Papertrade launch so far 1. Launch seems like whale-only chaos right now • Everyone's positions are basically unfillable unless you're doing 8figs trades ($10m+ notional) • Everyone else is stuck in a massive queue • @papertrade_xyz's LP already nearing ~$2m with close to 300m $PAPER minted • Seems like the design of this prioritizes big notional + liquidations, everyone else is just spectators (K shape happening on new protocols? kek) 2. The actual farm is “lose on purpose” • Open 1000x long + short, let one leg die so you mint PAPER cheaply (some are doing the other leg on other platforms?) then stake it and try to earn from everyone else’s losses • While LP is under $2m you get the flat high mint rate • Problem is the early flow is almost pure mercenary capital racing for that window 3. Sentiments • LP can go negative (queue/debt system) • Constant emissions + mercenary capital = forwards get heavily diluted, and once LP clears $2m the incentive to play drops hard • Seems like whales are going to hold all the PAPER tokens