Paradex Rollback Timeline: Database Migration Error Leads to Large-Scale Liquidation, Perp DEX Centralization Risk Exposes Concerns

BlockBeats News, January 20th: In the Starknet ecosystem, Perp DEX Paradex announced temporary maintenance yesterday. Even after the expected maintenance completion time, the protocol was not yet online. At this time, there were rumors in the community that a major vulnerability had been found in the protocol, leading to the forced liquidation of some users' perpetual contract trades due to abnormally high funding rates.

Paradex's official announcement around 3:00 PM stated that a database maintenance/migration issue caused a system interruption (including an abnormal reset of the BTC price and triggering a large number of forced liquidations). They will roll back the chain state to block 1604710 (UTC time 04:27:54) to the state before the database maintenance, which is the last known correct state.

Paradex's official website was finally restored and operational at 20:13 yesterday evening.

The crypto community erupted with widespread skepticism and criticism of Paradex's rollback, questioning the on-chain DEX's "reliability," especially regarding the security and true decentralization of the L2 Perp DEX architecture. Some community opinions believe that Perp DEX might have been the "wrong product form" from the beginning, and in extreme situations, centralized control often reappears under the guise of "fixing the system."

The viewpoint of Solana community member chase.skr received widespread agreement. They stated that Solana's more decentralized validator set has never allowed the chain to roll back, update, or shut down without permission due to a hack or fund fork. Consensus is necessary, and centralized control of the blockchain is harmful. It is worth reconsidering whether the "D" in DEX is truly decentralized.