PAPER is the token you trade.
One PAPER targets 1/10,000 of one SPY token. It is a ratio asset, not a stablecoin and not a dollar claim.
Supply
PAPER's initial supply is 1,999,000:
| Allocation | Share of supply |
|---|---|
| Ratio defense | 40% |
| Bond payouts | 35% |
| Governed incentives | 5% |
| Genesis | 15% (300,000 PAPER) |
| Market seed | 5% |
How PAPER moves
The protocol can print PAPER to clamped PLATE, meaning PLATE deposited into the press, during qualifying above-target runs. Below target, PAPER can enter the Shredder path and become RECEIPT. Neither mechanism guarantees the ratio or a market price.
For the exact target and its limitations, read The Ratio. Read PLATE next.