Papertrade's daily revenue has exceeded Circle's for two consecutive days, ranking second across the entire network.

BlockBeats news, October 16, according to DefiLlama data, Papertrade's single-day revenue was $7.49 million, surpassing Circle, ranking second across all protocols for two consecutive days, only below Tether. Since its launch 7 days ago, cumulative revenue has reached $57.16 million. And it has cumulatively distributed approximately $52.76 million to PAPER stakers, accounting for about 92.30% of total revenue.

It should be noted that the above protocol revenue has a somewhat special definition: a 2% fee on realized PnL from closed positions by traders on the platform, a 2% fee on margin losses from liquidations, and LP balances transferred to PAPER stakers after exceeding the $5 million LP cap. Therefore, the so-called "protocol revenue" is mostly LP balance growth caused by platform trader losses.

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. As a result, the protocol forms a closed loop of "losers receive platform shares (PAPER), winners take losers' money, and the platform rakes winners to subsidize losers."