Lookonchain’s Oct. 20 tally found that rewards did not erase trading losses for most of Papertrade’s 25 biggest loss-making traders: 21 remained net negative, while four finished ahead overall.
Lookonchain said the 25 traders collectively claimed $11.61 million in USD Coin (USDC), representing 20.6% of rewards distributed by the platform.
Lookonchain also reported 2.06 billion PAPER in earnings for the cohort, whose trading volume reached $111.5 billion. That token amount represented 23.4% of PAPER’s supply. The token-supply figure and the USDC reward share measure different things.
Under Papertrade’s documented system, eligible realized trading losses can generate PAPER. Holders can stake those tokens to earn USDC rewards from protocol revenue. The rewards can therefore change a trader’s overall result without reversing the trading loss itself.
Lookonchain’s tally covers the traders with the largest trading losses, rather than Papertrade’s full user base. EconoTimes previously reported on platformwide trader losses, which had reached a cumulative $49.5 million by Oct. 15.
