Papertrade went live less than 10 minutes ago, with notional trading volume reaching $14.4 billion.

BlockBeats news, October 10, according to official information, less than 10 minutes after Papertrade launched, its notional trading volume reached $14.4 billion. As of press time, Bitcoin and Ethereum contract open interest stood at $3 billion and $2.66 billion, respectively.

The explosive trading right after the project's launch may be related to its project mechanism. According to official documentation, the issuance model of PaperTrade token PAPER is: for every dollar a platform user loses, the protocol mints a certain amount of PAPER along a curve. When the LP balance is below $2 million, the minting ratio is fixed at 100 PAPER per 1 USD lost; after the LP exceeds $2 million, the rate begins to decay—the larger the LP balance, the less PAPER is minted.