Papertrade Founder Defends Making PAPER Non-Transferable

The founder's defense is a candid admission that market structure outran the protocol's security model: perpetual futures arriving ahead of schedule forced a choice between delaying the token or shipping it with unresolved attack surface. That framing matters less for PAPER holders than for how the sector reads it — non-transferability reframes the token as a revenue claim rather than a tradable asset, a distinction that only holds if Papertrade can actually attract traders. The open question is whether the team delivers the mitigation it says is still missing, since the credibility of the revenue-claim argument rests on the fix arriving, not on the rationale.