Paradex Faces Delays in Maintenance Amid User Concerns

According to BlockBeats, on January 19, Paradex, a decentralized perpetual derivatives Layer2 application chain within the Starknet ecosystem, announced temporary maintenance. Despite the expected completion time having passed, the protocol remains offline. Community feedback indicates that some users experienced forced liquidation of their perpetual contract trades on Paradex due to unusually high funding rates. Public information reveals that Paradex combines the liquidity of the crypto institutional platform Paradigm with the transparency and self-custody of DeFi. It operates as its own chain based on the Starknet developer stack and is the result of a six-month collaboration between StarkWare and Paradigm.