Delphi Digital analyst warns of challenges for Papertrade after 93% staking revenue drop

Staker payouts on the HyperEVM perpetuals exchange fell from about $1.28 million to roughly $84.5K in a day as PAPER farmers head for the exit Papertrade had a launch most protocols would envy. Within days it briefly ranked second globally for daily revenue and racked up more than $1.3 trillion in cumulative notional volume. Then the farmers started packing up. Staking revenue paid to PAPER holders dropped 93% in a single day, and a Delphi Digital analyst is now openly questioning whether the exchange can keep the lights on through organic activity alone.