Looking at @paperdao_xyz and @papertrade_xyz before the window closes. Apply is still open: daos.world/launch/paperdao/a… Site: paperdao.xyz/ Docs: docs.papertrade.xyz/ Timeline and raise - Pre-deposit 8 Oct, trading goes live 10 Oct - Tier 1 0.25 ETH / Tier 2 0.10 ETH - Target raise 50 ETH Why the structure is interesting Built by @izebel_eth and @blurr. No VC and no public funding round in front of this. @papertrade_xyz runs synthetic perps. The contract reads Hyperliquid’s BBO mid as the oracle, but no perp is actually opened on Hyperliquid, so there is no funding rate to pay. $PULP is the @daosdotworld claim on the treasury. Trading fees on $PULP volume are used in full to buy back and burn $PULP, which means each token left in circulation represents a larger share. $PAPER is not something you deposit into the LP. It is minted from realised user losses and is the claim on LP fees. At launch it cannot be transferred, only staked and unstaked. Holders get a pro rata cut of what @paperdao_xyz holds, later redeemable in $PAPER. Supply is 1.1B, with 100M locked in a Uniswap v3 pool. Your PAPER = treasury PAPER × your $PULP / $PULP in circulation CT sentiment on the design is constructive right now. @blknoiz06 posted bullish on it, and the raise sits on @daosdotworld, built by @AzFlin. NFA. I applied because the fee loop and the empty-LP bootstrap are the part I actually want exposure to, not because of a ticker.