# Papertrade Users Lose $4.73 Million After Generating $80 Billion Volume

By Enna Lee

Canonical URL: https://www.tokenpost.com/news/investing/29578
Published: 2026-10-10T15:05:58.000Z
Updated: 2026-10-10T15:05:58.000Z
Section: Investing

> The platform’s PAPER reward model mints tokens when users lose money, with issuance now entering a decay phase.

Papertrade users have generated more than $80 billion in nominal trading volume while collectively losing $4.73 million, highlighting the cost of farming the platform’s PAPER token.

The figures were recorded within the first hour after Papertrade launched on Oct. 10. The platform’s reward design links token issuance to user losses: For every $1 lost, the protocol mints a specified amount of PAPER according to a curve.

When liquidity-provider balances were below $2 million, the issuance rate was fixed at 100 PAPER for each $1 lost. The liquidity-provider balance has since exceeded $2 million, moving PAPER emissions into a decay phase.

The trading activity and losses reflect the platform’s incentive structure, which rewards users with tokens as they lose money through trades.