Papertrade's 'revenue' rises to second highest network-wide 6 days after launch, PAPER stakers receive over 98% distribution

BlockBeats news, October 15th, according to DefiLlama data, since Papertrade went live 6 days ago, cumulative revenue has reached $42.24 million, currently ranking second in single-day revenue among all protocols network-wide, surpassing Circle and only below Tether. Additionally, according to Papertrade's official website, the protocol has cumulatively distributed $41.58 million to PAPER stakers. This means 98.46% of protocol revenue is distributed to token stakers.

It should be noted that the above protocol revenue calculation has some special aspects: the 2% fee on realized PnL from closed positions by traders on the platform, the 2% fee on liquidation losses of margin, and the LP balance transferred to PAPER stakers after exceeding the $5 million LP cap. Therefore, the so-called "protocol revenue" is mostly the increase in LP balance caused by trader losses on the platform (as of press time, all traders on the platform have cumulative net losses of $49.5 million).

According to official documentation, PAPER staker dividends come from two sources: first, the protocol's 2% rake revenue (split equally with developers); second, when the LP balance exceeds $5 million, all excess portions are fully allocated to stakers. Thus, the protocol forms a closed loop of "losers get platform shares (PAPER), winners take losers' money, and the platform rakes winners to subsidize losers."