Crypto Platform Metrics: PumpFun Dominance Holds, Hyperliquid OI Surges, Papertrade Flips Both
PumpFun has reasserted 90%+ launchpad revenue share, proving its network effect is durable. Hyperliquid's open interest now matches OKX. A new 1000x perps platform Papertrade briefly topped both in 24h revenue by incentivizing losses — accumulating $30M+ in trader losses in 2 days.
What we know
An account on X notes PumpFun is back at 90%+ launchpad revenue dominance, arguing that 'temporary fragmentation and actually breaking a network effect are two very different things.' another account on X marks Hyperliquid's OI reaching parity with OKX as a milestone. Meanwhile another account on X highlights Papertrade, a Hyperliquid-based synthetic perps platform with 1000x leverage that incentivizes users to lose money — briefly flipping both in 24h revenue with $30M+ in losses generated.
How the story developed
PumpFun has reasserted 90%+ launchpad revenue share, proving its network effect is durable. Hyperliquid's open interest now matches OKX. A new 1000x perps platform Papertrade briefly topped both in 24h revenue by incentivizing losses — accumulating $30M+ in trader losses in 2 days.
Two large ETH-related on-chain moves are drawing attention: Ethereum Foundation-linked wallets sent $11M in ETH to Kraken, while a mystery whale simultaneously sold $34M BTC and bought $36M ETH on DEXs.
A serious design flaw in @papertrade_xyz was discovered and exploited by a sophisticated trader with $14B in Hyperliquid volume, draining $1.28M shortly after launch.
PaperTrade was exploited for $1.28M within 8 hours of launch by a sophisticated attacker with $13M+ all-time PnL and $14B Hyperliquid volume. An on-chain breakdown was published.
Papertrade, a 1000x leverage zero-fee DEX, was exploited via Hyperliquid oracle manipulation within hours of its launch, with the attacker allegedly running ~$350K in short profits.
An alleged exploit where large wallets manipulate BTC/ETH prices on Hyperliquid to profit on Papertrade synthetics has sparked debate, with one analyst disputing the framing by explaining Papertrade's actual settlement mechanics.
Two wallets are allegedly manipulating ETH prices on Hyperliquid to profit from PaperTrade's simulated trading protocol, which hit $102B+ volume in its first hour. Observers are calling for an emergency fix.
Hyperliquid-based perp DEX PaperTrade launched to massive dysfunction — 99% of users couldn't open positions, total trader PnL went -$15M within 2.5 hours, yet stakers made $15M and volume hit $250B. CT is split between mockery and fascination.
Papertrade, a Hyperliquid-based synthetic perp DEX offering up to 1,000x leverage, hit $10B open interest on just $45M margin within its first hour, generating massive buzz and sharp criticism in equal measure.
By the Global Eye 24 desk, with AI assistance. Updated as the story develops. Spot an error? Write to corrections@globaleye24.com.