Two whale addresses have collectively withdrawn 5,965 ETH over the past 20 minutes, and may continue buying.

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.

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.

CZ posted on X that users should prioritize asset security (SAFU), adding that he does not oppose hardware wallets or self-custody. He pointed out that different wallets and products suit different use cases, with distinct security implications and best practices. YZi Labs has invested in hardware wallet projects including OneKey and SafePal, as well as mobile wallet products such as Trust Wallet.