Papertrade ‘Paid’ Traders to Lose, Then Locked the Exit

Papertrade launched 1,000x perps on HyperEVM with a twist: traders who lost money earned PAPER, which could be staked for USDC from a house pool funded by those losses. Jason Pagoulatos of Delphi Digital joins Laura Shin to break down the launch-day manipulation allegations, the decision to keep PAP