BackedPapr
papr.wtf Overview Motivation How it works Benefits Implementation Choices Risks Closing ThoughtsOverviewThis post introduces a new way to construct lending markets, featuring a hard-to-find combination ofRobustness to liquidation shortfallsMarket responsive loan termsPooled liquidity with no lockupsThis is accomplished by simplifying an entire lending market to the trading of a token, a “papr” token (read “paper,” stands for perpetual APR). Papr is minted by borrowers, who transfer some colla...
BackedThe Backed Community NFT
Minting now for free on Optimism! The Backed Community NFT is a lovechild of a tamagotchi, a baseball card, Vitalik B, and the Backed Bunny. It’s free to mint, non-transferrable (aka soulbound), and its on-chain art updates based on on- and off-chain activity. The goal of the Community NFT is to recognize, incentivize, and track community contribution, provide a tool for community action like snapshot voting, and articulate exactly what the community values and to what degree. It’s also a wor...
BackedTestnet Competition paprHERO
Two weeks ago we introduced papr, shared the whitepaper, and teased a testnet contest: paprHERO. Today we’re excited to announce that paprHERO is live! Papr Hero is the first papr token to be created and exists on the Goerli testnet. We’re launching it with a (just for fun) PvP competition where players compete to see who can end up with the most (fake) USDC. The game starts with a Goerli airdrop — every player starts with a mix of phUSDC (papr-hero-USDC) and an assortment of NFTs (fake versi...
BackedPapr
papr.wtf Overview Motivation How it works Benefits Implementation Choices Risks Closing ThoughtsOverviewThis post introduces a new way to construct lending markets, featuring a hard-to-find combination ofRobustness to liquidation shortfallsMarket responsive loan termsPooled liquidity with no lockupsThis is accomplished by simplifying an entire lending market to the trading of a token, a “papr” token (read “paper,” stands for perpetual APR). Papr is minted by borrowers, who transfer some colla...
BackedThe Backed Community NFT
Minting now for free on Optimism! The Backed Community NFT is a lovechild of a tamagotchi, a baseball card, Vitalik B, and the Backed Bunny. It’s free to mint, non-transferrable (aka soulbound), and its on-chain art updates based on on- and off-chain activity. The goal of the Community NFT is to recognize, incentivize, and track community contribution, provide a tool for community action like snapshot voting, and articulate exactly what the community values and to what degree. It’s also a wor...
BackedTestnet Competition paprHERO
Two weeks ago we introduced papr, shared the whitepaper, and teased a testnet contest: paprHERO. Today we’re excited to announce that paprHERO is live! Papr Hero is the first papr token to be created and exists on the Goerli testnet. We’re launching it with a (just for fun) PvP competition where players compete to see who can end up with the most (fake) USDC. The game starts with a Goerli airdrop — every player starts with a mix of phUSDC (papr-hero-USDC) and an assortment of NFTs (fake versi...
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The paprHero testnet competition has drawn to a close and the results are in!
All 191 participants started with 50k phUSDC and through various strategies of borrowing, holding, buying, selling, and arbitrage, three competitors rose above the rest to the winners podium.
In first place, 0x48c8….5a78 ended with 95382 phUSDC, followed by 0xf0e3…6220 with 75605 phUSDC and 0xf313…34a0 with 72836 phUSDC. For more details on the structure and rules of the competition, read the original paprHERO post:
https://backed.mirror.xyz/vo5BnBJFKVho4nreXlPRLYYRfuMYGrWpXSwzDdDcork
…and for more context on the papr protocol, which uses publicly traded tokens to facilitate NFT-backed loans and determine the optimal APR based on market activity, read the original whitepaper:
https://backed.mirror.xyz/8SslPvU8of0h-fxoo6AybCpm51f30nd0qxPST8ep08c
Over the course of the testnet competition, 212 NFTs were used as collateral for loans. They were minted on the Goerli testnet and all feature CC0 art, and we are grateful to their creators for making such great assets available to the community.
While the paprHero competition explicitly offered no prize (other than glory) to the winners, all participants now have awesome Moonbirds, Blitmap, TinyDinos, and Toadz to use for testnet transactions. The Backed team has also created a proposal to award Community XP and Activity XP to the Backed Community NFT holders for their participation….
The doc this PR introduces briefly highlights how we will award XP to those who participated in Papr Hero. As a reminder, Papr Hero was a testnet competition to see who could accumulate the most p...
…as well as a special trait for the Community NFT bunny of the winner:
Thanks again to all paprHero participants! We appreciate the willingness to experiment, enthusiasm for the protocol, and feedback given throughout the process. It is a meaningful contribution to the development of papr, which will be ready for mainnet in early 2023. Stay tuned!
The paprHero testnet competition has drawn to a close and the results are in!
All 191 participants started with 50k phUSDC and through various strategies of borrowing, holding, buying, selling, and arbitrage, three competitors rose above the rest to the winners podium.
In first place, 0x48c8….5a78 ended with 95382 phUSDC, followed by 0xf0e3…6220 with 75605 phUSDC and 0xf313…34a0 with 72836 phUSDC. For more details on the structure and rules of the competition, read the original paprHERO post:
https://backed.mirror.xyz/vo5BnBJFKVho4nreXlPRLYYRfuMYGrWpXSwzDdDcork
…and for more context on the papr protocol, which uses publicly traded tokens to facilitate NFT-backed loans and determine the optimal APR based on market activity, read the original whitepaper:
https://backed.mirror.xyz/8SslPvU8of0h-fxoo6AybCpm51f30nd0qxPST8ep08c
Over the course of the testnet competition, 212 NFTs were used as collateral for loans. They were minted on the Goerli testnet and all feature CC0 art, and we are grateful to their creators for making such great assets available to the community.
While the paprHero competition explicitly offered no prize (other than glory) to the winners, all participants now have awesome Moonbirds, Blitmap, TinyDinos, and Toadz to use for testnet transactions. The Backed team has also created a proposal to award Community XP and Activity XP to the Backed Community NFT holders for their participation….
The doc this PR introduces briefly highlights how we will award XP to those who participated in Papr Hero. As a reminder, Papr Hero was a testnet competition to see who could accumulate the most p...
…as well as a special trait for the Community NFT bunny of the winner:
Thanks again to all paprHero participants! We appreciate the willingness to experiment, enthusiasm for the protocol, and feedback given throughout the process. It is a meaningful contribution to the development of papr, which will be ready for mainnet in early 2023. Stay tuned!
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