GM☕️ Last night I tried out papertrade_xyz, and everything—opening positions, closing positions, and staking—required waiting in a queue 😂
Large positions got to the front of the line. My position was small, so I spent almost the whole night waiting at the back and only managed to get a few trades through after midnight. There was zero trading strategy involved—it was basically opening a position and leaving it to fate……
The idea of minting PAPER by losing money, then staking it to share in the platform’s revenue, is pretty clever. But with the queues, you couldn’t open trades even when you wanted to. A bunch of issues cropped up on the very first night, and the advertised zero slippage meant nothing when the queues took so long (I once waited so long to close a position that I got liquidated 😂).
As for returns, early stakers in Paper recouped their costs very quickly—but only if they managed to stake early.
I added it all up: last night I spent about 1000u to get 150k Paper, then gradually queued up to stake it (I didn’t stake the last batch until I got up this morning). The fees I claimed this morning came to around 600u, but staking returns already seem to be dropping sharply.
PAPER is being issued quickly, and a large share is being staked. As more tokens enter the staking pool, the original share of revenue gets diluted. The number of tokens hasn’t gone down, but the share each person receives keeps shrinking.
How much people can earn going forward depends on whether the platform’s net revenue can keep up with the dilution. If revenue mainly comes from people willingly losing money to earn PAPER, I don’t think this model can last long term.
Researching trading was already hard enough—now I have to figure out queues too 🫠.
#Papertrade
Large positions got to the front of the line. My position was small, so I spent almost the whole night waiting at the back and only managed to get a few trades through after midnight. There was zero trading strategy involved—it was basically opening a position and leaving it to fate……
The idea of minting PAPER by losing money, then staking it to share in the platform’s revenue, is pretty clever. But with the queues, you couldn’t open trades even when you wanted to. A bunch of issues cropped up on the very first night, and the advertised zero slippage meant nothing when the queues took so long (I once waited so long to close a position that I got liquidated 😂).
As for returns, early stakers in Paper recouped their costs very quickly—but only if they managed to stake early.
I added it all up: last night I spent about 1000u to get 150k Paper, then gradually queued up to stake it (I didn’t stake the last batch until I got up this morning). The fees I claimed this morning came to around 600u, but staking returns already seem to be dropping sharply.
PAPER is being issued quickly, and a large share is being staked. As more tokens enter the staking pool, the original share of revenue gets diluted. The number of tokens hasn’t gone down, but the share each person receives keeps shrinking.
How much people can earn going forward depends on whether the platform’s net revenue can keep up with the dilution. If revenue mainly comes from people willingly losing money to earn PAPER, I don’t think this model can last long term.
Researching trading was already hard enough—now I have to figure out queues too 🫠.
#Papertrade