Paradigm is a financial technology startup that operates in the cryptocurrency market. It provides a platform for trading a wide range of financial products, including options, perpetuals, and futures on top cryptocurrencies. The platform is designed to serve institutional traders such as market makers, hedge funds, family offices, and professional traders.

Paradigm's business model is centered around providing deep liquidity for over 120 products across any asset, instrument, or strategy. This means that it connects buyers and sellers in a way that makes it easier for them to trade, thereby increasing the 'liquidity' or availability of these assets. It does this through a liquidity network, a group of financial institutions and market participants that come together to facilitate trading.

The company also offers on-demand auctions via Requests for Quotation (RFQs) and complex order books for any instrument or strategy. This allows traders to bid for DeFi option vault options flow and settle directly on-chain, which means transactions are completed on the blockchain, a type of digital ledger.

Paradigm's revenue is likely generated through transaction fees from trades executed on its platform. It's important to note that Paradigm does not engage in market-making activities or proprietary trading, and it does not take custody of clients' funds. Instead, custody is handled by its settlement partners or directly on a blockchain.

Keywords: Cryptocurrency, Trading, Institutional Traders, Liquidity Network, Options, Perpetuals, Futures, On-chain Settlement, Non-custodial, DeFi.