Papertrade daily revenue exceeds Circle for two consecutive days

Huoxing Finance reports that, according to DefiLlama data as of October 16, Papertrade generated $7.49 million in daily revenue, surpassing Circle and ranking second among all protocols for two consecutive days, behind only Tether. Since its launch seven days ago, total revenue has reached $57.16 million, with approximately $52.76 million distributed to PAPER stakers—about 92.30% of total revenue. It should be noted that the definition of “protocol revenue” here is unique: it includes a 2% fee on realized PnL from closed trades, a 2% fee on liquidated margin losses, and LP balances transferred to PAPER stakers once they exceed the $5 million cap. Thus, the majority of this so-called “protocol revenue” stems from increased LP balances caused by trader losses. According to official documentation, PAPER staker rewards come from two sources: first, 2% of protocol fees (split equally with developers); second, all LP balance amounts exceeding $5 million are fully allocated to stakers. As a result, the protocol creates a closed loop: losers receive platform shares (PAPER), winners take the losers’ money, and the platform takes a cut from winners to subsidize losers.