GSR: Papertrade booked $56M in launch week as PAPER minted only on losses
- —Revenue hit $56M for October 10-17 and $25M on launch day, 3.2x Hyperliquid
- —PAPER mint rate fell from 100 to 31 per dollar by October 12 and to 11 by October 19
- —Launch-day notional volume reached $678B against roughly $137M in deposits
- —$63.4M of collateral was liquidated through October 18; developer's cut capped near $634K
Why it matters: The model shows how a venue can turn trader losses into staker yield, raising questions about the sustainability of loss-funded token designs.
Source: Coindoo