Papertrade launched half an hour ago, and PAPER token emissions have entered a decay mode.

BlockBeats news, October 10: According to official website information, within half an hour of Papertrade's launch, the platform's cumulative trading volume reached $39.9 billion. At the same time, the platform's contract open interest rapidly declined, with Bitcoin and Ethereum contract open interest reported at $1.27 billion and $890 million, respectively.

The intense trading activity immediately after the project's launch may be related to its project mechanism. According to official documentation, the issuance model of PaperTrade's token PAPER is: for every dollar a platform user loses, the protocol mints a certain amount of PAPER according to a curve. When the LP balance is below $2 million, the minting ratio is fixed at 100 PAPER per 1 USD lost; because the LP size exceeds $2 million, PAPER token emissions enter a decay mode.

Papertrade is a fully on-chain synthetic perpetual trading platform deployed on HyperEVM, with prices read from the Hyperliquid order book BBO midpoint. Users directly take the protocol LP as the counterparty rather than going through traditional order book matching. The protocol focuses on high leverage, zero slippage, and no funding fees.