According to Paradex Network, Phase 3 updates the Waitlist with Social Scores that factor referral quality using the formula Social Score = Referral Score × (1 + XP Boost + Activity Boost + Referral Boost + Mystery Boost), where Referral Score = External Reputation + Paradex Reputation, source: Paradex Network. According to Paradex Network, External Reputation aggregates Kaito Reputation and Chain Reputation assessing wallet credibility, past activity, and identity proofs, while Paradex Reputation includes volume, open interest, TVL, XP, and referrals, directly connecting trading activity to a higher Social Score, source: Paradex Network. According to Paradex Network, users can invite up to 3 friends every 24 hours and using all three unlocks a new set the next day, with each referral quality-weighted to boost the Social Score and move users higher on the waitlist, source: Paradex Network. According to Paradex Network, the Waitlist is subject to closure at any time without notice, source: Paradex Network.