Papertrade has officially launched, with 11,465 addresses depositing 138 million USD

According to official information, the synthetic perpetual protocol Papertrade based on HyperEVM has officially launched. Its pre-deposit has been closed, with 11,465 addresses depositing 138 million dollars.

Papertrade is a fully on-chain synthetic perpetual trading platform deployed on HyperEVM, with prices sourced from the Hyperliquid order book BBO mid-price. Users interact directly with the protocol's LP as counterparties, without using traditional order book matching, focusing on high leverage, zero slippage, and no funding rates. The native token PAPER has an initial supply of zero, with no pre-mining, team, or VC shares; the only minting source is user losses or liquidations. At the initial launch, PAPER cannot be freely transferred and is primarily used for staking.