After Hyperliquid was released, there were really many projects that focused on Perps and challenged Hyperliquid, with an estimated 20+Perps based on incomplete statistics. I saw that there is one of the few blockchain perpetual contracts called Paradex that has been listed on Kaito, and I wrote down the data to take a look: -Paradis has a capital sinking of slightly over 50 million USDC, which is similar to Ostium, a neighboring company specializing in US stock sustainability -4.78k depositors, but due to Paradex's support for third-party bridges such as Layerswap and Rhino outside of official bridges, and some bridges using EOA addresses for intermediary deposits, there will be more actual depositors/users -The historical cumulative trading volume of Perps is $65.48 billion, and the recent daily trading volume is approximately $100-150 million -The path is similar to Hyperliquid, doing Perp DEX ->Chain/Appchain ->Eco, it feels like it has become a universal template for derivative protocols. Paradex is built on Starknet and will later launch a stablecoin XUSD with returns as margin Paradox is launched by TradeParadigm, which specializes in institutional level derivative trading. It is a version aimed at retail investors and is also easier to issue coins. It seems that we have been working on it since 2023, but the main growth has been since the beginning of this year. It is estimated that we have changed our approach based on Hyperliquid. Overall lackluster, let's continue to observe. Write more data these days to see the actual situation of Lighter For exchanges, whether on or off chain, trading volume and liquidity determine the lower limit, while asset strength determines the upper limit Paradex Dashboard: https://(dune.com)/kucoinventures/paradex