papervault_

How it works

Four moving parts, nothing hidden

01 · TRADE

Buy or sell against locked liquidity

PAPERVAULT and PAPER sit in one Uniswap v4 pool. The LP position is locked forever — no team, no multisig, no upgrade can pull it. Each trade pays 5%: 2% into the pool, 3% to operations.

02 · FLOOR

The Hard Floor only goes up

Hard Floor = PAPER in the locked pool that backs each token. Fees and bonds add PAPER; nothing removes it. Price can trade above the floor, never below it.

03 · STAKE

Stakers are paid on every new high

Every 6 hours, if the Hard Floor set a new all-time high, new PAPERVAULT is minted to stakers in proportion to that rise. No lock, 6h in, 6h out, up to 2.5× boost for loyalty (4× permanent).

04 · BOND & BORROW

Discounts in, loans out

Bonds sell PAPERVAULT at 10–30% off the TWAP price for PAPER that goes straight into the floor. Loans let you borrow PAPER against PAPERVAULT at 95% of the floor, with no liquidations ever.

Trade

Price vs. Hard Floor

PAPER per PAPERVAULT · last 24 epochs

Black line: market price. Dashed green: Hard Floor. The gap between them is the premium. Bond discounts shrink as the premium closes.

Where the 5% fee goes

2% → locked pool (raises the Hard Floor for everyone)floor

3% → ops treasury (team, listings, integrations) — immutable splitops

0% → LP providers (there are none; the pool is owned by the contract)—

Stake

Earn the ratchet

full staking page →

What you earn and when

Emissions are not an inflation schedule. New PAPERVAULT is minted only in an epoch where the Hard Floor closes above its previous all-time high. The mint is sized to that rise, so the floor per token never falls because of emissions.

Time staked	Boost	Note
0 – 6 h	0×	warm-up, not earning yet
6 h – 2 d	1×	base rate
2 d – 5 d	1.5×
5 d – 7 d	2×
7 d +	2.5×	max loyalty boost
permanent	4×	can never be unstaked

Any unstake — even partial — resets your boost to 1× and starts a 6-hour cooldown before you can withdraw. There is no penalty on principal.

Bond

Buy below market, fund the floor

full bond page →

Why the discount exists

When price trades at a premium to the floor, the protocol can sell new PAPERVAULT for PAPER at a discount to market while still raising backing per token. Your PAPER goes into the locked pool; you get tokens as a stake locked for the term, earning from the next epoch.

Term	Discount	You get
12 hours	10%	stake locked 12h, then 6h cooldown
24 hours	20%	stake locked 24h, then 6h cooldown
48 hours	30%	stake locked 48h, then 6h cooldown

You never receive more than your PAPER buys at backing, so a bond can never dilute the floor. Near backing the discount shrinks on its own.

Cooler loans

Borrow against the floor, never get liquidated

full loans page →

Why no liquidations are needed

You can only borrow 95% of what your collateral is backed at by the locked pool — and that backing cannot go down. So the loan is always covered, whatever price does. There is no oracle, no health factor and no liquidator.

Loan-to-floor95% of Hard Floor

Term30 days, rollable

Cost0.5% of principal per term

Repayany time within the term → collateral unlocked

Defaultcollateral burned · borrower keeps the PAPER

A default burns PAPERVAULT while the PAPER stays in the pool, so backing per remaining token goes up. Defaults make the floor stronger, not weaker.

Connectors & trust

What can change, what never can

Immutable — set at deploy, no owner can touch

Liquidity positionlocked forever, not removable

Ops share of fees3%, cannot be raised or redirected

Floor share of fees2%, always compounded into the pool

Hard Floor accountingcan only increase

Loan rules95% / 30 d / 0.5% / no liquidation

Mint ruleonly on a new floor high, sized to the rise

Connectors — open slots, timelocked and capped

The vault has extension slots so it can grow without upgrades. Each slot has a hard cap written into the contract and a public delay before anything activates.

Slot	What it can do	Delay
Reward tokens	stream an extra token to stakers (e.g. PAPER rewards)	72 h
Mint modules	new ways to issue PAPERVAULT, under a hard supply cap	7 d
Fee sinks	route the ops 3% to a new destination (never above 3%)	72 h
Hook extensions	add swap-time logic; can never move the LP or the floor	7 d

Every connector proposal is visible on-chain for the whole delay. Nothing can shorten the delay or raise a cap.

Contracts

HyperEVM · chain 999

FAQ

Plain answers

What is the Hard Floor, in one sentence?

It is the amount of PAPER in the locked pool divided by the PAPERVAULT supply it has to back — the price you are guaranteed to be able to sell into, because that PAPER can never leave.

Can the price go below the floor?

No. The pool is the only market the hook recognises and the hook will not let a swap settle below the floor. Price can sit at the floor; it cannot pierce it.

Where does staking yield come from?

From the floor rising. Each 6-hour epoch the contract compares the Hard Floor to its previous high. If it is higher, it mints new PAPERVAULT sized to that rise and splits it across stakers by weight (amount × boost). If it is not higher, nothing is minted. Yield is therefore a function of trading volume, bonds and loan defaults — not of a fixed schedule.

Is there a lock on staking?

No lock. You wait 6 hours before you start earning, and when you unstake you wait 6 hours before you can withdraw. The loyalty boost (up to 2.5× after 7 days) resets to 1× whenever you unstake any amount. The only exception is the optional permanent stake at 4×, which can never be unstaked.

Why would I bond instead of buying?

A bond gives you more PAPERVAULT per PAPER than the market (10–30% off the TWAP price), but you receive it as a stake locked for 12h, 24h or 48h. If you want tokens now, buy. If you are going to stake anyway, bond.

What happens if I don't repay a loan?

Your collateral is burned and the debt is cancelled. You keep the PAPER you borrowed. No liquidator, no auction, no extra penalty. Because the collateral is burned, backing per token for everyone else rises.

Who controls the contracts?

The LP lock, the 5% fee and its 2/3 split, the floor accounting, the loan rules and the mint rule are immutable. The ops treasury receives its 3% and runs operations. New features arrive only through connector slots with 72-hour or 7-day public delays and hard caps that no key can change.

What is PAPER?

PAPER is the token of PaperTrade, the on-chain perpetuals venue on Hyperliquid. PAPERVAULT is paired only with PAPER, so the Hard Floor is denominated in PAPER.

Which wallets work?

Any EIP-1193 wallet: MetaMask, Rabby, OKX, Coinbase Wallet, or the in-app browser of a mobile wallet. The site asks your wallet to switch to HyperEVM (chain id 999) and adds it if missing. No WalletConnect, no tracking.