Papertrade posted $7.49 million in daily revenue on Oct. 16, according to DefiLlama data cited by BlockBeats, putting the protocol ahead of Circle for a second consecutive day and ranking it second across all protocols, behind only Tether. Since going live seven days ago, Papertrade has generated a cumulative $57.16 million in revenue. Roughly $52.76 million of that has been distributed to PAPER stakers, equal to about 92.30% of total revenue.
BlockBeats noted that the revenue definition used here is unusual. It includes a 2% fee on traders’ realized PnL after positions are closed, a 2% fee on margin lost through liquidation, and any LP balance above the platform’s $5 million LP cap that is transferred to PAPER stakers. As a result, most of the reported protocol revenue consists of LP balance growth tied to trader losses. According to the project’s official documentation, PAPER staker payouts come from two sources: half of the protocol’s 2% rake, with the other half going to developers, and all LP balances above $5 million once that threshold is exceeded.
Papertrade recorded $7.49 million in daily revenue on Oct. 16, according to DefiLlama data cited by BlockBeats. That put the protocol ahead of Circle for the second day in a row, ranking it No. 2 among all protocols, behind only Tether.
Since launch, the platform has generated $57.16 million in cumulative revenue over seven days. It has also distributed about $52.76 million to PAPER stakers, or about 92.30% of total revenue.
How the revenue is counted
BlockBeats said the protocol revenue metric in this case uses a special definition. It includes a 2% fee on traders’ realized PnL after positions are closed, a 2% fee on margin lost in liquidations, and LP balances above the $5 million cap that are transferred to PAPER stakers.
In practice, that means most of the reported protocol revenue comes from growth in LP balances caused by trader losses on the platform.
Where PAPER staker distributions come from
According to the official documentation, PAPER staker distributions come from two sources:
- half of the protocol’s 2% rake, with the other half going to developers;
- all LP balances above $5 million once the LP pool exceeds that threshold.
Under that design, the protocol forms a loop described by BlockBeats as follows: losers receive platform equity in the form of PAPER, winners take money from losers, and the platform takes a cut while winners subsidize losers.
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