Holy crap, what kind of luxury mining is PAPER? Just 8 days since launch, and it’s already distributed $52 million! PAPER’s Pre-Launch perpetual contracts just appeared on Hyperliquid, priced around $0.028–0.029. Based on the current total supply of approximately 8.55 billion tokens, the implied valuation has already reached $240–250 million. Right now, about 99% of PAPER is staked, and the protocol has distributed around $52 million USDC to stakers. As LP profits accumulate, PAPER’s issuance rate keeps dropping. Currently, for every $1 loss, only about 11.7 tokens can be mined, which is worth roughly $0.33 at $0.028 per token—and that’s not even counting staking rewards. The cost for early miners versus those entering now is completely different. At the moment, PAPER cannot be freely transferred yet. What’s being traded on Hyperliquid are Pre-Launch perpetual contracts, not spot tokens.