+ . + . - # - - . .= . x - = x =. - x . x - = x x . # + + . # . = - x + --= - =. .- - + # . - -. . - #+ # =+ # . x + # # #= =+ = + x xx # #+ -- x+ - x - #-. x = =. + - .x = += - x#x + =- . .# # x= - - # .xx #x == .x x# x + x + # + . + x# #+ # x = =. . . = x . + -## +=- x + #=-. #. - = x x# ==- = . . + = # + = x + .- x =#+= # . # -#==+ + = = #- . -. # -= - = = - . . x - = . + # x x . =. -- = == # xx#== + x=.+.+ x+ =. # -=x+# + =x + # +. +- = + # = - # -x ++ = = # - + x..= x x+ + - - . =+ +. x # x . - = =- =-- + - . + # += x# . + =x x -x + #+ + x ## - - x # . .- - . + . + .- . . x .. + +. . + x - -# # = + x + +- x . # x .#- - =x + ++ xx= -# = x+ + ++ = + + . # +. + # #x = . # x x # #- x + + x. + + . + . x .- = + ++ .. x.#- x.= .+ = # + # x = - x = == . . = . - += - x = . . + . - -# x-# . + # xx = # . # x +-# x x# # x = +. ..= - + # # - + = # .# .+ # ##- # -= =- x. x= -# - #.# . - - -xx - - x # - x . # +=#- -+ # . = x x - # - -.x - + =. x +# - =+ - x # .- .## =--+ =x +xx - =. xx + -+x+- # - # - x . .=xx . .- x+ + . # x=.x . ++= x - x += + + + + = =x#= # .# x . # +. x # x -- + = - - - x + .=- = . = . . = #x - #= ++ x - = . .- # - = #+ + # +x - . .x= +- - -x + = .# x - - . .= + - = x+ - = x = - . . = + - + x = .x - = xx #- + # = # -#. . #= + x - ..# # x # # -# - # - # + =# - -.# +..+ + + . .x#= - = x - # . + x x+xx x # - +. #x =- # = #=x ++ x . x =x x x + = . - - - = x = # # -# -+ = x=# x x . = .# = + x x-+ - .= + + xx = = . . xx - . # ## - +- xx # -x #x =#x == - - - + + #. x= x- # =- . x+ . x -- x = - #- # +x .= - ++ .+ - + . . - .. .x - = x##- # # x+ +x #-#= -x+. + x . + = - - x - x ++ - # - x # =+ + =# - #.-= ++ . #= = # # # + x = + - x x . #. # = .+ = . - =--= -- #+ - x x + = # x= .+ # = . = +. - = ## - = . - -x . + . + == . . . =.+=x .- + # -+ # = x . + -x + - # # + - x #. . # # + x- #= x =# - -=- #= + - . -+ + x x- + x .x + = + +=+ . = # x = # . x x = . = - -# -. ++ # - = = . #x . = . x x + - - = #+ x x x #= = + # # + #x - # - .+ xx . =x - x .+ = # . -. + - --+ x# + #. # x # x. + + x= xx- # -x #+ # # .x. . x . + # # + . - . x x x- == + . + = .= - # x + . + - += . = + + + #= +#. =x . . . x - = - -#- #.+ x #- + x # x .x x .-- =- + -+ .#--#+ - + # =x = .#+ . + +# .+# -- #x# # - #x #+- = . #+ - xx - =- + x = # x - - =x+ . x # -- -. # + x x - #x . - = x x. + + + = #= =. # + # = x + - # # . + - . x x# +- - + -+ # . -x . + + -.# = # # x + - . x = . == x . #+ -= x- + #+ .+ # x# x #. =+ = + x . . x = -.- = + . # + x x +. + - x = - # x = + . . # = .-+ -x# -= x+ ## x= + ##=# x+ - +-.+ # x #. - x + x - ## . - = + ## # + =+ ==x +-# x x - = = + x - - . . x = . # . =#.=- = . x - x x=- x # # =##= -+=# x.x - - = - = . =+= # + # # = . + # + +# x = = . = x+ .. # x #+ - = . x - + # + + x - - . = .+ . # =- + -+ . + x = .+ + x = x + x # x . + - # # - =-+# - . x =x#+ --= x . . - x += x. #= . . x x+ .# .-# . = x ++# x == . .. x - =x # .. # + += x + + - - -# x # + + =- + . =-+ - =x.- # =x . + = ..- + -# = =x .#= #. -. x= . - - -. # + = # # .= = # x # -x x# # . - # - ++ ## x+ #= . x =.= + + -. - x +# - x = + . #x =- -x= x-.++ + + # x - .-+ x x -- x #x = # + - - . + = - - + . = + + = # x + x = + . x = . . .= = . x .. - . x x+ x = . # x+.- . ## + # . = x . x+ = x -= x . # - # . = = = + x . + - -# - . x-= . + x --= - x +- . = - + x x - = . # - - - xx +. + x =+ # # #- # x # -x = #= = + x# x # x #+ #x -+ .# = # - - + # # + # += =.# = - . #= . - # x - x- =-x = # . =-# + - +-- - + =+## + # - x .x + x - x -- # - x x = -. # += x =- -.# x - -- x . . x x . - = # - x# # # x # . -x ++ = . + = .+.-- =+ .# # ++ = -# - +# = x - = . # - # # . =. = + # --++. -= = . + +x . . = - .=.- + = +=x. - + x # =## = = - x =- x+ ++ . #+ - x . x + = . = # - . + + . - # -+ = = + -=. x. = === - . x = =#+++# = = - + # #+ #=- # + . + # x x = # . # . - x . . + - = -#- + xx = .= # == - x - = = x x. x + = .# x + + + . x## xx x .= -# = = .+ # - x + . -- # + + - x x - # # # - ++ + + x - x + # + = x xx-= + + . == -#+ . x + -- == + #x= . =- x = + x# # x + - #. +#.-= .+ - x=- . #- x# ++ . . - - . + - x + x+ x .+ # - -.- x #x # = + . - # +- #.xx +. - + .# -x- x- xx- - = .. =- .x + + # + x + . + . = =# # x x= xx = -# -xx x - + . - - x + . # . += - #+ . + . x = =- x+x+ .= + .. ++ + x = - x .=+ # # + -- x +# # = # # x .= x # + xx - . - +x x# = x + # = . =.= # x . x xx# = -x=x= -. + # + = x + + x- = =. -. # #=.+= + + . # # # = - = = + -# += - = x # # #- x= - x #= +. x# = + + .x . =- . . .# + -# +. = -= . # # x #-.= - + xx # = . . -x =# .= = + - + + # x +x=x+ # = = - + =- = # x + # # # # =-x # = + = === -= +x = + == . x- - # = . + = . # = . = x x+ x# - - . . . x + #++-.. = -+# x #= #x+# - x . . -x . . .#= - . +. = # . = = . .-== - =x### + # # x= x = . #- = x -+.# + = = - - # . + x + x x + == # x # ## ## - - -x # . # .. ##+ #- - + . = - = x # . # - =# # x. - .. # - - . -+= = - x .#.x = # # . x = x + = = +-- # -+ # # # =- ## = .+ . # x =. =# # . x . + - + # - x + # - + + # # . . = =.- x = # x+ + -. =x- - # x -.x . = .= = .# - x + x x x = x . = # x. = x .# =x - = - # + x # + # . - = x = = . # x = . + = . # x . . - x = + . + = . -. + = -= x + x # x . . - + # . x - = x+ x # # # # x = + . + - + . .. - - # . # + x x + # = # + # = . xx x x = # - x # . . # . = # # # - x = . . # . # . x x . - # - . + # . . - + +# x . - # . # = x - = x . x x + . + x + - .
implied PAPER price · what the wrappers' markets say · PAPER itself can't be transferred
the band
$0.0181 – $0.0718
the two wrappers disagree by 4.0x. they measure different things, so we show both and never blend them.
PULP · PaperDAO · robinhood chain
$0.0181
claim-based: PULP is a pro-rata claim on a treasury holding PAPER, redeemable once transfers open.
PAPER held5,744,467
non-PAPER assets$170,645
holder market cap$274,450
liquidity$68,112
implied APR1,698%
PSTR · PaperStrategy · hyperevm
$0.0718
cash-flow: PSTR stakes PAPER from a 10% tax and has no redemption, so its price also pays for future tax. read it as a ceiling.
PAPER staked142,817,049
non-PAPER assets$116,892
market cap$9,339,785
liquidity$866,558
implied APR427%
staking yield · 24h
$0.000841
USDC per staked PAPER per day
mint rate
16.3
PAPER minted per $1 lost (100 at launch)
PAPER supply
7.81B
99.0% staked · not transferable
implied price · 7 days
— PULP-implied   --- PSTR-implied · hourly
the math
PULP: (PULP price × holder supply − non-PAPER assets) ÷ PAPER held
PSTR: (PSTR price × supply − 0.9 × non-PAPER assets) ÷ (0.9 × PAPER held)  // 10% of yield goes to its team
implied APR = staking USDC per PAPER per day × 365 ÷ implied price
caveats: PULP's market is thin ($3K moves it ~19%) and 5 of its 7 accounts are visible only through the operator's API. PSTR's team holds its account keys. PAPER transfers need a governance upgrade that may never come. sources: papertrade public API, hyperevm + robinhood chain RPC, dexscreener, paperdao /api. prices re-mark live; holdings refresh hourly.