News
PaperTrade launch analysis
The newsletter reports that PaperTrade launched on 10/10, quickly reaching $804B volume and $10.1B open interest, then dropping to $6.7B volume and $471M open interest. Early stakers benefited from loss farming, minting PAPER at about 31 PAPER per $1, but as delta‑neutral farming takes over, revenue falls and the effective mint price rises 3.2×, reducing staker earnings by ~99% per hour. The piece warns new traders that aggressive farming is over and future returns will be lower. It also notes Pump.fun’s launchpad volume rebounding above 90%.