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