PAPER has been live for only 10 days, and it's already performing surgery on itself! This adjustment is pretty intense. Papertrade's official team just announced a major overhaul. To put it bluntly, they realized that if the original gameplay continued, early whales could potentially drain newcomers dry, and high-frequency bots were constantly exploiting the liquidity pool. The platform had to change the rules to ensure long-term sustainability. **First Cut:** PAPER temporarily disables transfers, so don’t expect spot trading to launch anytime soon. Imagine the platform’s liquidity pool has only $10 million, and an attacker spends $15 million to manipulate the market—it would normally be a losing trade. But if they could short PAPER in advance, the attacker could simultaneously drain the liquidity pool and profit from PAPER’s price crash. The team decided to block secondary circulation for now. **Second Cut:** Adjusting PAPER’s issuance mechanism—early miners are losing their edge. From now on, for every $1 million in trading losses generated, approximately 0.1% of the current supply will be minted. The tokens held by early players will be diluted as new participants join in. This is definitely unfriendly to early whales, but it prevents newcomers from perpetually carrying the bags for those who came first. **Third Cut:** High-frequency bots will have to pay more, and Builder Codes are coming soon. The platform plans to increase the cost of ultra-short-term arbitrage strategies. Historical backtesting shows this will hit bot profits about 15 times harder than regular traders. At the same time, they’ll open up whitelist access for Builders, essentially inviting more teams to bring trading volume to the platform. PAPER is now increasingly positioned as a certificate that lets you share in protocol revenue but will continue to be diluted over time. You can stake PAPER to earn USDC distributions, but for now, you can’t freely sell it, and new tokens will keep being minted in the future. I think the team has figured it out: rather than letting PAPER become a tool for early whales to exploit newcomers, it’s better to sacrifice liquidity for now and focus on growing the trading ecosystem.