Papertrade launches 1000x leveraged trading on HyperEVM
- —Live trading opened at 14:00 UTC on October 10 after a HyperEVM upgrade
- —Pre-deposits ahead of launch were estimated at $85–138 million
- —PAPER mints at 100 tokens per $1 of loss while the pool is below $2 million, then decays
- —As of October 15, 99.2% of 7.7 billion PAPER was staked, with rewards above $41 million
Why it matters: Loss-minted tokens and 1000x leverage expose traders to rapid ruin and profit payout queues funded only by later losses.
Source: The Crypto Times