Papertrade has fallen out of the top 20 blockchain protocols by daily revenue, according to DeFiLama data cited by Odaily. The protocol is currently generating $178,000 in daily revenue, placing it at No. 20 in the revenue rankings. Despite launching only 12 days ago, Papertrade has posted $61.96 million in cumulative protocol revenue and still ranks third by revenue over the past seven days. At its peak, its daily revenue had even surpassed Hyperliquid and placed it among the top three protocols.
The pullback came after Papertrade announced on Oct. 20 that its protocol token, PAPER, would no longer be transferable. Since that change, multiple protocol metrics have declined to varying degrees, and user trading activity has also weakened. Total value locked on the platform has now fallen to about $40 million. PaperTrade founder Jez had previously said that whether the token was transferable would not change whether a degen chose to keep trading on PaperTrade over the long term.
Papertrade has slipped out of the top 20 blockchain protocols by daily revenue, according to DeFiLama data cited by Odaily. The protocol is now generating $178,000 in daily revenue, putting it at No. 20 in the revenue ranking.
Papertrade launched just 12 days ago, but its cumulative protocol revenue has already reached $61.96 million. Over the past seven days, it ranks third by revenue. Earlier, its daily revenue had even exceeded Hyperliquid, placing it among the top three protocols.
Metrics weakened after PAPER became non-transferable
Odaily said multiple protocol indicators have declined to varying degrees since Papertrade announced on Oct. 20 that its protocol token, PAPER, would be non-transferable. User trading activity has also fallen, and the protocol's total value locked now stands at about $40 million.
PaperTrade founder Jez had previously said that whether the token could be transferred would not change whether a degen chose to keep trading on PaperTrade over the long term.
Odaily also pointed readers to a related article titled, "No token sales allowed, 526 days to break even, no one is playing PaperTrade anymore."
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