Justin Sun: Li Lin Once Concealed Due Diligence Materials, I Lent the Company $30 Million to Fill the Gap

According to official information, Papertrade generated a notional trading volume of $14.4 billion in less than 10 minutes after its launch. As of press time, open interest for Bitcoin and Ethereum contracts stood at $3 billion and $2.66 billion respectively. The project’s early trading boom may be tied to its unique mechanism. Per the official documentation, the issuance model of PaperTrade’s native token PAPER works as follows: for every $1 a platform user loses, the protocol mints a certain number of PAPER tokens on a curve. When the liquidity provider (LP) balance is below $2 million, the minting ratio is fixed at 100 PAPER per $1 lost; once the LP balance exceeds $2 million, the minting rate begins to decay, with the number of PAPER minted decreasing as the LP balance grows.

According to official website information, the synthetic perpetual protocol Papertrade built on HyperEVM has officially launched. Its pre-deposit phase is now closed, with 11,465 addresses depositing a total of $138 million. Papertrade is a fully on-chain synthetic perpetual trading platform deployed on HyperEVM. It sources prices from the Best Bid/Offer (BBO) mid-price of Hyperliquid’s order book, enabling users to trade directly against the protocol’s liquidity providers (LPs) rather than relying on traditional order book matching. The protocol boasts high leverage, zero slippage, and no funding fees. Its native token PAPER has an initial supply of zero, with no pre-mining, team, or venture capital (VC) allocations. The only source of token minting is user losses or liquidations. During its early launch phase, the token cannot be freely transferred and is primarily used for staking.

According to on-chain analyst Ai Yi (@ai_9684xtpa), two addresses belonging to the same whale have built positions worth $14.89 million in ETH. Over the past 20 minutes, the two addresses have withdrawn a total of 5,965 ETH from Binance at an average price of $2,496.95 per ETH. Notably, the address that sourced the funds also transferred similar amounts of USDC to several other new addresses, suggesting it may continue to buy ETH in batches.

Cross-chain protocol Relay announced via Twitter that it will shut down Relay Vaults. Users holding funds in the vaults must withdraw via the official portal, which will close on December 31, 2026. After that date, users can still withdraw funds directly from the smart contracts. The project stated that Vaults are an optional product for users to provide liquidity, and the shutdown is to make way for an upcoming improved version, with relevant details to be announced later. Swaps, payment services, and all other integrations remain unaffected and will operate as normal.

According to official announcements, NEAR treasury firm SVRN has acquired NEAR infrastructure platform FastNEAR. FastNEAR will join SVRN as a wholly owned subsidiary, with its co-founders Evgeny (Eugene) Kuzyakov and Mike Purvis also joining the SVRN team. The announcement notes that FastNEAR is a high-performance RPC infrastructure provider powering NEAR applications, and it also supports most of NEAR’s data layer, including server clusters handling network read and write operations, archival infrastructure storing full transaction histories, and NEARDATA – a data source for developers to process these historical records.

HIP-3 market deployer Entropy won the auction for the code "xiaomi" with 569.98 HYPE, and is expected to launch its perpetual contracts soon.