Maji Dage: PAPER is non-transferable for the long term, and holders' interests are misaligned with the team's.

Machi Big Brother (@machibigbrother) stated that Papertrade (@papertrade_xyz) recently issued an update regarding the transferability of the PAPER token, noting that Papertrade is a complex underlying primitive with significant risk management challenges, and the PAPER token is far more tightly integrated into the protocol's economic model than most protocol tokens. Machi pointed out that the PAPER token will remain non-transferable for the foreseeable future; holders can currently only generate investment returns via protocol fees, though their share will be diluted. Furthermore, as the project allocates no tokens to the team, factors such as token value, dilution, and exit liquidity affect holders more than the team. Only fee revenue aligns incentives, though Machi noted that "this issue can be resolved."