According to ChainCatcher, the synthetic perpetuals protocol Papertrade, built on HyperEVM, has officially launched, according to information on its official website. Its pre-deposit period has closed, with 11,465 addresses depositing $138 million.
Papertrade is a fully on-chain synthetic perpetual trading platform deployed on HyperEVM. It sources prices from the midpoint of Hyperliquid’s order book BBO. Users trade directly against the protocol’s LPs, rather than through traditional order-book matching, with a focus on high leverage, zero slippage, and no funding rates. The native token PAPER has a zero initial supply, with no premine or allocations for the team or VCs; its only source of issuance is user losses or liquidations. At launch, PAPER cannot be freely transferred and is primarily used for staking.
Papertrade is a fully on-chain synthetic perpetual trading platform deployed on HyperEVM. It sources prices from the midpoint of Hyperliquid’s order book BBO. Users trade directly against the protocol’s LPs, rather than through traditional order-book matching, with a focus on high leverage, zero slippage, and no funding rates. The native token PAPER has a zero initial supply, with no premine or allocations for the team or VCs; its only source of issuance is user losses or liquidations. At launch, PAPER cannot be freely transferred and is primarily used for staking.