Traders tried to lose money fast to earn PAPER. Now the token may never be transferable, and one tracker shows staking revenue fell 93% in a day.
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PaperTrade drew $140 million in pre-deposits and for one day flipped Nasdaq's daily notional volume by letting traders take up to 1,000x leverage against the house, with a PAPER token as the rebate for losing. Then the team announced it no longer plans to make PAPER transferable.
Jason Pagoulatos, Head of Markets at Delphi Research, joins Laura Shin to unpack how the protocol works and why the reversal landed so badly. He walks through the house pool that pays winners from losers' margin, the launch-day trader who pushed ETH around on Hyperliquid to move PaperTrade's price feed, and why a transferable PAPER would invite a larger attack.
Pagoulatos says the team's reasoning holds up but calls the change a bait and switch for everyone who deposited under the original rules. With one tracker showing staking revenue down 93% in a day, the conversation ends on what makes any token worth holding: a business that would work without it.

Host:
<ul>
 <li><a href="https://x.com/laurashin">⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Laura Shin⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠</a>, Host / Unchained</li>
</ul>
Guest:
<ul>
 <li><a href="https://x.com/tayvano_">⁠⁠⁠⁠⁠⁠⁠⁠⁠</a><a href="https://x.com/AlexAuroraDev">⁠⁠⁠⁠⁠⁠⁠</a><a href="https://x.com/LorenzoARK">⁠⁠⁠⁠⁠</a><a href="https://x.com/MagicalTux">⁠⁠⁠</a><a href="https://x.com/apruden08">⁠</a><a href="https://x.com/3xliquidated">Jason Pagoulatos</a> - Head of Markets at Delphi Research
</li>
</ul>
Timestamps
🎬 00:00 Intro
⚡ 02:01 What PaperTrade is and why it briefly flipped Nasdaq's daily volume
🎰 06:46 How PaperTrade's house pool pays winners and mints PAPER for losers
🚀 10:32 Launch week: $140M in pre-deposits and a price-feed play on day one
💰 15:12 Nexo: Generate daily interest on your crypto or borrow funds against your assets at https://unchainedcrypto.com/go/nexo-podcast-yt
🔒 15:59 Why promise transferability if the risk was already in the docs?
🔄 17:31 Why PaperTrade shelved plans to make PAPER transferable
📉 24:07 Is PaperTrade over after a 93% one-day drop in staking revenue?
🧱 27:52 Why Jason says tokens should be judged like equity in a real business Learn more about your ad choices. Visit <a href="https://megaphone.fm/adchoices">megaphone.fm/adchoices</a>

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PaperTrade Attracted $140M, Then Changed the Rules. Was It a Bait and Switch?

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