Currently, the platform generating the most revenue is #papertrade, which earned $5.94 million yesterday. I believe this trend will continue because people deeply enjoy these dopamine-triggering experiences. Experts claimed memecoins would be temporary, yet today, memecoins are the top revenue-generating platforms—and they’ve been growing, not declining, for two years straight. Analysts said perpetuals would fade; even when they dipped occasionally over the years, they kept rising overall—this was said even before Hyperliquid, and since then, growth has been relentless. Whenever you try to explain human behavior purely through logic, you’re consistently wrong—humans are impulsive creatures driven by instinct. Papertrade offers 1000x leverage—a feature I personally find unacceptable—but people love it and are highly engaged. This concept had been tried before and failed, but Papertrade has clearly succeeded. Its TVL exceeded $100 million on day one; those funds were then burned and converted into $PAPER tokens. Traders incurred losses, but most of these losses were offset by rewards distributed to $PAPER stakers. The $PAPER token will inevitably gain value—we can’t predict how much, but its current FDV appears to be around $100 million. The cost of $PAPER has continuously risen: it started at roughly $0.01 (even lower in the first hours), and most recently traded at $0.04. Look, revenue is critical—platforms with revenue are sustainable. This is a trading platform; some called it a Ponzi scheme, but that’s nonsense—it’s simply a trading platform that enables 1000x leverage and launched differently: only those with positive PnL profit, while those with negative PnL receive paper tokens. Extra rewards are distributed to stakers—it’s an entirely novel model. Traders lost $38 million total, but $34 million of that was already paid out to stakers—so the actual loss isn’t nearly as severe. Plus, traders still hold $PAPER tokens. The notion that this is a massive loss is absurd—I’m tired of this global misunderstanding. Ponzi schemes and pyramid schemes are constantly confused—and this confusion will persist. But let me clarify simply: pyramid structures exist in nearly everything, usually involving income generation. Many companies operate pyramid-like structures—especially in cosmetics and supplements—and they generate real revenue, so they’re not Ponzi schemes. A Ponzi scheme occurs when there’s no real revenue, only the sale of a fantasy—for example, if someone launches a game with zero income, constantly giving out tokens whose value keeps falling. We’ve seen this repeatedly in crypto—that’s a Ponzi. FarmBank is a crystal-clear example of a Ponzi—but not all Ponzi schemes are this obvious. Years ago, when I first started talking about revenue, people dismissed me: “This isn’t a crypto exchange!” Now everyone’s looking at revenue. A platform without revenue cannot survive—it collapses. If we won’t talk about the platform with the highest revenue, what exactly should we be discussing?
