paper

The cross-chain trading platform Cancore, built on the Canton network, has completed a $7.2 million seed round financing. This round of financing was conducted through a Simple Agreement for Future Tokens (SAFT), corresponding to a fully diluted valuation (FDV) of $60 million for its planned CNRX token.This round of financing was participated in by Paper Ventures, dao5, ArkStream Capital, X Ventures, MH Ventures, and Proof of Talk, with Paper Ventures and dao5 receiving the largest shares. Cancore co-founder and CEO Wasif Rashid stated that the company began reaching out to investors in June of this year, officially launched the financing in July, and completed it in mid-September.

According to Bloomberg, the Commonwealth Bank of Australia may profit from Anthropic's initial public offering. The bank participated in Anthropic's Series E funding round in March 2025, with its holdings valued at 153 million Australian dollars, approximately 107.5 million US dollars, as of June 30, 2025.By the end of June 2026, as Anthropic's valuation rose to 965 billion US dollars, the bank's holdings had increased in value to 1.53 billion Australian dollars, approximately ten times higher than before. Bloomberg stated that this valuation increase is considered paper gains, and whether it can ultimately be realized through the IPO depends on the listing process and related transaction arrangements.

JUST announces the official release of the new white paper. As an important ecological document following the brand upgrade, the new white paper systematically outlines the JUST ecological architecture, the positioning and collaborative relationships of the three core product lines, and provides detailed explanations of the updated JST token economics, covering key content such as governance mechanisms and buyback and burn arrangements.The new white paper helps users, developers, and the community to gain a more comprehensive understanding of the upgraded ecological layout, token mechanisms, and long-term development direction, further enhancing ecological transparency and providing a clear reference for subsequent ecological participation and development integration.

The decentralized perpetual contract trading platform Aster announced that, in light of recent developments related to PAPER and potential market risks, it has adjusted the pre-market perpetual contract for PAPER to a liquidation-only mode and plans to officially delist the contract at 9:45 AM Beijing time on October 20. Aster recommends that users holding open positions proactively close their positions before the delisting, calling this a precautionary measure to manage market risks and maintain trading order.Previously, Papertrade stated that there are currently no plans to allow external transfers of the PAPER token and will adjust short-term trading fees and the token issuance curve. The team believes that the PAPER perpetual contract could make the liquidity pool's solvency a target for short selling, and external short exposure may increase the profit potential for manipulation attacks, as these markets are not controlled by the protocol.Papertrade founder Jez also pointed out that due to the rapid progress of the perpetual contract market, PAPER is currently set to a non-transferable status to avoid potential attack risks and maintain the long-term healthy development of the protocol. Jez emphasized that PAPER represents users' rights to the protocol's earnings, and its long-term value depends on whether Papertrade can continue to attract traders. The team made this risk management choice based on the operational data from the first week after the protocol's launch.

The Bank for International Settlements (BIS) released Working Paper No. 1385, comparing the cross-border payment costs of traditional banks, fintech remittance companies, and stablecoins. The paper points out that stablecoins can complete cross-border transfers through networks such as Ethereum, Solana, and Tron, reducing reliance on correspondent banks and SWIFT.The paper states that the exchange rates of stablecoins for major currencies can approach wholesale foreign exchange rates, and on-chain transfer fees are relatively low. However, the complete process involving fiat currency, stablecoins, and fiat currency still incurs transaction, withdrawal, and exchange fees. Stablecoins reconstruct the intermediary process but do not eliminate intermediaries. Insufficient market depth limits the cost advantages of large payments, and some advantages in emerging markets are related to capital controls and demand for US dollars.

The synthetic perpetual contract protocol Papertrade, built on Hyperliquid, announced that its platform token PAPER will remain non-transferable due to the risk of perpetual contract attacks. The platform stated that holders of PAPER tokens obtained through trading losses can stake them to receive USDC distribution rewards.Papertrade is a fully on-chain, user-owned synthetic perpetual contract protocol that supports up to 1000x leverage with no market impact. Currently, the platform has not disclosed a specific timeline for when the PAPER token can be transferred or sold, which means holders are temporarily unable to trade or transfer their tokens on the secondary market and can only earn rewards through staking.

According to monitoring by Lookonchain, Huang Licheng has continuously suffered losses on PaperTrade, with nearly all of the $261,000 he deposited yesterday lost, leaving only $5,682 in the account;Overall, his trading platform has accumulated losses of $779,000. After deducting the $394,000 USDC staking rewards received, the actual net loss is approximately $382,000.

Clearpool announced the 2026 v4 protocol whitepaper and stated that its institutional credit market has been operating on multiple EVM-compatible networks and is further expanding to the XRP Ledger. The whitepaper reveals that the institutional credit protocol will collaborate with Ripple and Cicada Partners to expand to the XRP Ledger for the settlement of the regulated stablecoin RLUSD, and will migrate the token from CPOOL to the new token CLEAR at a 1:1 ratio.The total supply of CLEAR is 1.429 billion tokens, with 1.125 billion tokens in circulation at the time of migration, accounting for 78.75%; this migration and the XRPL expansion have been approved through Snapshot voting, with a support rate of 97.16%. Since its operation began in 2021, the protocol has issued loans totaling approximately $965 million, with borrowers including Jane Street, Flow Traders, and Wintermute, and currently supports six EVM chains. 50% of the protocol fees will be used for open market repurchases and permanent destruction of CLEAR. XRPL products are preparing for testing on Devnet.

HIP-3 market deployer Paragon spent 570.98 HYPE (approximately $45,000) to acquire the code PAPER, or the upcoming Papertrade (PAPER) perpetual contract.Papertrade is an on-chain synthetic perpetual contract trading platform deployed on HyperEVM, offering up to 1000x leverage. Its token PAPER is minted through users' realized trading losses, with no pre-mining, team, or venture capital allocation.

The Bank for International Settlements (BIS) published a working paper titled "Are Stablecoins and Bank Deposits Substitutes?" The study is based on weekly data from the United States from January 2019 to June 2025. After controlling for factors such as Bitcoin prices, government bond yields, and financial market conditions, it was found that the rise in bank deposit rates is associated with a slowdown in the growth rate of stablecoin market capitalization.According to the benchmark model estimates, a 1 basis point (0.01 percentage point) increase in the average deposit rate corresponds to a reduction of about 3 percentage points in the cumulative growth rate of stablecoin market capitalization over the following ten weeks, from an average level of approximately 15% to around 12%, rather than a decline in market capitalization. The response of USDC is stronger than that of USDT.The authors note that the study cannot conclude that the total amount of bank deposits or lending decreases, and the sample only covers one cycle of high interest rates. The views in the paper belong to the authors and do not necessarily represent the position of the BIS or its member central banks.

After briefly publishing the rumor-refuting content "Cheung Kong Responds to Li Ka-shing's Death: Absolutely Not True," mainstream Chinese financial media outlets including The Paper and Jinshi Data collectively deleted the news, with the deletion occurring on October 15.Currently, Caixin still retains this report, but its source is also The Paper.

According to DefiLlama data, Papertrade's revenue in the past 7 days reached 36.31 million USD, ranking third in total protocol revenue, only behind Tether and Circle, and higher than Pump.fun's 16.06 million USD and Hyperliquid's 14.56 million USD.

The stablecoin infrastructure platform Interlace announced a joint initiative with multiple industry partners, including OSL, AllScale, Stable, Hetu, Cregis, WIDTH, KEM, and KTX, to launch the white paper titled Stablecoin Payment Infrastructure: From On-Chain Settlement to Real-World Payments. As stablecoins evolve from crypto-native financial instruments into global financial infrastructure, stablecoin payment activity is also growing rapidly. In Q1 2026, stablecoin transaction volume exceeded $28 trillion, while stablecoin B2B payments reached $226 billion in 2025, representing a 733% year-over-year increase. However, as stablecoin payments expand into real-world commercial use cases, the industry still lacks a systematic framework for defining the capabilities covered by stablecoin payment infrastructure and how on-chain assets can be connected with real-world commerce. The white paper will focus on this gap, covering key topics such as stablecoin payment infrastructure, end-to-end costs, compliance and risk management, and enterprise-scale adoption. Drawing on industry data, practical experience, and real-world cases, it will further explore the development path of stablecoin payment infrastructure. The full white paper is expected to be officially released within the next 1-2 months.

According to Lookonchain monitoring, a certain trader has accumulated a loss of 637,000 USD in Papertrade, with a cumulative nominal trading volume of 2.84 billion USD. Their trading losses amount to 1.71 million USD, and they have received 136 million PAPER tokens.In addition, the trader earned a reward of 1.07 million USD in USDC through staking, of which 943,000 USD has been claimed, and 130,000 USD remains unclaimed. In total, their net loss is 637,000 USD.

Trader Maji (Huang Licheng) posted on X to comment on the perpetual contract protocol Papertrade. He stated that Papertrade is profitable, there are no useless points, users can immediately receive PAPER tokens, and by staking, they can earn fees. There is currently no reason to use any other perpetual contract protocol.

According to DefiLlama data, Papertrade's revenue in the last 24 hours has risen to 4.02 million USD, currently ranking third in total protocol revenue, above Pump's 2.11 million USD and Hyperliquid's 1.7 million USD.