Points Recap

Congratulations to the new leader of our points leaderboard, 0x2574…b3e7, who has taken the top spot for the first time since we introduced the points system in February. GSR and Caladan also had strong performances in the top 5. 

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Wrapping UP

That’s a wrap for April, stay tuned as more exciting updates are on the horizon. Here’s some alpha, we’ll soon expand our points program to include rewards for Open Interest and Total Value Locked (TVL) 😏.

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