Recently, the perpetual contract trading platform Papertrade @papertrade_xyz has been super popular, and based on it, PaperDAO @paperdao_xyz was born. What is PaperDAO? Simply put, PaperDAO is like a crowdfunding group: everyone pools ETH on http://daos.world to create a fund, and on October 10th, the first day Papertrade launches, they’ll trade together. Papertrade is a synthetic perpetual platform built on Hyperliquid, offering up to 1000x leverage, but it hasn’t launched yet. Its liquidity pool starts at zero when it opens—no seed funding, no team or VC allocations. Users’ losses go into the pool, winners take money from the pool, and if the pool runs out, payouts are first-come, first-served. Losses will earn you paper. When the pool is under $2 million, every $1 loss gets you 100 paper. After that, the issuance rate decreases. You can’t buy paper—it can only be earned through losses or liquidations. Staking paper allows you to share in the pool’s future revenue, which comes from the losses of later participants. Joining PaperDAO gets you pulp, which represents a share of the treasury. There’s a total supply of 1.1 billion pulp, with 100 million locked in a Uniswap pool. All trading fees from pulp will be used for buybacks and burns. Once paper becomes transferable, pulp can be exchanged for paper at a proportional rate. Timeline: Fundraising ends before October 8th (exact date TBD). On October 8th, the treasury will be transferred to HyperEVM for pre-deposit. Trading begins on October 10th, and pulp can later be exchanged for paper. Here’s a graphic that explains the project logic clearly: