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...
BackedpaprHeroics
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: ...
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 versions of CC0 projects we deployed on Goerli) for a total notional net worth of 50,000 phUSDC. Players can use these assets to interact with the papr protocol and increase their phUSDC balance.
To be totally clear: paprHERO is entirely for fun! None of these assets are worth anything. There are no prizes. There is a leaderboard, and the only reward (outside of having fun) is seeing your name up in lights. All glory is testnet glory.
Our goals with paprHERO are to:
Expose more people to papr and get their feedback on how it all works.
Pressure test the mechanism and interface in a production-like environment. We plan to be squashing bugs and we hope you’ll let us know if you see any.
Have fun! Some strategies will be more profitable than others, and we will all be genuinely impressed by the player who ends up on top.
See the leaderboard and use the testnet facilities at papr.wtf/tokens/paprHero/competition. If you are eligible, you will be able to connect your wallet and claim your Goerli assets for the game.
Those who minted the whitepaper NFT or otherwise responded here on twitter. Some addresses have been filtered out to limit bots and sybil activity. If you didn’t receive phUSDC assets and think you should have, let us know on Discord.
Hop into #🦸papr-hero on the Backed Discord or discussion and share feedback or troubleshooting in 📣#product-feedback. Follow Backed on twitter, too.
The leaderboard calculates the total net worth in phUSDC terms as: the floor value of your NFTs (both those held and used as collateral), plus your wallet’s phUSDC total, plus your net paprHERO balance (open loans appear as a debit, paprHERO tokens held appear as a credit) reported as phUSDC at current market rates.
Inflated net worth that comes from collusion between addresses is against the intent of the game, and the leaderboard will be periodically purged of accounts showing that activity.
The official competition will end Sunday the 11th at 11:59pm GMT. After this, we plan to open paprHERO to allow anyone to participate, indefinitely.
Use NFTs as collateral to mint paprHERO and…
Swap to phUSDC + stake
Use phUSDC to purchase paprHERO and earn from possible price appreciation
Trade NFTs on Reservoir: Moonbirds, Blitmap, Tiny Dinos, or Toadz
To simulate a production environment, we have created a Reservoir marketplace for all of the contest NFTs and seeded it with bids and asks (again, with testnet assets that hold no real value). We are also running bots to start liquidations, arbitrage liquidation auctions, and match bids and asks.
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 versions of CC0 projects we deployed on Goerli) for a total notional net worth of 50,000 phUSDC. Players can use these assets to interact with the papr protocol and increase their phUSDC balance.
To be totally clear: paprHERO is entirely for fun! None of these assets are worth anything. There are no prizes. There is a leaderboard, and the only reward (outside of having fun) is seeing your name up in lights. All glory is testnet glory.
Our goals with paprHERO are to:
Expose more people to papr and get their feedback on how it all works.
Pressure test the mechanism and interface in a production-like environment. We plan to be squashing bugs and we hope you’ll let us know if you see any.
Have fun! Some strategies will be more profitable than others, and we will all be genuinely impressed by the player who ends up on top.
See the leaderboard and use the testnet facilities at papr.wtf/tokens/paprHero/competition. If you are eligible, you will be able to connect your wallet and claim your Goerli assets for the game.
Those who minted the whitepaper NFT or otherwise responded here on twitter. Some addresses have been filtered out to limit bots and sybil activity. If you didn’t receive phUSDC assets and think you should have, let us know on Discord.
Hop into #🦸papr-hero on the Backed Discord or discussion and share feedback or troubleshooting in 📣#product-feedback. Follow Backed on twitter, too.
The leaderboard calculates the total net worth in phUSDC terms as: the floor value of your NFTs (both those held and used as collateral), plus your wallet’s phUSDC total, plus your net paprHERO balance (open loans appear as a debit, paprHERO tokens held appear as a credit) reported as phUSDC at current market rates.
Inflated net worth that comes from collusion between addresses is against the intent of the game, and the leaderboard will be periodically purged of accounts showing that activity.
The official competition will end Sunday the 11th at 11:59pm GMT. After this, we plan to open paprHERO to allow anyone to participate, indefinitely.
Use NFTs as collateral to mint paprHERO and…
Swap to phUSDC + stake
Use phUSDC to purchase paprHERO and earn from possible price appreciation
Trade NFTs on Reservoir: Moonbirds, Blitmap, Tiny Dinos, or Toadz
To simulate a production environment, we have created a Reservoir marketplace for all of the contest NFTs and seeded it with bids and asks (again, with testnet assets that hold no real value). We are also running bots to start liquidations, arbitrage liquidation auctions, and match bids and asks.
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...
BackedpaprHeroics
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: ...
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