IOSG: Papertrade on HyperEVM is the second-biggest revenue generator after Tether
- —About 23,000 addresses deposited $335 million; traders' net loss was $63.2 million
- —86% of losses ($54.1 million) went to PAPER stakers, developers took roughly $4.5 million
- —Top 1,000 wallets hold 88% of PAPER, bear 81% of losses and receive 91% of payouts
- —PAPER trades near $0.024 on Paragon's pre-market perpetual at a $211 million valuation but remains non-transferable
Why it matters: A model where staker payouts are funded by trader losses is fragile: the LP pool is capped at $5 million, so large winning positions can get stuck in a payout queue.
Source: ChainCatcher 链捕手