paperdao docs

what paperdao is

a community treasury built for one job: owning as much of papertrade's paper as possible, as cheaply as possible, from day one.

on papertrade, paper is minted in proportion to losses, at a rate set by how far its lp has grown. so what decides how much paper you end up with is what each loss really costs you, and that takes capital and a method. paperdao pools capital into one treasury and runs it as a single, automated farming operation, so every holder gets the scale of the whole.

why papertrade

papertrade is a fair-launched synth-perp venue on hyperliquid. its token, paper, can't be bought. it can only be minted.

the lp

starts at $0 and grows from trading. traders trade against the pool: winners are paid, or queued first-in, first-out when the lp is short.

how paper is made

only when a position closes at a loss or is liquidated. there is no other way in: you can't buy paper or deposit into the lp.

the mint rate

while tracked lp is under $2m, every $1 of loss basis mints 100 paper. after that the rate decays as the lp grows.it depends on how far the lp has grown, not on time, and once it has decayed it doesn't come back.

what paper earns

staked paper earns usdc: half of papertrade's trading fees, and once tracked lp clears $5m, everything above it.

no insiders

no seed lp, no pre-mint, no team or vc paper.

so paper is an income-producing asset that most people will never hold: getting it cheaply takes capital and a method. that's the gap paperdao exists to fill.

the math, precisely

paper minted

mint basis × rate

rate

100 while tracked lp < $2m, including underwater. above it: 100 · (S / (S + H))², with S = $120m and H = tail progress.

tail progress

cumulative lp gain past $2m, kept as a high-water mark that staker sweeps never reduce. a one-way ratchet: at H = $100m the rate sits near 30, for good.

mint basis

the realised loss net of the 2% lp-side fee on a solvent close; the full loss while the payout queue is active; the full margin on a liquidation.

execution price

hyperliquid's bbo mid, read on-chain through a precompile. no spread, no slippage, no funding.

winning closes

a 0.2 bps deadband, then an impact haircut that shrinks as the move grows, then a 2% fee on what's left. losses pay nothing on top.

liquidation

a hard bust about 5 bps before zero equity. the whole isolated margin goes, so at 1000× it fires after a ~0.05% move.

stakers earn

half of every 2% fee while the queue is empty, plus all lp gain above the $5m cap, in usdc.

from papertrade's published docs. we model every line of it.

the treasury

raised once, deployed before the first block, compounding from there.

1. raise. eth was raised on robinhood chain through daos.world on 7 oct 2026. $pulp was minted and its pool created in the same raise.
2. predeposit. the treasury moves to hyperevm and deposits into papertrade ahead of the launch rush, so it's in place before trading opens.
3. farm. from the first block, the engine converts usdc into paper at the lowest cost it can.
4. stake. every paper is staked. nothing is sold.
5. accrue. staking yield in usdc and trading pnl stay in the treasury and go back to work.

what the treasury holds

usdc trading capital

liquid, on papertrade, working the mint curve

paper

staked, earning a share of papertrade's lp revenue

usdc from staking

accruing, and redeployed by the engine

the farming engine

a loss on papertrade is a purchase of paper. the engine's job is to make every one of those purchases at the best price available.

built in-house for one venue and one job. it runs a range of strategies as conditions change, decides when and how to buy paper, and puts every result straight back to work.

under the hood

one loop, seven parts. what it's made of is public; how it decides stays private.

1. market feed. live market data, at the same prices papertrade trades at.
2. protocol state. papertrade's on-chain state, read directly.
3. cost model. every action is priced before it's taken.
4. simulator. a full replica of papertrade, where every change is tested before it runs.
5. risk layer. limits checked before anything opens.
6. accounting. every cycle measured, end to end.
7. monitoring. alerts the moment something changes.

$pulp

one token, one claim on the treasury.

chain

robinhood chain

supply

1,000,000,000 $pulp

market

uniswap v4 pool, 150,000,000 $pulp (15% of supply)

tax

3% on every buy and sell. it started at 50% at launch and fell to 3% over the first 10 minutes.

getting $pulp

on the acquire page: with eth on robinhood chain, or bridged in from another chain in one step.

what it's worth

a pro rata share of the paperdao treasury.

redemption

once paper can be transferred, holders redeem $pulp for their share of the treasury's paper.

earn: lock $pulp

lock $pulp to earn rewards. open the earn page.

every lock earns a share of the rewards. more $pulp, a longer lock and an earlier lock all mean a bigger share.

• lock. 10, 20 or 30 days, from 35,000 $pulp. locking opens 11 oct 2026, 00:00 utc.
• early bonus. locks start at 2×, falling to 1× over the first 24 hours.
• rewards. paid in weth and $pulp, shared out day by day. claim them any time, or add your $pulp rewards straight to your lock.
• one step. “acquire & earn” turns eth or another token into a lock in a single transaction.
• stay in. extend your lock any time to keep your share up.
• come back out. withdraw your $pulp once your lock ends. it can’t be withdrawn before.

addresses

any token using the paperdao or $pulp name at another address is not paperdao.

faq