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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
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.