Paragon Pays $45,000 for PAPER Code

Paragon, a HIP-3 market deployer, spent 570.98 HYPE tokens, worth about $45,000, to acquire the PAPER ticker code. The purchase may precede a launch of Papertrade perpetual contracts.

Papertrade is an on-chain synthetic perpetual trading platform on HyperEVM. It offers leverage of up to 1,000x. The platform’s margin balances fell to $6.4 million by Oct. 12 from $20.29 million 24 hours earlier, a decline of about 70%.

PAPER is minted from users’ realized trading losses. The token has no pre-mine, team allocation or venture capital allocation.