Concepts

PAPER and PaperStaking#

Papertrade mints PAPER to traders on the losing side of a position, at a rate set by the mint curve. Holders stake PAPER in the PaperStaking contract and earn USDC that the protocol distributes. The relayer runs reward distribution. Users sign three actions: Stake, Unstake and Claim.

Realized yield, not a forecast#

Every yield number here is history. For each hour, Papertrade reports the revenue that went to PAPER stakers (paperRevenue) and the staked PAPER. The yield for a window is the revenue divided by the mean staked PAPER (trapezoid rule over hourly samples), pro-rated to the window. It says what stakers earned, not what they will earn.

Why per million PAPER per day#

PAPER has no market price, so a percentage return cannot be computed honestly. The headline unit is USDC per 1,000,000 staked PAPER per day (usdPer1MPaperPerDay). It is a plain USDC amount that needs no price assumption.

APR needs an assumed price#

If you want a percentage, you supply the price: get_apr accepts assumedPaperPriceUsd. APR is then usdPerPaperPerDay * 365 / assumedPrice, simple and not compounded. The assumption is yours and the result is labeled as implied.

Units#

• Raw on-chain amounts are 18-decimal integers ("wads"), returned as strings. Keep them as BigInt until display.
• accRewardPerShare is scaled by 1e27.
• Block time on HyperEVM is about one second, so 3,600 blocks is about one hour. The claims tool uses this to bound its log window.

Staked balance is derived#

PaperStaking exposes pendingReward(address), and the PAPER token exposes balanceOf, but there is no per-user stake getter in the contract ABI used here. The staked amount is the net of the wallet's Staked and Unstaked events from the Papertrade account history (up to eight pages of 75). historyComplete: false means the cap was hit and the figure may be partial.

Reward history comes from the API, not logs#

PaperStaking emits no event when the reward accumulator grows, and public RPCs are not archive nodes. Reward history therefore comes from the Papertrade protocol history, cross-checked on chain against accRewardPerShare (the reconstructionError field). Claimed logs are real events and power the claims tool.

Intents and signing#

Stake, Unstake and Claim are EIP-712 typed-data intents in the PaperStaking domain with the fields user, amount, nonce and deadline. The user's wallet signs and the Papertrade relayer submits. This project never holds keys. The MCP tool plan_staking_action shows the exact typed data to be signed, with nonce and deadline allocated at signing time.

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