PaperTrade, an on-chain perpetual-futures protocol, reportedly attracted $140 million in deposits before making its PAPER token non-transferable, despite initially planning to allow transfers. The change has raised concerns about secondary-market liquidity, the protocol’s viability and the risk of dilution for early token recipients. The probability of PaperTrade’s fully diluted valuation exceeding $25 million one day after launch has consequently fallen from about 95% a week ago to 52% today. Future announcements on restoring transfers, creating secondary-market venues or introducing staking rewards and liquidity incentives will be decisive.
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