the sky is starry tonight
Joined December 2019
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and the trend continued over the last 24h, paperstrategy generated $22.2k in staking revenue ready to be deployed into $pstr buybacks and burns
paperstrategy is evolving into an increasingly autonomous system. its strategies self-manage and adapt to papertrade conditions, market volatility and the state of our own treasury
think of it as a self-optimizing accumulation engine: generating paper, managing incoming cash flows, dynamically allocating treasury resources and continuously routing its profits back into its own token through buybacks and burns
the market dumped over the last 72 hours. BTC −4%, ETH −10%.
over the same 72 hours:
- papertrade stakers earned $2.16M
- paperstrategy earned $48.1k
- our PAPER grew 1.72x faster than total PAPER supply
- 8.3M $PSTR bought back and burned with $21k more to come
paperstrategy is built to get stronger when the market moves, whether it's up or down.
elian retweeted
Five contract level upgrades have been pushed to the timelock. The non-atomic nature of hyperliquid core and EVM blocks, along with the still broadly un-battletested precompiles necessitates extensive, heavy testing as the design patterns papertrade employs are unusual to see in solidity. Papertrade, by its nature is a risk on protocol. But when it comes to striking a balance between speed and security, security will always remain paramount, particularly when it comes to production contract changes.
Core lending:
The Exchange will now be able to supply idle USDC to HyperCore's native lending market, with the accruing interest being routed to stakers.
Collectibles:
A factory plus per-collection ERC-721 contracts for exchange collectibles and themes.
Staked PAPER transfer module:
PaperStaking gains a whitelist of transfer enabled contracts, along with contract level yield piping. This code is unused for now but will be necessary for future updates.
Sweep timing fix:
HyperEVM big blocks share a timestamp with a preceding small block. Whilst never triggered in production this could cause an ill-timed deposit sweep to fail and so the contract level timing checks are switching to block numbers rather than timestamps.
Direct LP donation:
A new admin locked donateToLp call moves USDC from a designated donor account into the LP's cash, providing a clean path for regulating externally held USDC back into the LP.
At some point we will likely write up a blog on our retrospective of the first month of papertrade, but we are few and there are only so many hours in a day or hats a man can wear.
A final quick thank you to those who helped out with adversarial testing, game theory and the general math that went into last month's upgrade, you know who you are. To those who are still confused -- often boisterously so, we thank you for sticking around for long enough to show you care.
good luck to us.
elian retweeted
the market dumped over the last 72 hours. BTC −4%, ETH −10%.
over the same 72 hours:
- papertrade stakers earned $2.16M
- paperstrategy earned $48.1k
- our PAPER grew 1.72x faster than total PAPER supply
- 8.3M $PSTR bought back and burned with $21k more to come
paperstrategy is built to get stronger when the market moves, whether it's up or down.
actually they can't for now, even if they wanted. the first version of elysium's hypercore write access is trade only, a contract can place and cancel orders on the user's own hypercore account but it can't move usdc from one hypercore account to another. papertrade's whole financial logic relies on that, settling positions, updating balances, sweeping deposits, all of it happens through usdc transfers on hypercore. so until transfers are added to the keeper lane they have no way to run it on elysium
what really sets elysium apart from every other l2 is native hypercore access through precompiles
hevm has them too but slow blocks, top-of-book-only reads and delayed order writes with no execution guarantee meant they never got used to their full potential. papertrade is one of the few protocols that actually built its core around them
on elysium a contract will be able to read live hypercore state every single hypercore block. full-depth orderbooks, oracle, mark and spot prices, and the balances and positions of any account on hl. it will also be able to send orders to the hypercore books in ~100ms while users keep custody of their funds
so while everyone is fighting over what the next cashcat on elysium will be i think the thing worth watching is what actually makes this chain different: composability with hypercore
none of this is live yet. it ships in an upgrade expected in about four weeks. when it does i hope to see serious builders put it to work. the design space is huge and could give us genuinely new defi/perps primitives
i have a few fun ideas in mind, will talk about them later. until then let the tourists leave and let's wait patiently for the precompiles
paperstrategy continues to outperform across every papertrade metric
the terminal generates more volume than any other builder code
staking revenues allow us to benefit from significant buybacks during major market movements, with nearly 20% of the total pstr supply soon to have been bought back and burned
as trading volume has dropped significantly on papertrade, we've adapted our engine strategies and shifted towards a much more conservative approach, using lower leverage and higher targets to limit the asymmetric impact and preserve treasury capital
with our current settings we're still outperforming paper inflation and increasing our share of papertrade revenues while maintaining the treasury at the same level
meanwhile, papertrade has found a steady level of volume and open interest fluctuating between $60m and $90m. considerably lower than what we saw during the early days but still enough to demonstrate organic demand for the protocol
the next few weeks should be interesting
elian retweeted
papertrade stakers earned $983k in the last 24 hours.
since oct 19 when papertrade announced PAPER would stay non transferable, paperstrategy has:
- earned $205k in staking revenue
- bought back and burned 78.1M $PSTR, 7.8% of the supply
at that pace, the next 2 months would mean another ~$690k in staking revenue.
elian retweeted
paperstrategy now holds 200M PAPER.
that's 2.20% of all staked PAPER.
printed as sheets of paper, that stack would stand ~20 km tall, more than twice the height of everest.
elian retweeted
paperstrategy has adjusted its engines to papertrade's slower PAPER minting. our engines now run at a calmer pace.
in the 48 hours since the change:
- $7.7k lost from the treasury to mint 454k PAPER
- our PAPER grew 1.64x faster than total PAPER supply. 3.6% of all new PAPER went to paperstrategy
we're still outgrowing PAPER inflation, while spending over 4x less of the treasury per day than the week before.
elian retweeted
the best papertrade trader of the last 48 hours: luckymonkey888
+$275k. 11 closes, all in profit. 0 liquidations, 33x average leverage. one ETH short from ~$2,350 down to ~$2,250, held for 44 hours.
you can copy his next trades on the paperstrategy terminal: every new position he opens gets copied with your amount, at his leverage.
elian retweeted
copy trading is live on the paperstrategy terminal.
the best traders on papertrade, ranked by what they actually made trading direction, over 24h, 3d, 7d or 30d.
click any of them for their full record: PnL curve, win rate, liquidations, average leverage, how long they hold, what they trade.
found one? set a budget and an amount per trade. every new position they open is copied with your amount, at their leverage, and closes when they close it.
delta-neutral farmers are skipped, so you only copy real calls.
and when a copied trade loses, it still mints PAPER.
one feature a day keeps the doctor away
jokes aside go check out the terminal's copy tab. there are some excellent traders using papertrade daily, with impressive win rates
copy trading is live on the paperstrategy terminal.
the best traders on papertrade, ranked by what they actually made trading direction, over 24h, 3d, 7d or 30d.
click any of them for their full record: PnL curve, win rate, liquidations, average leverage, how long they hold, what they trade.
found one? set a budget and an amount per trade. every new position they open is copied with your amount, at their leverage, and closes when they close it.
delta-neutral farmers are skipped, so you only copy real calls.
and when a copied trade loses, it still mints PAPER.
they didn't increase the cap. they temporarily paused staking rewards because the house currently has a massive negative upnl ($1.25M) and they don't want its balance to drop too much
until now, their keeper operated on a simple binary, periodic condition:
is the LP above $5M?
→ yes: distribute all staking rewards above 5m
→ no: do nothing
but situations like this show they need a more sophisticated approach where reward distributions are based on the actual state of the house rather than a single threshold. they're currently working on it
elian retweeted
paperstrategy has now earned over $1M in staking revenue on papertrade.
that’s from 196M PAPER staked, 2,2% of all staked PAPER.
elian retweeted
ETH/BTC is live on the paperstrategy terminal.
a market papertrade doesn't have: trade ETH against BTC.
- its own chart
- TP / SL
- limit and stop entries
and like every trade on papertrade, the leg that loses mints PAPER, even when the trade as a whole wins.
this one’s fun
unlike the optimal farming strategies we offer through the terminal, paper slots is more about enjoying the high leverage and paper minting mechanics that make papertrade so fun
i’m sending $200 to whoever posts the biggest pnl card whether positive or negative
because yes, even if you lose at paper slots, you still mint paper
a special uwu mode has been added on the paperstrategy terminal (˶ᵔ ᵕ ᵔ˶)
paper slots: pick your stake and spin. the reels pick a side, a coin and a leverage between 100x and 1000x, then open a real position on papertrade.
cash out whenever you want, set an auto cash-out at 1.5x, 2x, 3x or 60s, or just ride it.
lose and you still mint PAPER.
