Papertrade Trader Losses Hit $32.4M Two Days After Launch

The scale of early losses on a brand-new venue is the real signal here: a loss-funded model concentrates risk on the house pool, and a $4.27 million pool against $32.4 million in trader losses raises the question of how that gap is absorbed and whether the venue's economics depend on continued trader drawdowns. Outperforming Pump.fun and Hyperliquid on revenue in the first shared full day speaks to traction, but it also invites scrutiny of how that revenue is generated. Whether the loss pattern holds as the pool and user base evolve is the open question.