iceoff

What went wrong with @papertrade_xyz ? Papertrade launched on October 10 with a lot of excitement from CT. 1000x leverage, no funding, no slippage, and $PAPER rewards for losing trades. Sounds too good But right after the launch, some critical problems became clear 1. Trades aren't executed on Hyperliquid Papertrade only takes prices from HL. All positions are opened against its own pool, which started at $0 and grows through traders' losses Smaller payouts are easier to cover, but whales could wait days or longer to receive their full profit The ability to open a huge position doesn't mean the pool can afford to pay it out 2. The pricing model is open to abuse One wallet opened ~$200M in longs on Papertrade, then bought ETH on HL to push the reference price up. A move of roughly $3 was enough to close those longs for around $168K in profit 🤯 Then he did reverse: shorted on Papertrade, sold ETH on HL. In total guy have 296 winning trades out of 305 and roughly $1.28M profit 3. The incentives favor farming $PAPER Losing trades gets you PAPER, so farmers can open opposing positions and collect tokens from the losing side while recovering the loss on the winning side They still lose money through fees, but can acquire $PAPER much cheaper than usual trader That makes trading activity harder to valuate Does high volume means people want to use the exchange, or they're just farming rewards? 4. No volume fees doesn't mean cheap trading Papertrade takes a cut from winning trades, plus a 2% fee on profits, and smaller price changes gets a larger percentage cut That's especially relevant at high leverage, where a tiny move can decide the whole trade Losses count in full while wins get reduced, so traders need a higher win rate just to break even Just in a few days a lot tokens built around Papertrade already have dropped hard People came in expecting a great farming opportunity, and now reconsidering the mechanics behind it I still think Papertrade is an interesting experiment, but fixing issues is only part of the work. The product also needs to make sense for regular traders if it wants activity beyond $PAPER farming Let's see what the team changes and whether they can earn trust back 🫡

guys, be careful with OS listings some bad actors are abusing the OS UI to make their listings show up first at 10-20x the floor price some people have already been caught out and lost a lot of money idk how they do it, but refreshing the page helps. the issue seems to appear after about a minute on the collection page hope OpenSea can fix this soon please @opensea @zjbrenner 🙏

NFTs have cooled off lately, and the market has moved to other onchain activities But a lot of builders are cooking behind the scenes. I've been on a lot of calls with new projects recently, and many look very promising Some bigger launches have the whole space watching. Could their success bring another NFT push? 👇 - @YieldFields_RH by @Skarly - OCH was a catalyst for the NFT run on Abstract, and now Skarly is bringing farming to RH. Really looking forward to this one - @themutualfun by @Kingpickle - onchain funds where NFT holders vote on how the money is invested. After Strategy success, this could be its beta - @unvault by @AaronHaber - a new marketplace and launchpad with an eco already waiting to launch. Could bring a lot of activity back if the first projects do well - @hoojafun by @prollynuthin - one of the first projects coming to Unvault, with NFTs and a token opening trading together. Very excited to see launch of strong NFT IP on RH - @Slippyclub - an established community expanding into NFTs, with art by @LiViXi3 , the artist behind Pudgy. OG team, good art and a lot of coming - @fomoater - a collection for overthinkers, building its community through Fomo with passes for free NFTs. Like the art and how they're approaching distribution We've seen how a few successful projects can bring attention back to the whole space There are plenty of good teams here, now let's see what they deliver 🔥