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Project Overview
Dope Wars is an open source metaverse project with a “Play-To-Own” model, featuring a plurality of games, experiences, and environments in the community-built ecosystem. The development ecosystem revolves around a gaming SDK, so contributors can seamlessly plug in different modules. Dope Wars began as a fork of Loot (For Adventurers), with a GTA-inspired spin.
Traders Comment on PAPER Token's New Supply Model: Weakens Early Miners' Advantage, Benefits Long-Term Protocol Development
Trader degentrading published an analysis noting that Papertrade (@papertrade_xyz) released an explanation regarding the transferability of the PAPER token. The statement indicates that Papertrade is a relatively complex primitive with higher risk management complexity, and the PAPER token is more deeply integrated into the protocol's economic model compared to tokens of most other protocols. The analyst pointed out that, relative to the previous supply model, newer users and miners will obtain a relatively larger share, diminishing the advantage of early mining participants. He believes this adjustment negatively impacts early participants but benefits the protocol's long-term development and organic users.
Cumulative trading volume reaches $1.56 billion, @machibigbrother still down $424,000 after receiving PAPER airdrop
Odaily reports: According to monitoring by on-chain analyst Ai Yi, @machibigbrother has accumulated a trading volume of $1.56 billion since October 10, with realized losses of $833,000, ranking 10th on the loss leaderboard; the account received an airdrop of 437,000 PAPER tokens (405,000 tokens), yet after offsetting, the account remains down $424,000. @machibigbrother mostly opened ETH long positions on @papetrade_xyz, with leverage ranging from 50x to 1000x, mostly at 100x, and continuously posted multiple tweets praising the platform's model.
Aster Announces Delisting of PAPER Pre-Market Perpetual Contract, Switches to Reduce-Only Mode
Decentralized trading platform Aster announced on X that, in light of recent developments related to PAPER and potential market risks, it has immediately adjusted the PAPER pre-market perpetual contract market to reduce-only mode.Aster stated that the contract will be officially delisted at 9:45 AM Beijing time on October 20, and advised users still holding open positions to proactively close them before the delisting.The platform said this move is a precautionary risk management measure aimed at maintaining orderly market trading.
Analyst: PAPER Mining Rewards Plummet Nearly 90%, Token May Face Sell-Off Once Transferable
Odaily reports: Crypto analyst Ignas posted on X that PAPER token mining rewards have dropped significantly. Early users could earn 100 PAPER for every $1 of qualifying trading losses, but this has now fallen to approximately 11 PAPER. At current reward levels, a trade with a $1,000 loss would yield only about 10,700 PAPER. Based on recent staking yield levels, this translates to daily earnings of roughly $2.60 to $4.90, requiring approximately 200 to 385 days to recoup the loss—and this does not yet account for dilution effects from token emissions.In his view, once PAPER opens up for transfer, some trading users may prefer to sell tokens directly to recover losses, creating potential selling pressure. Galaxy Research previously noted that PAPER's market price will affect the scale of mining activity, which in turn determines the protocol's long-term revenue. If a decline in token price leads to reduced mining activity, it could further weaken protocol revenue and staking yields. PAPER's long-term value depends on whether Papertrade can continue to attract genuine trading demand and sustain revenue after incentives decline.
A trader lost $979,000 on the first day of papertrade, then made a net profit of $762,000 by staking the PAPER token.
According to data monitored by on-chain analytics platform Lookonchain (@lookonchain), on the launch day of papertrade (@papertrade_xyz), an on-chain perpetual futures exchange built on Hyperliquid, one trader executed $10.1 billion in trading volume. Although his trades incurred a loss of $979,000, he was awarded 252 million PAPER tokens. He subsequently ceased trading and staked all 252 million PAPER tokens, having already claimed $1.73 million in USDC staking rewards to date. Over the past three days, he has averaged earnings of approximately $220,000 per day. After factoring in his trading losses, his current cumulative profit is approximately $762,000.
papertrade: Three users generate over $32 billion in trading volume in less than 6 days, with cumulative losses of $2.69 million
Odaily News: According to on-chain analyst Ember, Perp @papertrade_xyz on Hyperliquid, since launching loss-mining on the 10th, in less than 6 days, the trading volume of the top three addresses has each exceeded $10 billion.The first-ranked address had a trading volume of $11.6 billion, trading losses of $780,000, and obtained 46 million PAPER through loss-mining, with a token acquisition cost of $0.017; the second-ranked address had a trading volume of $10.3 billion, trading losses of $930,000, and obtained 85 million PAPER through loss-mining, with a token acquisition cost of $0.011; the third-ranked address had a trading volume of $10.1 billion, trading losses of $980,000, and obtained 252 million PAPER through loss-mining, with a token acquisition cost of $0.0039.The above token acquisition costs do not include dividends from PAPER earned through mining. If relevant dividends are included, the token acquisition costs will decrease further, and the third-ranked address's token acquisition cost will turn negative.
Papertrade 调整费用结构与 PAPER 代币发行曲线，暂不开放代币转让
Papertrade（@papertrade_xyz）团队 blurr 和 jez 在 X 平台发布的公告，Papertrade 将升级合约，暂无计划开放 PAPER 链下转让。团队称，若代币可转让，外部永续合约市场就可以做空"资金池偿付能力"，操纵攻击的目标额将从资金池规模升至"资金池加做空敞口"。例如，资金池为 1000 万美元时，成本 1500 万美元的攻击原本不可行，但若同时持有 1000 万美元 PAPER 空头，攻击就有利可图。 在费用方面，此前系统采用 0.2bps 的死区费用，新方案分为"交易时段"和"非交易时段"两种模式，仅影响开仓后价格变动在 6bps（0.06%）内（非交易时段为 10bps，即 0.1%）平仓的仓位，超出阈值的交易费用不变。团队称，按上线以来的数据回溯，此举对机器人策略盈利的影响约为对普通交易者的 15 倍，调整后有望放宽未平仓合约（OI）上限。 在代币经济方面，此后每损失 1 美元，将铸造固定比例的 PAPER 供应量，约为每损失 100 万美元铸造 0.1%。破产及临近破产时的铸造机制，将由固定的每 1 美元损失铸造 100 枚，改为随时间增
Papertrade Founder Responds to PAPER Transfer Restriction Controversy: Perpetual Contract Market Launched Ahead of Schedule, Protocol Has Yet to Resolve Potential Attack Risks
Odaily reports: Papertrade founder Jez posted on X in response to the controversy over the non-transferability of the PAPER token, stating that the team was aware of certain unresolved technical issues before the protocol launched, including potential attack risks posed by the perpetual contract market, but had originally expected more time to find solutions.Jez noted that the team had previously estimated that a large perpetual contract market might take about 6 months to launch, but the relevant market progressed much faster than expected, forcing the team to make a decision before finding an effective solution. To safeguard the protocol's long-term healthy development, PAPER has currently been set to a non-transferable status.He emphasized that PAPER represents users' rights to the protocol's revenue, and its long-term value depends on whether Papertrade itself can continue to attract traders, rather than whether the token can be freely traded. The team is unwilling to restrict the protocol's business growth in order to support PAPER perpetual contract trading.In response to community concerns that the rule change harms the interests of early users, Jez stated that the adjustment was not a hasty decision but a risk management choice made by the team based on actual operating data from the first week since the protocol launched, and that the team will continue to adjust protocol parameters in the future to ensure long-term sustainability.
Traders Comment on PAPER Token's New Supply Model: Weakens Early Miners' Advantage, Benefits Long-Term Protocol Development
Trader degentrading published an analysis noting that Papertrade (@papertrade_xyz) released an explanation regarding the transferability of the PAPER token. The statement indicates that Papertrade is a relatively complex primitive with higher risk management complexity, and the PAPER token is more deeply integrated into the protocol's economic model compared to tokens of most other protocols. The analyst pointed out that, relative to the previous supply model, newer users and miners will obtain a relatively larger share, diminishing the advantage of early mining participants. He believes this adjustment negatively impacts early participants but benefits the protocol's long-term development and organic users.
Maji Dage: PAPER is non-transferable for the long term, and holders' interests are misaligned with the team's.
Machi Big Brother (@machibigbrother) stated that Papertrade (@papertrade_xyz) recently issued an update regarding the transferability of the PAPER token, noting that Papertrade is a complex underlying primitive with significant risk management challenges, and the PAPER token is far more tightly integrated into the protocol's economic model than most protocol tokens. Machi pointed out that the PAPER token will remain non-transferable for the foreseeable future; holders can currently only generate investment returns via protocol fees, though their share will be diluted. Furthermore, as the project allocates no tokens to the team, factors such as token value, dilution, and exit liquidity affect holders more than the team. Only fee revenue aligns incentives, though Machi noted that "this issue can be resolved."
Cumulative trading volume reaches $1.56 billion, @machibigbrother still down $424,000 after receiving PAPER airdrop
Odaily reports: According to monitoring by on-chain analyst Ai Yi, @machibigbrother has accumulated a trading volume of $1.56 billion since October 10, with realized losses of $833,000, ranking 10th on the loss leaderboard; the account received an airdrop of 437,000 PAPER tokens (405,000 tokens), yet after offsetting, the account remains down $424,000. @machibigbrother mostly opened ETH long positions on @papetrade_xyz, with leverage ranging from 50x to 1000x, mostly at 100x, and continuously posted multiple tweets praising the platform's model.
Papertrade 调整费用结构与 PAPER 代币发行曲线，暂不开放代币转让
Papertrade（@papertrade_xyz）团队 blurr 和 jez 在 X 平台发布的公告，Papertrade 将升级合约，暂无计划开放 PAPER 链下转让。团队称，若代币可转让，外部永续合约市场就可以做空"资金池偿付能力"，操纵攻击的目标额将从资金池规模升至"资金池加做空敞口"。例如，资金池为 1000 万美元时，成本 1500 万美元的攻击原本不可行，但若同时持有 1000 万美元 PAPER 空头，攻击就有利可图。 在费用方面，此前系统采用 0.2bps 的死区费用，新方案分为"交易时段"和"非交易时段"两种模式，仅影响开仓后价格变动在 6bps（0.06%）内（非交易时段为 10bps，即 0.1%）平仓的仓位，超出阈值的交易费用不变。团队称，按上线以来的数据回溯，此举对机器人策略盈利的影响约为对普通交易者的 15 倍，调整后有望放宽未平仓合约（OI）上限。 在代币经济方面，此后每损失 1 美元，将铸造固定比例的 PAPER 供应量，约为每损失 100 万美元铸造 0.1%。破产及临近破产时的铸造机制，将由固定的每 1 美元损失铸造 100 枚，改为随时间增
Cumulative profit of $1.04 million: a certain address staked 252 million PAPER tokens after trading only on the first day
that, according to Lookonchain monitoring, a certain address traded only on the first day of PaperTrade's launch, with a trading volume of $10.1 billion and a loss of $9.79 million, while obtaining 252 million PAPER tokens. Since then, the address has stopped trading and continued staking PAPER; the rewards obtained have offset the previous losses and generated an additional profit of $1.04 million.
Papertrade Founder Responds to PAPER Transfer Restriction Controversy: Perpetual Contract Market Launched Ahead of Schedule, Protocol Has Yet to Resolve Potential Attack Risks
Odaily reports: Papertrade founder Jez posted on X in response to the controversy over the non-transferability of the PAPER token, stating that the team was aware of certain unresolved technical issues before the protocol launched, including potential attack risks posed by the perpetual contract market, but had originally expected more time to find solutions.Jez noted that the team had previously estimated that a large perpetual contract market might take about 6 months to launch, but the relevant market progressed much faster than expected, forcing the team to make a decision before finding an effective solution. To safeguard the protocol's long-term healthy development, PAPER has currently been set to a non-transferable status.He emphasized that PAPER represents users' rights to the protocol's revenue, and its long-term value depends on whether Papertrade itself can continue to attract traders, rather than whether the token can be freely traded. The team is unwilling to restrict the protocol's business growth in order to support PAPER perpetual contract trading.In response to community concerns that the rule change harms the interests of early users, Jez stated that the adjustment was not a hasty decision but a risk management choice made by the team based on actual operating data from the first week since the protocol launched, and that the team will continue to adjust protocol parameters in the future to ensure long-term sustainability.
Related news
Traders Comment on PAPER Token's New Supply Model: Weakens Early Miners' Advantage, Benefits Long-Term Protocol Development
Trader degentrading published an analysis noting that Papertrade (@papertrade_xyz) released an explanation regarding the transferability of the PAPER token. The statement indicates that Papertrade is a relatively complex primitive with higher risk management complexity, and the PAPER token is more deeply integrated into the protocol's economic model compared to tokens of most other protocols. The analyst pointed out that, relative to the previous supply model, newer users and miners will obtain a relatively larger share, diminishing the advantage of early mining participants. He believes this adjustment negatively impacts early participants but benefits the protocol's long-term development and organic users.
Maji Dage: PAPER is non-transferable for the long term, and holders' interests are misaligned with the team's.
Machi Big Brother (@machibigbrother) stated that Papertrade (@papertrade_xyz) recently issued an update regarding the transferability of the PAPER token, noting that Papertrade is a complex underlying primitive with significant risk management challenges, and the PAPER token is far more tightly integrated into the protocol's economic model than most protocol tokens. Machi pointed out that the PAPER token will remain non-transferable for the foreseeable future; holders can currently only generate investment returns via protocol fees, though their share will be diluted. Furthermore, as the project allocates no tokens to the team, factors such as token value, dilution, and exit liquidity affect holders more than the team. Only fee revenue aligns incentives, though Machi noted that "this issue can be resolved."
Machi Big Brother: PAPER May Remain Non-Transferable for a Long Time; Holders Currently Can Only Rely on Fee Income for Returns
Machi Big Brother (Jeffrey Huang) posted on X that the PAPER token appears likely to remain non-transferable for an extended period, meaning fee distribution income will be the only way for holders to currently obtain investment returns. However, as the token supply increases, holders' share of fee distributions may also be diluted.Machi pointed out that since PAPER has no team token allocation, token value, dilution issues, and exit liquidity matter more to holders than to the team, and fee income distribution is the area where both parties' interests align.He concluded that there is still room to resolve the relevant issues.
21 of Papertrade's top 25 losers have a cumulative trading volume of $111.5 billion
Lookonchain posted on X platform that most traders on the Papertrade platform are in a loss position. Among the top 25 traders by loss amount, 21 remained in loss even after accounting for USDC rewards, with only 4 overall profitable. The above traders had a cumulative trading volume of $111.5 billion, received 2.06 billion PAPER, accounting for 23.4% of the total supply; they claimed $11.61 million in USDC rewards, accounting for 20.6% of the total rewards.
Cumulative trading volume reaches $1.56 billion, @machibigbrother still down $424,000 after receiving PAPER airdrop
Odaily reports: According to monitoring by on-chain analyst Ai Yi, @machibigbrother has accumulated a trading volume of $1.56 billion since October 10, with realized losses of $833,000, ranking 10th on the loss leaderboard; the account received an airdrop of 437,000 PAPER tokens (405,000 tokens), yet after offsetting, the account remains down $424,000. @machibigbrother mostly opened ETH long positions on @papetrade_xyz, with leverage ranging from 50x to 1000x, mostly at 100x, and continuously posted multiple tweets praising the platform's model.
Papertrade 调整费用结构与 PAPER 代币发行曲线，暂不开放代币转让
Papertrade（@papertrade_xyz）团队 blurr 和 jez 在 X 平台发布的公告，Papertrade 将升级合约，暂无计划开放 PAPER 链下转让。团队称，若代币可转让，外部永续合约市场就可以做空"资金池偿付能力"，操纵攻击的目标额将从资金池规模升至"资金池加做空敞口"。例如，资金池为 1000 万美元时，成本 1500 万美元的攻击原本不可行，但若同时持有 1000 万美元 PAPER 空头，攻击就有利可图。 在费用方面，此前系统采用 0.2bps 的死区费用，新方案分为"交易时段"和"非交易时段"两种模式，仅影响开仓后价格变动在 6bps（0.06%）内（非交易时段为 10bps，即 0.1%）平仓的仓位，超出阈值的交易费用不变。团队称，按上线以来的数据回溯，此举对机器人策略盈利的影响约为对普通交易者的 15 倍，调整后有望放宽未平仓合约（OI）上限。 在代币经济方面，此后每损失 1 美元，将铸造固定比例的 PAPER 供应量，约为每损失 100 万美元铸造 0.1%。破产及临近破产时的铸造机制，将由固定的每 1 美元损失铸造 100 枚，改为随时间增