What if you could get positioned for the first block of a new perp market, without doing it alone?
That’s basically what PaperDAO is trying to do
@paperdao_xyz is building a community treasury around PaperTrade, pooling capital so the group can trade the front of the curve together, at size, from the first block
Here’s how it works:
~ Pool capital into one treasury
~ Deploy trading strategies from the first block
~ Keep the PAPER, staking yield and PnL inside the treasury
~ Hold the treasury exposure pro rata through
$PULP
The timing matters because
@papertrade_xyz starts with an empty LP, and the earliest flow gets the highest PAPER emission
Below $2M tracked LP, every $1 of loss basis currently mints 100
$PAPER
That emission starts declining as the LP grows
So PaperDAO is trying to get capital in while that early part of the curve is still there, rather than showing up after most of the opportunity has already passed
Then there’s
$PULP
It represents pro-rata exposure to the PaperDAO treasury and is redeemable for PAPER
The treasury can hold:
USDC trading capital + staked PAPER + USDC from staking
PaperDAO also uses the full trading fee from
$PULP volume to buy back and burn
$PULP
The first block isn’t far away:
Oct 8: Treasury predeposit on HyperEVM
Oct 10: PaperDAO trades from the first block
Basically:
Pool capital → get in early → trade from day one → build the treasury → share the exposure through
$PULP
No guaranteed returns. This is a new market, and the outcome depends on how PaperTrade actually performs
Now we wait for the first block