Paradex rollback timeline, database migration error leads to large-scale liquidation, concerns over centralized risk exposure in Perp DEX

Starknet ecosystem Perp DEX Paradex announced temporary maintenance yesterday. After the expected maintenance completion time arrived, the protocol was still not online, leading to community rumors of a significant vulnerability in the protocol. Some users' perpetual contract trades were forcibly liquidated due to abnormally high funding rates.

Paradex officially announced around 3 PM that the system was interrupted due to database maintenance/migration issues (including the BTC price anomalously dropping to zero, triggering a large number of forced liquidations). They will roll back the chain state to block 1604710 (UTC time 04:27:54), which is the state before the database maintenance and the last known correct state. The Paradex official website finally resumed operation at 8:13 PM last night.

The crypto community has raised widespread doubts and accusations regarding Paradex's rollback, questioning the "reliability" of on-chain DEXs, especially the security of L2 architecture Perp DEXs and whether they are truly decentralized. Some community opinions suggest that Perp DEXs may have been a "wrong product form" from the beginning, as centralized control often re-emerges under the guise of "fixing the system" in extreme situations.

The viewpoint of Solana community member chase.skr has gained significant support, stating that Solana's more decentralized validator set has prevented the chain from being rolled back, updated, or shut down without permission due to hacker attacks or fund forks. Consensus is necessary, centralized control in blockchain is harmful, and whether the "D" in DEX truly represents decentralization is worth reconsidering.