Papertrade's nominal turnover exceeded US$80 billion. Users lost US$4.73 million in order to swipe PAPER tokens

According to the latest data, within the first hour of the Papertrade platform's launch on October 10, its nominal turnover exceeded US$80 billion. This trading popularity may be related to the platform's special mechanism. Official documents show that Papertrade uses a "trading loss for token" model to issue PAPER tokens: whenever a user loses 1 dollar, the system will cast the corresponding amount of PAPER based on a preset curve. When the total balance of liquidity providers (LP) is less than US$2 million, the casting ratio remains at 100 PAPERs for every US$1 loss; currently, as the LP scale exceeds this threshold, the token casting rate has entered a decline stage. Data shows that the platform's cumulative user transaction losses reached US$4.73 million. As a full-chain synthetic sustainable trading platform built based on HyperEVM, Papertrade obtains price data directly from the BBO middle price of the Hyperliquid order book, and users match transactions with the LP of the agreement, rather than through the traditional order book matching mechanism. The platform features high leverage, zero-slip and no-capital rate trading characteristics.