Papertrade keeps PAPER token non-transferable due to perpetual contract attack risks, no timeline announced for opening trading

Odaily reports: Papertrade, a synthetic perpetual contract protocol built on Hyperliquid, has announced that due to concerns over attack risks related to perpetual contracts, its platform token PAPER will remain non-transferable, and no specific timeline has been announced for opening transfers or secondary market trading.

Papertrade stated that PAPER tokens obtained by users through realized trading losses can still be used for staking to earn USDC yield distributed by the protocol.

It is understood that Papertrade is a fully on-chain, user-owned synthetic perpetual contract protocol that supports up to 1000x leverage and claims that trading will not cause market impact.