BlockBeats news: On October 15, according to DefiLlama data, Papertrade has generated a total revenue of $42.24 million since its launch six days ago, ranking second in daily protocol revenue across all networks, surpassing Circle and trailing only Tether. According to information from the Papertrade official website, the protocol has distributed $41.58 million to PAPER stakers, meaning 98.46% of the protocol’s revenue has been allocated to token stakers.
It should be noted that the above protocol revenue figures use a specific methodology: they include a 2% fee on realized PnL from closed trades, a 2% fee on margin losses from liquidations, and LP balances transferred to PAPER stakers after exceeding the $5 million LP cap. As a result, the so-called “protocol revenue” largely consists of LP balance growth driven by trader losses (as of publication, all traders on this platform have collectively incurred net losses of $49.5 million).
According to the official documentation, PAPER stakers receive rewards from two sources: first, 2% of the protocol's revenue (split equally with developers); second, when LP balances exceed $5 million, all excess funds are allocated entirely to stakers. This creates a closed-loop system where "losers receive platform shares (PAPER), winners take the losers' money, and the platform takes a cut from winners to subsidize losers."