Papertrade, a synthetic perpetuals protocol, has faced scrutiny over making its PAPER token available on exchanges. Delphi Digital’s Jason Pagoulatos said the ability to launch a perpetual market quickly could expose the token to manipulation. The protocol maintained transfer restrictions after attracting approximately $140 million in deposits, a decision Pagoulatos described as a “bad look.” The probability of Papertrade’s fully diluted valuation exceeding $25 million one day after launch fell to 52%, down from 95% a week earlier, indicating reduced market confidence.
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