Papertrade's notional trading volume exceeds $80 billion, with users incurring cumulative losses of $4.73 million to farm PAPER tokens.

BlockBeats news, October 10: According to official website information, within 1 hour of Papertrade's launch, the platform's cumulative notional trading volume exceeded $80 billion.

BlockBeats analysis suggests that the explosive trading activity right 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 for every 1 USD lost; currently, as the LP size exceeds $2 million, PAPER token emissions have entered a decay mode.

Perhaps influenced by the aforementioned "trade losses for tokens" mechanism, data shows that cumulative user trading losses on the platform have reached $4.73 million.

Papertrade is a fully on-chain synthetic perpetual trading platform deployed on HyperEVM, with prices read from the BBO midpoint of the Hyperliquid order book. Users directly trade against 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 rates.