Papertrade hits $8.5M in 7-day revenue, ranks fifth among all protocols

Ranking fifth in trailing-week revenue puts a trading venue in the same conversation as stablecoin issuers and the largest perpetuals exchange, which says more about where fee flow is concentrating than about any single product. The read-across is that trading activity, not token issuance, is currently driving protocol income at the top of the table. Whether Papertrade holds this position once the trailing window rolls forward is the open question, since a seven-day figure is a snapshot of flow rather than a durable revenue base.