PAPER Non Transferability Ignites Negative Public Opinion: 'Loss Mining' Exit Path Blocked, Pre Market Contracts Removed by Multiple Parties, Platform Data Significantly Declines BlockBeats News: On October 20th, Papertrade, a high leverage synthetic perpetual protocol based on HyperEVM, released an announcement this morning, clarifying that PAPER tokens are currently and in the short term not open for out of contract transfers, and synchronously adjusting the fee structure and token minting curve. The official statement states that if external perpetual contracts can short PAPER, it will significantly reduce the threshold for manipulation attacks on the agreement's fund pool. To avoid the agreement falling into a dangerous state, it has been decided not to open up transfers temporarily; At the same time, the casting rules will be changed to fix the casting supply share based on the loss ratio, and gradually dilute the early holders. After the announcement was released, the relevant pre-market market reacted quickly. HIP-3 market deployer Paragon immediately suspends pre market perpetual contract trading for PAPER and completes mandatory settlement. All open positions will be settled uniformly at approximately $0.026296; Aster will also permanently switch PAPER to a position only reduction mode before trading and prepare to take it down. At the same time, the Papertrade platform's own data showed a significant decline: after the announcement, BTC holdings decreased from approximately $390 million to $230 million, a decrease of 41%; ETH holdings decreased by 55% from approximately $150 million to $66.3 million. The platform's funds flowed out synchronously by about 7%, and TVL dropped to about 58.3 million US dollars, up from the previous peak of about 100 million US dollars. The market generally believes that this adjustment has significantly weakened the monetization exit path of "loss mining". Currently, most users prefer to obtain airdrops through gambling rather than real transactions. After the non transferable overlay token casting dilution mechanism, the pledged dividends are difficult to cover the previous losses, and the payback period is further extended. As the "Big Brother Ma Ji" of Papertrade Whale, PAPER may remain non transferable for a long time, and holders can only rely on fee distribution to obtain returns. However, as supply increases, the dividend ratio will also be diluted. Brother Ma Ji also pointed out that there is still room for resolution of the relevant issues, waiting for the official's next action. Some members of the crypto community pointed out that the official roadmap had previously mentioned opening up for future transfers, but today they suddenly changed their stance and adjusted the casting curve, directly undermining the confidence of early supporters. This is equivalent to locking down exit channels while diluting the profits of early holders, making PAPER closer to an illiquid rebate certificate, and even users directly point out Papertrade as a "soft rug" or expected management failure. PaperTrade, on the other hand, takes an official stance and states that the long-term value of PAPER tokens depends on whether the agreement can continue to attract real traders, rather than whether the tokens can trade freely. The team is unwilling to limit business growth in order to support PAPER perpetual contracts. Today's adjustment is based on the actual data from one week of online launch, and is not a hasty decision.