Papertrade为亏损交易者发放代币

核心要点

根据协议的排放规则，符合条件的交易亏损可能触发 PAPER 代币的发行。

PAPER 并不能替代在交易中丢失的 USDC。

同一资金池负责向获胜的交易者支付收益。

该模型需要确保获胜者能够可靠地获得 payout，同时为持有 PAPER 提供可持续的理由。

围绕单一共享资金池构建的永续合约市场

Papertrade 是一个基于 Hyperliquid 基础设施构建的永续合约交易平台。交易者无需购买基础资产，即可对加密货币价格进行杠杆交易。该平台采用名为 Martingaler LP 的共享 USDC 储备金作为结算模式。

与其他杠杆永续合约类似，该产品可以放大微小的价格波动，累积资金费率，并清算资金不足的头寸。这些都是使用杠杆交易加密货币时的基本机制。Papertrade 引入了一个独特的代币结果：符合条件的亏损可能会触发 PAPER 的发行。

USDC 的损失是真实存在的。PAPER 赋予交易者一种独立的资产，其最终价值取决于协议的活动、代币供应量、市场需求以及提供给持有者的条款。

$100 亏损后的遗留物

If a trader loses $100, this USDC loss can be used to replenish the shared Martingaler LP. Subsequently, PAPER may be issued under the agreement's current emission rules. The token does not restore the value of that $100; it simply gives the trader an independent asset with uncertain future value.

This distinction is crucial because token rewards can easily be mistaken for compensation. A more accurate understanding is that this is a new position created after the trade has closed. Its price may rise, fall, or lack liquidity, and if a trader sells immediately, the amount gained may be much less than the USDC lost.

Papertrade's material describes the PAPER pledge as a way for holders to participate in agreement revenue. But whether this creates lasting value depends on activity, fees, token issuance, market demand, and the terms of the pledge system in place. Before relying on any promotional descriptions, traders should review current documentation and smart contracts for reward formulas, transferability and restrictions.

Therefore, the model raises two questions for loss-making traders: First, how much USDC can you lose through leveraged trading? Second, considering dilution effects, liquidity, and negotiated revenue, does it make economic sense to hold subsequently acquired PAPER?

The same pool must pay the winning trader

PAPER's story cannot be separated from the pool behind the market. Entering USDC after a loss helps support the liquidity needed to settle profitable positions, linking the token mechanism to the platform's ability to pay money to traders.

Papertrade 白皮书描述了这样一种情况：当资金池没有足够的即时可用 USDC 来覆盖所有盈利提取时，会形成排队机制。在这种情况下，获胜的交易者可能需要等待资金池获得进一步的流动性注入。

这种排队机制是提议设计中的公开部分，并非证明支付会失败。但这意味着，评估该市场时，不仅要考察其交易界面，还要考察其结算记录。一个永续合约平台的有用性，取决于其在交易者有权提取收益时能否成功交付利润的能力。

“卡达诺允许发行人为新代币设定规则”（标题占位）

代币可能影响风险偏好

代币可能会改变某些交易者对待高风险头寸的方式。考虑进行高杠杆交易的人可能会将 PAPER 视为亏损后可能的残余收益，特别是如果他们预期协议会增长且代币需求会增加时。

如果这种期望成为采取原本规模过大的头寸的理由，那就非常危险。PAPER 并非具有明确赔付的对冲工具，也无法在强平或亏损平仓发生时减少 USDC 的实际损失。其未来价值必须与交易即刻发生的、已知的成本进行权衡。

There is also a supply problem. Issuing more tokens as more losses may expand participation, but may also dilute existing holders if agreement revenue and demand expand unsynchronized. The model requires a credible link between trading activity, settlement liquidity, and PAPER holder value; this link cannot be created by issuing tokens alone.

Papertrade must deliver the promised four test points

The first test: Can the winner withdraw the USDC?

Shared funds pools need to have sufficient liquidity to meet the withdrawal requirements of profitable traders and avoid long-term queues.

Second test: Does PAPER have a reason to hold it?

Its supply needs to be linked to actual demand, pledge participation and agreement revenue, rather than just relying on issuance.

Third test: How does the pool perform under pressure?

If there are more profitable positions than losing positions in a market, it may reveal whether the payment mechanism is working effectively during unfavorable trading periods.

Test 4: How do losing traders handle PAPER?

Continued holding or pledging will show a very different type of demand than selling immediately after every loss.

These indicators provide a more useful perspective than mere token prices. The increase in PAPER prices does not prove that the payment mechanism is stable, and short-term smooth withdrawals cannot solve long-term problems regarding the supply and demand of tokens.

The model needs to fulfill two commitments

Papertrade 正试图将杠杆交易中常见的挫败感转化为其经济设计的一部分。与其让每位亏损交易者只留下余额减少的结果，它向符合条件的参与者提供一种代币，如果该平台建立起持久的活动和收入，该代币可能具有价值。

这种方法只有在两种结果能在长时间内同时成立时才能证明其有效性：盈利的交易者能够在到期时获取他们的 USDC，且 PAPER 发展出不依赖于不断扩大的新亏损交易流的經濟角色。在那种证据出现之前，PAPER 应被视为亏损后收到的一种投机性代币，而非恢复损失的保证。

本文仅供参考，不构成金融或投资建议。永续合约和杠杆交易具有极高的亏损风险。产品条款、代币机制和资格规则可能会发生变化。