$20M market orders on Hyperliquid shaped PAPER price at launch
- —$20 million in market orders on Hyperliquid set PAPER's launch price
- —Papertrade offers leveraged BTC and ETH exposure within the HyperEVM ecosystem
- —Pricing relies solely on Hyperliquid's best-bid/offer midpoint
- —Papertrade's FDV stood above $25 million one day after launch
Why it matters: The market-maker-free launch shows how large Hyperliquid orders can set the price of a new protocol.
Source: Crypto Briefing