《IOSG: Papertrade Daily Revenue Second Only to Tether, A Casino That Refunds 90% of Losses to Losers》 (Author: Mario Chow) The article analyzes the synthetic perpetual contract platform HyperEVM's Papertrade, which issues PAPER tokens through trading losses and allocates liquidity pool overflow to stakers. As of October 19, 2026, traders have incurred a net loss of $63.2 million, with approximately 86% distributed to stakers. The top 1,000 wallets hold 88% of PAPER and receive 91% of dividends. The article points out that since the platform's launch, there hasn't been a queue of winners waiting for payouts, but staking income fluctuates with mining returns. Risks such as liquidity pool solvency, price source manipulation, and relay censorship still exist. PAPER tokens are currently non-transferable, and their pre-market perpetual price lacks spot price anchoring. Future developments to watch include the opening of transfers, adjustments to liquidity pool caps, and decreases in mining rates. Read the full article: https://(wublock123.com)/articles/papertrade-daily-revenue-second-to-tether-casino-refunds-90-percent-losses-59717