As we bid farewell to 2023, it's time to reflect on the remarkable journey we've had at Polynomial. Despite the bear market conditions, our community remained united and successfully navigated through the challenges.
In the early days of 2023, the team gathered for an internal hackathon. Ideas flowed like a river, and after hours of brainstorming, we settled on a product that would change the game - a cutting-edge perp dex. The excitement was palpable as they worked tirelessly to bring this idea to life.
On March 27th, 2023, Polynomial Trade was launched on Optimism. It was a day of celebration, a testament to the hard work and dedication of the team. The platform quickly gained traction, becoming the go-to platform for traders.
The numbers spoke for themselves:
$4.2B in cumulative trading volume, over 22k traders onboarded, and $2.1M in trading fees generated. Polynomial was not just surviving in the bear market; it was thriving.
Polynomial Trade became the number one perp dex, hitting an all-time high daily trading volume of $359 million on August 15. We were ecstatic but knew there was more work to be done. So we continued to innovate, introducing features that made trading safer and easier than ever and listed over 75 markets.
Smart contract wallets, multiple stablecoin deposits, funding rate charts in the UI, multiple authorities to enhance security, and the beta launch of the funding rate Arbitration were all introduced, enhancing the user experience.
Trading season 1
As the year progressed, we introduced a gamified trading system with seven levels and NFTs to kick off the Trading Season 1. Traders could level up, earn exclusive NFTs, and compete in exclusive trading competitions on Polynomial Trade. Each level unlocked a new exclusive NFT and the chance to win $OP token prizes. Higher levels also come with a multiplier on $OP rewards, up to 30%, depending on the level achieved.
Traders embraced the challenge, with thousands reaching various levels. We witnessed a great engagement with Levels 1 to 4: 6823 traders, Level 5: 107 traders, Level 6: 37 traders, and Level 7: Only 9 traders.
During this period, 2.8k new traders were onboarded onto Polynomial, further expanding the community.
Partnerships played a crucial role in Polynomial's growth. Companies like Optimism, Synthetix, RealFlokiInu, Clique, TimeswapLabs, Staderlabs, Jumper (LiFi), Galxe, and more held interesting quests, aiding the platform's growth.
As the year drew to a close, the team looked back at their journey with pride. They had navigated through the bear market, launched a successful product, and built a strong community. But they knew that this was just the beginning. They were already planning for 2024, with exciting things in store, including the launch of Perps v3 on Base and much more.
So, as we bid farewell to 2023 and welcome 2024, we at Polynomial want to thank our community for their unwavering support. We promise to continue our journey of innovation and growth.
Get ready for a whole lot more! Let's forge ahead into 2024 together.