Half an hour after Papertrade was launched, PAPER token emissions entered decay mode

Official website data shows that the Papertrade platform achieved a cumulative transaction volume of US$39.9 billion half an hour after its launch on October 10. Contract positions fell significantly during the same period, with Bitcoin and Ethereum contract positions falling to US$1.27 billion and US$890 million respectively. The initial trading activity of the platform may be closely related to the innovation mechanism. Its PAPER token issuance rule is: for every US$1 loss incurred by a user, the agreement will cast the corresponding number of PAPER according to a preset curve. When the liquidity provider (LP) balance is less than US$2 million, the casting ratio remains at 1:100; as the LP scale exceeds the US$2 million threshold, the casting ratio of PAPER tokens shifts to a decay mode. As a full-chain on-chain synthetic sustainable trading platform built based on HyperEVM, Papertrade obtains real-time price data through the BBO middle price of Hyperliquid order book. Users can directly form counter-order transactions with agreement LP, avoiding the traditional order book matching model. The platform focuses on highly leveraged trading, zero-slip mechanism and non-capital rate design.