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According to official website information, the fully on-chain synthetic perpetual trading platform Papertrade deployed on HyperEVM went live for 1 hour, with a cumulative nominal trading volume exceeding 80 billion USD. Data shows that the cumulative trading losses of platform users reached 4.73 million USD.According to official documentation, the issuance model of the Papertrade token PAPER is such that for every 1 USD lost by platform users, the protocol mints a certain amount of PAPER according to a curve. When the LP balance is below 2 million USD, the minting ratio is fixed at 100 PAPER for every 1 USD lost; currently, due to the LP scale exceeding 2 million USD, PAPER emissions have entered a decay mode.Papertrade reads prices from the Hyperliquid order book BBO mid-price, with users directly trading against the protocol LP as the counterparty, rather than through traditional order book matching. The protocol supports high leverage, zero slippage, and no funding rates.

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.

HyperEVM perpetual contract exchange Papertrade is scheduled to open trading at 10 AM Eastern Time on October 10. According to DefiLlama data, it has accumulated approximately $85.3 million in deposits before its launch. The platform supports up to 1000x leverage, and traders do not match with counterparties but trade directly with the protocol's own liquidity pool. Papertrade stated in the announcement that website trading will start after the HyperEVM upgrade is completed, and deposits will be paused at 9:45 AM to prioritize trading; users need to deposit in advance to participate in the launch.The contracts on Papertrade use the midpoint of Hyperliquid's optimal buy and sell prices as the opening and closing price, with positions being synthetic trades against its liquidity pool, and there are no corresponding perpetual contracts on Hyperliquid. This design eliminates funding rates and reduces profits from closing positions through asymmetric impact discounts instead of charging fees based on position size. When the liquidity pool cannot cover profitable trades, unpaid profits will convert to queued debt, filled by subsequent traders' losses. Its PAPER token grants losing traders the right to claim related earnings from the liquidity pool, with an initial supply of zero, minted from realized losses, with no team or venture capital shares.In the initial phase of the launch, Papertrade will only open trading through the frontend and approved trading relays, and direct access to public contracts will not be supported. Platform administrators can pause new positions, freeze the market, and adjust fee parameters, with a 7-day time lock for contract upgrades. Initially, the PAPER token will only support staking and unstaking, and wallet-to-wallet transfers will not be supported;

According to Catcher Predict monitoring, in the market prediction event on Polymarket for "Valorant: Paper Rex vs LOUD - VCT Championship Playoffs," the "Paper Rex" option in the sub-market "Match Winner" has experienced drastic fluctuations in win rate, plummeting from 62.5% an hour ago to the current 22.5% (a fluctuation of 40%). Please note the impact of related breaking news.

The perpetual contract trading platform based on Hyperliquid technology, papertrade.xyz, announced that it will officially launch on October 10, 2026.

According to Catcher Predict monitoring on-chain data, it predicts significant capital movements in the Polymarket market. A large whale invested $55,027.76 in the "Valorant: G2 Esports vs. Paper Rex - VCT Championship Group C" event, specifically on "Map 2 Winner." Based on the current transaction price, the latest corresponding winning probability for this target is 49%.

According to Catcher Predict monitoring, in the market prediction on Polymarket for the event "Valorant: Team Liquid vs Paper Rex - VCT Championship Group C," the option "Team Liquid" in the sub-market "Match Winner" has experienced a drastic fluctuation in win probability, dropping from 42.5% an hour ago to the current 17.5% (a fluctuation of 25%). Please note the impact of related breaking news.

BlackRock released a white paper titled "Machine Native Economy: How Digital Assets Connect Intelligence, Business, and Computing." The white paper points out that the extraordinary growth of AI is a defining technological theme, and digital assets represent a parallel financial infrastructure, where both intersect in the interaction between AI systems and economic networks. AI is machine-native intelligence, and digital assets are machine-native currency. Agent-based AI uses blockchain as programmable infrastructure, connecting intelligence with economic activities and extending AI to real-world actions such as purchasing and trading.The white paper lists three overlapping areas: LLM and blockchain share similar tokenization, with the former encoding language into numerical values and the latter tokenizing economic value for machine-verifiable transfer and settlement; agent-based commerce requires machine-native payment rails, with stablecoins, native crypto assets, and on-chain assets serving as tools, while traditional rails have limitations in low-value programmable transactions around the clock; computing becomes the digital asset market, with hyperscale cloud revenue expected to exceed $1 trillion annually by 2030, and standardized computing power claims can serve as financing and programmable settlement use cases.

AI Agent Onchain Operating System (AI Agent Onchain OS) X-Agent has released its latest white paper, which introduces its product architecture, MCP ecosystem, business model, and application scenarios of $XAGT.The white paper points out that the next stage of the AI industry is not just about generating text, images, or code, but about enabling Agents to understand user intentions, invoke tools, execute tasks, and complete transactions. Centered around the concept of "Speak to Build, Share to Connect," X-Agent allows users to create AI Agents with context, memory, skills, API, and wallet connection capabilities through natural language, without the need to write code.In terms of business model, X-Agent aims to establish a complete link for Agent creation, MCP capability access, distribution, payment, and monetization. Developers can package APIs, data, and professional services as MCP capabilities and earn income through per-call, subscription, or transaction commission.The $XAGT token is planned to be used for computing fees in secure operating environments, LLM and API calls, Agent transaction settlements, MCP service payments, Premium Agent template purchases, and developer deployments. In the future, it will also expand to scenarios such as service staking, multi-Agent settlements, and ecological governance.According to the project team, X-Agent currently has over 1 million registered users, has completed more than 1.1 million autonomous tasks, and the consumption of LLM Tokens has exceeded 84 billion. In the future, the project will also promote Super-Agent, enterprise sandbox, decentralized Agent Store, and multi-Agent collaboration systems.Through this white paper, X-Agent hopes to further clarify its long-term direction: to enable anyone to create Agents through language, allowing Agents to truly possess the capabilities for execution, distribution, payment, and continuous commercialization.

According to Forward Industries (NASDAQ: $FWDI) in a public letter, the company's General Counsel Georgia Quinn officially responded to SEC Commissioner Hester Peirce's statement on July 22, 2026, titled "Headstands and Summervaults," and proposed a three-tier vault regulatory framework centered on "management freedom" as a core variable:• Type I - Use: Developers provide out-of-the-box software, and users configure parameters themselves without registration;• Type II - Follow: Referencing the SEC's 2013 no-action letter regarding AngelList, Angels set strategies for others to follow, meeting conditions such as co-investment and information disclosure, without needing to register as investment advisors;• Type III - Advised: Involves active management, requiring registration or applicable exemptions, suggesting that the SEC and CFTC jointly regulate to avoid dual compliance conflicts.The article also presents five baseline requirements applicable to all vaults, including conflict of interest disclosure, code public audit, exclusion of disqualified persons, applicability of anti-fraud rules, and state law preemption. The article specifically notes that Peirce's statement did not mention the CFTC, and the inter-agency regulatory issues regarding mixed-asset vaults urgently need to be addressed by the SEC and CFTC.

Flop Labs CEO Arthur Hayes announced that the FLOP Network v0.5.0 yellow paper draft has been released, proposing an AI inference measurement and settlement network based on Substrate/FRAME, utilizing the BABE block production and AlephBFT finality mechanism.The project's official roadmap indicates that the FLOP testnet is planned to launch in Q4 2026, with token airdrops through participation in testing, and the mainnet target is set for Q1 2027; currently, the yellow paper remains a draft, and several parameters and mechanisms have yet to be finalized.

Arthur Hayes released a new project FLOP white paper on social media. FLOP is a proof of useful inference (PoUI) blockchain and native currency aimed at the agent economy, where AI agents can use FLOP to pay miners for inference fees. The network adopts an architecture that combines PoUI with account-based chains, where agents submit session requests to the memory pool containing model weight hashes, maximum latency, computational load, confidentiality flags, and fees. Miners complete the inference and return proofs, which validators incorporate into blocks to complete settlements.The initial supply of FLOP is approximately 2.48346 billion tokens, all allocated for airdrops, with no VC pre-mining or auctions. The first phase of reward distribution allocates 75% to miners, 10% to validators, 10% to agents, and 5% to regular stakers. The average block time for the network is 1 second, with a roadmap goal of sub-second block times. The initial block reward is 96 FLOP, halving every 730 days, for a total of five halvings, after which it will permanently remain at 3 FLOP.The maximum number of validators is capped at 1,000, with approximately 50 rotating monthly based on verified workload and online rates. Miners and validators must stake FLOP, and malicious behavior may face penalties of up to full forfeiture and bans. Governance is conducted through FLOP improvement proposals, requiring a two-thirds approval from active validators in most cases.

According to CoinDesk, Fairmint CEO Joris Delanoue stated that the boom in tokenized stocks may replicate a digital version of Wall Street's "paper crisis" from the late 1960s. At that time, trading volume in U.S. stocks surged, overwhelming the back office that relied on paper stock certificates, leading to an increase in settlement failures. The New York Stock Exchange even closed on Wednesdays to clear the backlog, ultimately driving infrastructure reforms such as central depositories and custodial trust companies.Delanoue mentioned that the main issue is whether the crisis is being recreated in a digital manner. Exchanges, special purpose vehicles (SPVs), token packaging, and proprietary ledgers may sever ownership records during the growth of tokenized stocks. Some products only provide economic exposure to the underlying stocks rather than legal ownership, and investors may rely on intermediaries, facing uncertainties regarding voting rights, dividends, and asset claims when issuers or SPVs encounter problems. The global market for tokenized stocks has grown from less than $500 million at the end of the first quarter to approximately $2 billion.

Stable has released an updated white paper, whose core design concept is to rebuild blockchain infrastructure around stablecoins. Unlike traditional public chains that treat stablecoins as application layer assets, Stable uses USDT as a native Gas asset and primary settlement asset, allowing users to complete transactions without holding additional volatile tokens. At the same time, the network supports PYUSD issued by PayPal as a primary settlement asset.In terms of token economics, the total supply of STABLE is 10 billion tokens. Among them, approximately 1.8 billion tokens (18%) were in circulation at the time of token generation, including 10% for Genesis Distribution and 8% for the foundation's first-day unlock; the remaining 8.2 billion tokens (82%) will enter a Universal Lock pool.The white paper indicates that the 8.2 billion locked tokens will adopt a unified release mechanism, unlocking gradually in 7 phases:Phase 1: 5% (410 million tokens) released on December 8, 2027Phase 2: 5% (410 million tokens) released on March 8, 2028Phase 3: 10% (820 million tokens) released on June 8, 2028Phase 4: 15% (1.23 billion tokens) released on September 8, 2028Phase 5: 15% (1.23 billion tokens) released on December 8, 2028Phase 6: 20% (1.64 billion tokens) released on March 8, 2029Phase 7: 30% (2.46 billion tokens) released on June 8, 2029All locked tokens will be unlocked through daily linear release, expected to be fully in circulation by December 8, 2029, at the latest. Additionally, the white paper sets a price protection mechanism; if the volume-weighted average price of the token is below $0.025 in the 30 days prior to the specified release date, the relevant unlocking phase may be postponed by up to 9 months.

On July 17, Interlace and BlockSec jointly held the summit "The Next Decade of Payments: Digital Currency, AI Agents, and the New Global Financial Order." The event brought together industry guests from AI, Web3, security, and payments to discuss the development trends of stablecoin payments, security compliance, AI agents, and global payment infrastructure.BlockSec co-founder Zhou Yajin and Interlace founder and CEO Michael Wu delivered keynote speeches on "Security and Compliance in Crypto Payments" and "Agentic Payment and the New Infrastructure of Global Finance," respectively, sharing their latest observations on the development trends of digital asset payments. As the scenarios for stablecoin payments continue to expand, the security compliance system and the construction of a new generation of payment infrastructure are becoming key supports for driving industry development. In the future, payment infrastructure will not only serve the function of capital flow but will also further evolve into a programmable, trusted, and verifiable value transfer system, providing underlying support for the connection between digital assets and real-world commerce.At the event, Interlace also officially released the white paper "The Value Transmission Layer of the AI Economy: From Concept to Implementation." The white paper was jointly initiated with ecosystem partners such as Bitget, BlockSec, Cobo, Conflux, Stable, Xagent, and Hetu, systematically defining the architecture, standards, and implementation paths of Agentic Payment infrastructure, providing a reference for value transfer in the era of the AI economy.