Papertrade opens pre-deposits, and official transactions are expected to start on October 10

Papertrade, a synthetic perpetual agreement based on HyperEVM, announced on October 9 that the pre-deposit function has been officially launched. It is reported that users need to complete the deposit and account creation operations within the next two days. The parties to the agreement emphasized that account initialization and fund deposit will face significant reduction in transaction weights after the start of formal transactions. Advance deposit can effectively avoid network congestion during the opening stage, but it should be noted that there are no additional incentives for early deposit during the pre-deposit period. As a full-chain synthetic perpetual trading platform deployed on HyperEVM, Papertrade obtains price data through the Hyperliquid order book BBO mid-price. Users can directly conduct counter-order transactions with the agreement liquidity provider (LP) instead of relying on traditional order book matching mechanism. The core features of the agreement include highly leveraged trading, zero-slip execution and no-capital rate design. The initial supply of its native token PAPER is zero, there is no pre-mining or team/VC share allocation, and the only way to cast comes from user transaction losses or the liquidation process. In the initial stage, tokens cannot be transferred freely and are mainly used for pledge functions. According to the officially disclosed timetable, the official transaction is expected to start about one hour after the HyperEVM network upgrade is completed on October 10, subject to the Hyperliquid Discord channel notification. During the opening stage, transactions need to be conducted through the official website front-end and whitelist relay channels, and the direct interaction function at the contract level will be opened after network congestion is alleviated. For more technical updates related to HyperEVM Layer2, please refer to "Hyperliquid also has Layer2. What information do you need to know?"