TREE NEWS reports: PaperTrade recorded $1.15 trillion in cumulative notional volume, $67.55 million in TVL and $46.71 million in cumulative USDC staking rewards within its first week, with roughly 81 billion of its 8.16 billion PAPER supply staked, a 99.23% ratio. Data provider DefiLlama shows PaperTrade generated $23.97 million in holder revenue on Oct. 10 and $33.94 million from Oct. 10-13, against Hyperliquid’s single-day peak of $8.81 million. PAPER is not yet trading; PaperStrategy, a HyperEVM treasury, has staked about 154 million PAPER, implying a rough price of $0.064.
PaperTrade Notches $1.15T Volume, $67.55M TVL in First Week; 99% of PAPER Staked
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AI take
The striking figure is the staking ratio: nearly all circulating PAPER is locked rather than traded, which makes the implied $0.064 valuation a paper mark rather than a market-cleared price, and it means supply dynamics can shift sharply once PAPER actually trades. The revenue comparison to Hyperliquid is the more substantive signal, since it suggests fee generation rather than token mechanics is driving attention. The open questions are whether that revenue pace holds once incentives normalize, and how much of the staked supply stays locked after listing.
Generated by AI for reference only.
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