ChainCatcher report: Papertrade, a fully on-chain, user-owned synthetic perpetuals protocol built on Hyperliquid, has announced that its platform token, PAPER, will remain non-transferable due to risks of perpetuals attacks. The platform stated that holders who acquired PAPER tokens through trading losses may stake them to earn USDC distribution rewards. Papertrade offers synthetic perpetual contracts with up to 1000x leverage and zero market impact. Currently, the platform has not disclosed any timeline for when PAPER tokens may become transferable or tradable, meaning holders are temporarily unable to trade or transfer their tokens on secondary markets and can only earn returns through staking.
Papertrade Reports Perpetual Contract Attack Risk; PAPER Token Remains Non-Transferable
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Summary
Papertrade warns of risks associated with perpetual futures attacks and keeps PAPER tokens non-transferable. Users who lost tokens through trading can stake them to earn USDC rewards. The protocol offers high leverage with no market impact. Risk appetite remains a concern, as there is no set timeline for transferability. Papertrade operates entirely on-chain with user ownership. No secondary market trading for PAPER tokens is currently available.
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