PaperTrade Attracted $140M, Then Changed the Rules. Was It a Bait and Switch?

PaperTrade's reversal on PAPER transferability was technically justified but still a bait-and-switch that gutted usage.

• $140M pre-deposited, rules changed after: PaperTrade drew $140M in pre-deposits and briefly flipped Nasdaq's daily notional volume, then announced PAPER may never be transferable despite a roadmap promising it.
• House-pool mechanics: Traders bet against a 'Mardingale LP' pool funded by losers' margin, up to 1000x leverage, with losers minting PAPER as a rebate (~100 PAPER per $1 lost early on), stakeable for USDC yield.

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