📣 $130M+ total volume. 🚩 Traders and liquidity are building the onchain home turf. 🚀 The trenches push forward. Keep moving with HertzFlow. 🔥

傻逼了吧！#Paper 改机制，合约下架，代币不让转移，在霸榜两周后就迎来了下滑，现在24小时协议收入跌出了前五的位置了。

🔥 BIG: Tokenized stocks hit $4.4B in market cap, up 886% over the past year, led by BNB Chain, Solana and Ethereum.

大的要来了吗？#Predict

@predictdotfun 大的要来啦？？？晚上8点，aster见

Paper 挥刀自宫了？飞轮还能转吗？ 我看到了 $Paper 的公告，Aster 和 Hyper 都下架了 Paper 的合约，公告说是怕 PAPER 被做空、反过来放大攻击资金池的收益，索性暂不开放转让；另一边，又准备改发行规则，逐步稀释老持有人。 风控的理由我能理解，但对参与者来说：亏掉的 USDC 是确定的，卖币退出没了时间表，未来分红份额还会变。 Paper 走了一步险棋，但也是一个很强的链上实验。 我更关心：拿掉“以后能卖币”的预期，还有多少人愿意来亏损挖矿？ 如果改完能减少套利损耗、留下真实交易需求，那是修复；如果补池的人少了，分红跟着下降，就可能把飞轮一起砍掉。 先看后续每枚分红和兑付情况。 协议活得久，不等于参与者一定能回本。 拭目以待吧～ #Paper

🔥 Season 3 is officially live, and it's open to everyone. 🔥 80,000,000 Merits are up for grabs each Epoch. Claim your share before the Epoch settles. The season has just started, and more campaigns are on the way. You are still early.♟️ Grab your chance now 👉 hertzflow.xyz/merits

跟着小范老师一起当莊 👀 @fly2web3 @web3houzi @erinyhl1314 @hourbagegi42209 @Rhea0xWeb3 @LeahQoca

A note on transferability. Papertrade is a complicated primitive, and managing it from a risk standpoint is a complicated problem. The PAPER token is far more integrated into the economics of the primitive than most tokens are in their respective protocols today, and, broadly, was designed to act as a counter insolvency incentive coupled with a rebate mechanism to losing traders. Market makers and exchanges are by far the two most profitable businesses in crypto, and our goal was to try and externalise as much of their margins back to users as possible. We are now just over a week into the life of papertrade and we are becoming increasingly confident that this is both possible, but also a likely outcome as agentic led software becomes the norm. As it stands, the paper token traded as a perp becomes a leveraged bet on bankroll solvency - and being able to short bankroll solvency materially changes the payoff curve of a manipulation attack. The target number goes from the bankroll, to the bankroll + short side exposure on paper. We can, and do limit bankroll size specifically to control this payoff curve and ensure it never becomes existentially problematic, but external perp markets are not something we would have any control over if left to float of their own accord. For example, if our bankroll is $10m, an attack costing $15m manipulating the price of bitcoin or ether is not viable. You simply lose money. If however you were also able to put on $10m of PAPER short side exposure, suddenly an attack costing $15m is very viable indeed. If we were to make the token transferable at this point, we are confident we would quickly enter a state too dangerous to allow any material exposure to be taken on papertrade, an end result that benefits no party beyond the wolves who have done the math on the short and are waiting in the wings with sharpened knives. We would also like to thank the various perps teams who have reached out about pre-market listings for their understanding and patience regarding this issue, and especially to the paragon team who, despite jumping the gun on us, have behaved with the utmost integrity and transparency once a dialogue was opened. Perps on PAPER will always act as a self-limiting exposure ceiling for a token with this type of utility, and we think it would be a shame to limit the growth of papertrade to the extent that allowing perps would necessitate. As such, at this juncture we do not have plans to allow off-contract token transferability. Structurally, papertrade is limited by the quality of the data it receives from hyperliquid, but we strongly believe that hyperliquid has a very large part to play in the future of global exchanges, and expect their books to continue to thicken and strengthen over time. A note on fees. Papertrade launched with a deadband fee from entry of 0.2bps. This means you don't earn anything until the price has moved by 0.002% in your favour. Over the months before launch, we played around with many different curves and fee structures affecting exclusively positions closed very close to entry price in order to try and devise a structure that removed the edge against the bankroll low time frame scalp bots have, whilst also minimally impacting the traders around which and for whom the product was devised. We were never able to find anything we were absolutely happy with and so decided to stay with the 0.2bp deadband fee through launch. This has however meant we have had to be very restrictive when it came to certain parameters, such as OI caps. Now, however, we have enough live data to fully understand exactly which strategies work, and to make the necessary changes to stop them. The changes we are making will have an on hours and off hours fee mode to account for the relative differences in liquidity the hyperliquid books see between these two time periods, and the ease with which low time frame moves are signalled. The changes we are making will only affect positions closed within 6bps of entry (0.06%) in on hours, and 10bps (0.1%) in off hours. Any trades closed above these threshold price shifts will see no change to their fees at all. On a look back to launch basis, these changes affect the profitability of bot strategies roughly 15x more than they do normal traders, for whom a very small proportion of overall winnings come from within this band. These changes should serve to flatten much of the edge our microfee structure necessarily creates on low time frames, and will help with long term exchange sustainability. This should hopefully allow us to open up parameters such as OI caps a little more so those of you who wish to can put on the size you want to, when you want to. It is possible these changes are still too lax, and that further revisions to this structure may be necessary going forwards. If so, we will notify users ahead of time. A note on paper tokenomics. In conjunction with the fee changes, we will also be implementing a change to the token issuance curve. Going forward, every $1 lost mints a fixed share of PAPER's supply at that moment, roughly 0.1% of supply per $1M lost (the exact number depends on the mint rate at the time the contracts are upgraded). PAPER minting in and near insolvency will also change, switching from a flat 100 per $1 of loss, to a time weighted multiplier on the curve growing over time, effectively acting as the house running a discounted auction on its own future cash flows. This change also removes the risk of the paper-mint-straddle-attack, temporarily pushing the protocol insolvent by closing only the winning side of a large straddle position and then attempting to mint as much paper as possible. In the immediate term these changes will only have a very subtle effect on PAPER minting, but in the long run will structurally change the outlook of the system beyond the first few weeks, serving to slowly dilute out older holders and leaving more recent users with an advantage. Reconstituting the PAPER system into something much closer to the exchange rakeback it was intended to be. We have been very reticent to touch this particular aspect of the system for obvious reasons, but ultimately we believe that these changes provide all users with the optionality to take a smaller piece of a potentially much larger pie than the current dynamic might necessarily allow. Other, miscellaneous notes. These contract upgrades will include a few other contract changes, including the addition of builder codes so that builders can utilise papertrade in whatever capacity they choose to. This will be a whitelist only to begin with and we will have more for you later in the week on where/how this will be rolled out. A small change to contract permissions on the reward distributor and a change on how below bust closes are processed by the exchange are also included, largely to block gas griefing attacks. These changes will be pushed to docs in full over the coming day, and we will further announce once the changes are queued into the timelock pending final security passes, scheduled to go live 24 hours after that point. Final note. We'd like to thank everyone that has tried out papertrade over the last 10 days. It has been a labour of love building this product and both of us have been taken aback at all of the positive feedback we have received. We'd also like to thank all those of you who have spent considerable time musing on the system we have built, and much of your advice has been taken onboard and will likely affect the colour of what papertrade becomes going forward. We know some of these changes will be unpopular with some, but we would not be making them if we did not feel them to be absolutely necessary. - blurr, jez

Paper hands, you can now long your losses. $PAPER (@papertrade_xyz) pre-launch perps has landed on Aster with up to 3x leverage.

The final countdown is down to seconds ⏳ Season 2 Merits ends on Oct 19 at 12:00 UTC. Make today count and keep stacking Merits. 🔗 hertzflow.xyz/merits

Papertrade「爆仓亏损挖矿」完整攻略来了：从入门操作，到搭配 HertzFlow 一鱼双吃。 这期视频把大家关心的几个问题讲透： ✅Papertrade @papertrade_xyz 到底是什么，为什么亏损能拿 $PAPER？ ✅质押分的 USDC 从哪里来，参与成本怎么算？ ✅怎么充值、开仓、质押？ ✅平台页面字段逐个解释。 ✅为什么同时开多开空，平仓后还是亏钱？ ✅如何搭配 @Hertzflow_xyz 做跨平台对冲? ✅研究 PAPER、质押分红和交易积分的参与机会？ ✅两边保证金不一样，怎么对齐仓位？ ✅盈利折减和手续费，怎么影响最后的收益？ Youtube 视频完整攻略👇 youtu.be/k5-uT-ROnqY 这次把玩法和成本一起讲清楚：一鱼双吃，也要算两边的账。建议收藏，操作时对照看。 视频章节： 00:00 亏损挖矿与“一鱼双吃” 01:12 Papertrade 是什么 01:48 交易、亏损铸币与质押分红 07:34 DefiLlama 收入排名怎么看 08:46 文档入口、充值与交易操作 12:16 账户记录与只读预览 14:20 PAPER 质押、分红与回本成本 18:02 House 页面：资金池、敞口与兑付队列 23:39 普通人的机会与参与成本 25:12 HertzFlow 介绍与同赛道对比 27:15 跨平台对冲：“一鱼双吃”怎么算账 30:32 本期总结 你的转推点赞是我持续投研的动力！🫡 欢迎使用小范同学的 HertzFlow 邀请链接：hertzflow.xyz/referral?ref=V… 注册码：VIP555 #PAPER #HertzFlow #亏损挖矿 #空投

从2021年开始健身，到现在已经5年了。 我最初健身的目的不是减肥，而是抗衰，希望自己能保持更好的身体状态。 身高 168cm，健身前体重110斤，现在基本维持在104斤左右。这几年体重没什么变化，但体脂率下降了，整个人的精气神也比以前好了很多。 以前特别嗜睡，容易疲惫、犯困。现在只要保证每天7-8小时的睡眠，白天基本都能保持不错的状态。 最开始我没去健身房，而是选择在家锻炼。 每天早上 6:30 起床，户外晨跑 5-6 公里，再用 Keep 跟着帕梅拉做臀腿、腰腹等局部训练，就这样坚持了两年。 后来慢慢开始在家添置健身器械，哑铃、壶铃、杠铃、瑜伽球，各种装备买了一堆。再搭配跑步、跳绳、HIIT 和运动后的拉伸，每次锻炼大概 1.5-2 小时。 我一直喜欢早上锻炼，所以生活作息也比较规律。晚上 10 点多、11 点睡觉，早上 6-7 点自然醒。 所以经常被朋友调侃：你这作息，真的不像币圈人😂 之前没去健身房，主要是因为家附近的健身房早上 10 点才开门，只能在家练。后来搬家，附近有了 24 小时健身房，就直接办了卡，现在基本都在健身房锻炼。 这几年最大的感受是：体重数字其实没那么重要，身体状态才重要。但凡停下来一段时间，就能明显感觉到身体状态和精神状态都在下降，更容易疲惫、乏力。 健身不是为了某一天拥有多好的身材，而是希望很多年以后，自己依然有精力、有体力，想做什么就能去做。 这件事，我打算一直坚持下去，你呢？