Lying in the trough, with Papertrade in front and Livetrade behind, is losing money mining becoming a new gameplay in Crypto? The cryptocurrency industry can now mine even at a loss! A few days ago, Papertrade became popular with 1000 times leverage, and now there is another Livetrade @ livetrade_gg on HyperEVM, which focuses on Loss to Earn (loss mining) and supports up to 1000 times leverage. Losing can also earn LIVE tokens. In the past, when there were trading losses, the money was gone. Now the project turns the losses of traders into the basis for token issuance, and then attempts to create value for the token through agreement income distribution and repurchase mechanisms. The gameplay of Livetrade is very simple: Start a BTC up and down trading round every 5 minutes, only need to determine whether it is up or down, supporting four levels of leverage: 10x, 100x, 500x, and 1000x. The price comes from the Hyperliquid oracle, and the opening and settlement are based on a 30 second average price to reduce the impact of instantaneous insertion. The upper limit of profit and loss for each round is 100% of the betting capital. Under 1000 times leverage, a 0.1% fluctuation in BTC may result in a full profit or loss for a single round of trading. The focus is on the allocation mechanism of LIVE. The project plans to issue 500 million tokens, of which 480 million will be distributed to players and 20 million will be used for initial liquidity, without VC or team token shares. In the initial stage, for every $1 loss, players can receive 100 LIVE tokens. The accumulated loss of the first $4.8 million will correspond to 240 million tokens, accounting for 50% of the total player distribution. As the total loss increases, mining rewards gradually decrease. The obtained tokens will be unlocked in 3 days, and early withdrawal can result in up to 75% destruction. The project also designed an automatic listing and income distribution mechanism: When the protocol reserve reaches 1 million USDC, the smart contract can automatically establish a LIVE liquidity pool on HyperSwap. After listing, while retaining 800000 USDC reserves, 50% of the agreement profits will be distributed to the pledger, and the other 50% will be used for repurchasing and destroying LIVE. Although the team does not have token allocation, they will charge protocol fees. The sustainability of trading volume and the ability of profits to cover these distributions are the core factors that determine the success of this model. Livetrade's whitelist is officially open today, with a total of only 4000 spots, including 1500 for Hyperliquid users and 1500 for Papertrade users, all on a first come, first served basis. Another 500 will be given to recommenders, and 500 will be randomly selected through drawing lots. Whitelist users can participate 2 hours earlier than regular players to catch up with higher early mining rewards. The application process will open at 21:00 on October 13th Beijing time and close on October 17th. On the 18th at 21:00, the results will be announced and deposits will be opened. On the 19th at 21:00, whitelist users will have priority participation, and it will be open to all players at 23:00. From Papertrade to Livetrade, the combination of thousands of times leverage and token incentives is becoming a new attempt for on chain trading platforms to attract users. The loss making mining model is indeed interesting, but its sustainability ultimately depends on real trading needs, protocol profits, and the ability to capture token value. One final reminder: Loss to Earn does not mean that losses can be recouped, and obtaining LIVE does not necessarily mean there will be profits. Especially with a leverage of 1000 times, even a small fluctuation can result in the loss of a single round of principal. The whitelist can be followed, and real gold and silver participation must control risks.