{
  "version": 1,
  "event_id": "evt_8860783216280eb3",
  "url": "https://xiyu.news/events/evt_8860783216280eb3/",
  "json": "https://xiyu.news/api/events/evt_8860783216280eb3.json",
  "type": "product_release",
  "status": "developing",
  "category": "crypto",
  "title": {
    "zh": "⚡️Papertrade已正式上线，11,465个地址存入1.38亿美元",
    "en": "⚡️Papertrade已正式上线，11,465个地址存入1.38亿美元"
  },
  "current_state": {
    "zh": "Papertrade 继续运营：累计名义成交额超 5840 亿美元，未平仓合约名义价值约 23.13 亿美元，保证金约 1639.80 万美元；PAPER 质押比例约 98.92%，累计质押者奖励约 2402.10 万美元；资金池净资金约 387.57 万美元，当前排队待付金额为零。",
    "en": "Papertrade remains live: cumulative notional volume over $58.4 billion, open interest notional around $2.313 billion, margin around $16.398 million; PAPER staking ratio about 98.92%, cumulative staker rewards about $24.021 million; pool net funds about $3.8757 million, with zero pending payout queue."
  },
  "first_seen_at": "2026-10-10T14:50:31.899249+00:00",
  "last_updated_at": "2026-10-11T06:10:35.826529+00:00",
  "last_material_change_at": "2026-10-11T06:10:35.826529+00:00",
  "confidence": 0.75,
  "updates_count": 4,
  "sources_count": 4,
  "entities": [
    "paper",
    "papertrade"
  ],
  "identifiers": [],
  "topics": [
    "defi-launch",
    "defi-metrics",
    "hyperevm",
    "hyperliquid",
    "on-chain-derivatives",
    "paper-token",
    "papertrade",
    "perpetual-futures",
    "perpetuals",
    "protocol-launch",
    "staking",
    "synthetic-assets",
    "synthetic-perpetuals",
    "token-emissions"
  ],
  "updates": [
    {
      "update_id": "upd_20b1b5f60b39423a",
      "event_id": "evt_8860783216280eb3",
      "occurred_at": "2026-10-10T14:03:02Z",
      "published_at": "2026-10-10T14:03:02Z",
      "first_seen_at": "2026-10-10T14:50:31.899249Z",
      "time_precision": "published",
      "update_type": "initial",
      "material_change": true,
      "title_zh": "⚡️Papertrade已正式上线，11,465个地址存入1.38亿美元",
      "title_en": "⚡️Papertrade已正式上线，11,465个地址存入1.38亿美元",
      "what_changed_zh": "Papertrade 是 HyperEVM 上一个完全链上的合成永续合约协议，其定价基于 Hyperliquid 的订单簿中间价，并仅通过用户亏损和清算来铸造其 PAPER 代币，该协议在完成来自 11,465 个地址的 1.38 亿美元预存款后已正式上线。",
      "what_changed_en": "Papertrade, a fully on-chain synthetic perpetuals protocol on HyperEVM that prices off Hyperliquid's order-book midpoint and mints its PAPER token solely from user losses and liquidations, has officially launched after closing pre-deposits of $138 million from 11,465 addresses.",
      "current_state_zh": "Papertrade 是 HyperEVM 上一个完全链上的合成永续合约协议，其定价基于 Hyperliquid 的订单簿中间价，并仅通过用户亏损和清算来铸造其 PAPER 代币，该协议在完成来自 11,465 个地址的 1.38 亿美元预存款后已正式上线。",
      "current_state_en": "Papertrade, a fully on-chain synthetic perpetuals protocol on HyperEVM that prices off Hyperliquid's order-book midpoint and mints its PAPER token solely from user losses and liquidations, has officially launched after closing pre-deposits of $138 million from 11,465 addresses.",
      "detailed_summary_zh": "Papertrade, a fully on-chain synthetic perpetuals protocol on HyperEVM that prices off Hyperliquid's order-book midpoint and mints its PAPER token solely from user losses and liquidations, has officially launched after closing pre-deposits of $138 million from 11,465 addresses.",
      "detailed_summary_en": "Papertrade, a fully on-chain synthetic perpetuals protocol on HyperEVM that prices off Hyperliquid's order-book midpoint and mints its PAPER token solely from user losses and liquidations, has officially launched after closing pre-deposits of $138 million from 11,465 addresses.",
      "background_zh": "",
      "background_en": "",
      "community_discussion_zh": "",
      "community_discussion_en": "",
      "market_impact_zh": "",
      "market_impact_en": "",
      "importance_score": 7.0,
      "references": [],
      "confidence": 0.75,
      "story_ids": [
        "telegram:theblockbeats:199849"
      ],
      "sources": [
        {
          "url": "https://m.theblockbeats.info/flash/371174?from=telegram",
          "label": "theblockbeats",
          "source_type": "telegram",
          "official": false
        }
      ]
    },
    {
      "update_id": "upd_656dee83aaa711a7",
      "event_id": "evt_8860783216280eb3",
      "occurred_at": "2026-10-10T14:39:02Z",
      "published_at": "2026-10-10T14:39:02Z",
      "first_seen_at": "2026-10-10T14:50:31.899628Z",
      "time_precision": "published",
      "update_type": "escalation",
      "material_change": true,
      "title_zh": "⚡️Papertrade上线半小时，PAPER代币排放进入衰减模式",
      "title_en": "⚡️Papertrade上线半小时，PAPER代币排放进入衰减模式",
      "what_changed_zh": "上线半小时，平台累计成交量达399亿美元；LP余额超过200万美元后，PAPER代币排放进入衰减模式。",
      "what_changed_en": "Within the first half-hour after launch, cumulative volume reached $39.9 billion; after LP balances exceeded $2 million, PAPER token emissions moved into decay mode.",
      "current_state_zh": "Papertrade 已正式上线，上线半小时累计成交量达399亿美元，LP余额超过200万美元，PAPER代币排放已进入衰减模式。",
      "current_state_en": "Papertrade has officially launched; within the first half-hour cumulative volume reached $39.9 billion, LP balances exceeded $2 million, and PAPER token emissions have entered decay mode.",
      "detailed_summary_zh": "Papertrade, a HyperEVM-based on-chain synthetic perpetuals platform that prices off Hyperliquid's order book BBO and mints PAPER tokens against user losses, launched with $39.9B in first-half-hour volume and moved into PAPER emission-decay mode after LP balances exceeded $2M.",
      "detailed_summary_en": "Papertrade, a HyperEVM-based on-chain synthetic perpetuals platform that prices off Hyperliquid's order book BBO and mints PAPER tokens against user losses, launched with $39.9B in first-half-hour volume and moved into PAPER emission-decay mode after LP balances exceeded $2M.",
      "background_zh": "",
      "background_en": "",
      "community_discussion_zh": "",
      "community_discussion_en": "",
      "market_impact_zh": "",
      "market_impact_en": "",
      "importance_score": 7.0,
      "references": [],
      "confidence": 0.96,
      "story_ids": [
        "telegram:theblockbeats:199851"
      ],
      "sources": [
        {
          "url": "https://m.theblockbeats.info/flash/371176?from=telegram",
          "label": "theblockbeats",
          "source_type": "telegram",
          "official": false
        }
      ]
    },
    {
      "update_id": "upd_9385e10f38ea01b2",
      "event_id": "evt_8860783216280eb3",
      "occurred_at": "2026-10-11T01:13:02Z",
      "published_at": "2026-10-11T01:13:02Z",
      "first_seen_at": "2026-10-11T02:07:46.563329Z",
      "time_precision": "published",
      "update_type": "escalation",
      "material_change": true,
      "title_zh": "Papertrade累计名义成交额超5730亿美元，未平仓合约头寸达33亿美元",
      "title_en": "Papertrade累计名义成交额超5730亿美元，未平仓合约头寸达33亿美元",
      "what_changed_zh": "上线约一天后，Papertrade 累计名义成交额超过 5730 亿美元，未平仓合约头寸达 33.22 亿美元，对应保证金 2029 万美元。",
      "what_changed_en": "Roughly one day after launch, Papertrade reported over $573 billion in cumulative notional volume and $3.32 billion in open interest, backed by $20.29 million in position margin.",
      "current_state_zh": "Papertrade 已上线并继续运营，累计名义成交额超 5730 亿美元，未平仓合约头寸约 33.22 亿美元，保证金约 2029 万美元，PAPER 代币排放处于衰减模式。",
      "current_state_en": "Papertrade remains live with cumulative notional volume over $573 billion, open interest around $3.32 billion, margin around $20.29 million, and PAPER token emissions in decay mode.",
      "detailed_summary_zh": "HyperEVM-based synthetic perpetuals protocol Papertrade reported over $573 billion in cumulative notional volume and $3.32 billion in open interest within roughly one day of launch, backed by $20.29 million in position margin, with its PAPER token minted solely from user losses and liquidations.",
      "detailed_summary_en": "HyperEVM-based synthetic perpetuals protocol Papertrade reported over $573 billion in cumulative notional volume and $3.32 billion in open interest within roughly one day of launch, backed by $20.29 million in position margin, with its PAPER token minted solely from user losses and liquidations.",
      "background_zh": "",
      "background_en": "",
      "community_discussion_zh": "",
      "community_discussion_en": "",
      "market_impact_zh": "",
      "market_impact_en": "",
      "importance_score": 7.0,
      "references": [],
      "confidence": 0.95,
      "story_ids": [
        "telegram:theblockbeats:199870"
      ],
      "sources": [
        {
          "url": "https://m.theblockbeats.info/flash/371195?from=telegram",
          "label": "theblockbeats",
          "source_type": "telegram",
          "official": false
        }
      ]
    },
    {
      "update_id": "upd_33cfbca7ab0e1863",
      "event_id": "evt_8860783216280eb3",
      "occurred_at": "2026-10-11T02:42:10Z",
      "published_at": "2026-10-11T02:42:10Z",
      "first_seen_at": "2026-10-11T06:10:35.826529Z",
      "time_precision": "published",
      "update_type": "escalation",
      "material_change": true,
      "title_zh": "【papertrade 上线以来累计名义成交额超 5840 亿美元，累计质押者奖励约 2402 万美元】",
      "title_en": "【papertrade 上线以来累计名义成交额超 5840 亿美元，累计质押者奖励约 2402 万美元】",
      "what_changed_zh": "Papertrade 更新运营数据：累计名义成交额超 5840 亿美元，未平仓合约名义价值约 23.13 亿美元，对应保证金约 1639.80 万美元；PAPER 总供应约 51.62 亿枚，其中约 51.06 亿枚已质押（约 98.92%），累计质押者奖励约 2402.10 万美元；资金池账面余额约 415.34 万美元，计入浮盈浮亏后净资金约 387.57 万美元，当前排队待付金额为零。",
      "what_changed_en": "Papertrade updated operating metrics: cumulative notional volume over $58.4 billion, open interest notional around $2.313 billion, backing margin around $16.398 million; PAPER supply about 5.162 billion with about 5.106 billion staked (~98.92%); cumulative staker rewards about $24.021 million; pool book balance about $4.1534 million, net of unrealized PnL about $3.8757 million, and zero pending payout queue.",
      "current_state_zh": "Papertrade 继续运营：累计名义成交额超 5840 亿美元，未平仓合约名义价值约 23.13 亿美元，保证金约 1639.80 万美元；PAPER 质押比例约 98.92%，累计质押者奖励约 2402.10 万美元；资金池净资金约 387.57 万美元，当前排队待付金额为零。",
      "current_state_en": "Papertrade remains live: cumulative notional volume over $58.4 billion, open interest notional around $2.313 billion, margin around $16.398 million; PAPER staking ratio about 98.92%, cumulative staker rewards about $24.021 million; pool net funds about $3.8757 million, with zero pending payout queue.",
      "detailed_summary_zh": "HyperEVM-based perpetuals platform papertrade reports over $584 billion in cumulative notional volume, ~$2.31 billion open interest and ~98.9% of its PAPER supply staked just hours after launch, despite a trading pool holding only about $4.15 million in net funds.",
      "detailed_summary_en": "HyperEVM-based perpetuals platform papertrade reports over $584 billion in cumulative notional volume, ~$2.31 billion open interest and ~98.9% of its PAPER supply staked just hours after launch, despite a trading pool holding only about $4.15 million in net funds.",
      "background_zh": "",
      "background_en": "",
      "community_discussion_zh": "",
      "community_discussion_en": "",
      "market_impact_zh": "",
      "market_impact_en": "",
      "importance_score": 7.0,
      "references": [],
      "confidence": 0.97,
      "story_ids": [
        "telegram:foresightnews:120116"
      ],
      "sources": [
        {
          "url": "https://foresightnews.pro/news/h5Detail/114925",
          "label": "foresightnews",
          "source_type": "telegram",
          "official": false
        }
      ]
    }
  ]
}