$678 billion in trading volume, with just $80 million in the kitty
A synthetic perpetual called Papertrade launched on HyperEVM and racked up $678 billion in notional trading volume in its first 24 hours, while its own TVL was just $77.8 million. Open interest plunged from $3.3 billion to $1.3 billion in 12 hours, and margin shrank from $20.29 million to $14.34 million. It’s running faster than anyone.
The protocol’s LPs personally step in as your counterparty. The PAPER token had no premine, no VC allocation, and no team allocation; the only way to mint it is through user losses and liquidations. At least this setup puts the money-making formula right out in the open. $678 billion in volume backed by a $77.8 million pool, with leverage cranked up to 8,700x—where do they get the nerve?
The problem is, that $1.3 billion in open interest is backed by just $14.34 million in margin. That 90-to-1 gap could blow wide open at the slightest gust of wind.
Anyone still holding a position: what leverage are you using, and how much margin do you have left? Dare to share the numbers?
A synthetic perpetual called Papertrade launched on HyperEVM and racked up $678 billion in notional trading volume in its first 24 hours, while its own TVL was just $77.8 million. Open interest plunged from $3.3 billion to $1.3 billion in 12 hours, and margin shrank from $20.29 million to $14.34 million. It’s running faster than anyone.
The protocol’s LPs personally step in as your counterparty. The PAPER token had no premine, no VC allocation, and no team allocation; the only way to mint it is through user losses and liquidations. At least this setup puts the money-making formula right out in the open. $678 billion in volume backed by a $77.8 million pool, with leverage cranked up to 8,700x—where do they get the nerve?
The problem is, that $1.3 billion in open interest is backed by just $14.34 million in margin. That 90-to-1 gap could blow wide open at the slightest gust of wind.
Anyone still holding a position: what leverage are you using, and how much margin do you have left? Dare to share the numbers?