TREE NEWS update: PaperTrade, a synthetic perpetuals platform, announced its PAPER token will remain non-transferable with no timetable for open transfers or secondary trading, citing attackers who would short PAPER and manipulate prices to drain its pools. Paragon and Aster halted PAPER pre-market perpetuals and Hyperliquid settled all open positions at $0.026296. BTC open interest on PaperTrade fell 41% to $230 million and ETH fell 55% to $66.3 million after the announcement, with TVL down about 7% to $58.3 million.
PaperTrade Says PAPER Token Will Stay Non-Transferable Indefinitely
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AI take
The indefinite lock on PAPER turns the token into a pure utility claim rather than a tradable asset, which removes a key exit route for holders and explains the sharp open-interest contraction on PaperTrade. The venue closures and Hyperliquid settlement show that counterparties are already treating the token as unhedgeable, a structural constraint that could weigh on the platform's ability to attract liquidity. Whether open interest and TVL stabilize once the settlement dust clears is the open question.
Generated by AI for reference only.
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