Update
Papertrade’s Open Interest Collapses
Papertrade, a cryptocurrency trading platform, experienced a significant drop in its open interest after its launch weekend. The open interest fell from $11 billion to $693 million within 24 hours, marking a 93.7% decline. Additionally, the platform's total value locked also decreased. This update reflects the platform's ongoing efforts to adjust its trading parameters and user experience. The platform's move towards a perpetuals DEX further exacerbated the open interest collapse, with the DEX losing $48 million in total value locked in the same period.