Huang Licheng racked up $1.41 billion in trading volume on PaperTrade, losing $416,000 but receiving 57.6 million PAPER and $341,000 in USDC rewards—leaving him with a net loss of less than $75,000. Even wilder, the protocol generated $7.49 million in revenue in a single day, surpassing Circle for two days straight. So—is this the beginning of on-chain innovation, or a harvesting machine in a negative-sum game?