Lookonchain data shows that on PaperTrade, 21 of the top 25 biggest losers stay in the red after USDC rewards despite generating $111.5B in volume and claiming 2.06B PAPER tokens worth 23.4% of supply.

Lookonchain reports a trader who generated $10.1B volume on papertrade_xyz launch day, lost $979K but earned 252M PAPER tokens now yielding $1.73M USDC rewards and $220K daily average.

Lookonchain reports Machi generated $1.41B trading volume on Papertrade_xyz, lost $416K initially, then earned 57.6M PAPER tokens plus $341K USDC staking rewards to reduce total loss to $74.7K.