01
Collect the fees.
100% of net creator-fee receipts goes into the strategy and reserve.
$PSRV / A SOLANA TREASURY IN DEVELOPMENT
PAPER in reserve.
USDC to holders.
A shared treasury, built around PAPER. Our plan: put creator fees to work, accumulate and stake PAPER, then share settled USDC income with eligible PSRV holders.
A proposed model. Rewards are variable and not guaranteed.
ONE TOKEN.
A shared treasury.
A shared treasury.
HOLD$PSRV on Solana
ACCUMULATEPAPER in the reserve
SHAREUSDC once settled
01 / The idea
One reserve.
Three simple steps.
Creator fees provide the capital. PAPER is the reserve asset. Settled USDC staking income is what we intend to share with holders.
02
Build the PAPER reserve.
Research eligible ways to earn PAPER, retain it in the treasury, and stake it.
03
Share settled USDC.
After withdrawal and settlement on Solana, fund rewards for eligible PSRV holders.
PAPER’s launch design restricts ordinary transfers. Earning and staking is the first research path; direct purchases depend on a verified transferable market. Read both routes ↗
02 / The capital
Every net fee.
For the reserve.
100%
All net creator fees fund PAPER acquisition research, collateral, a liquid USDC buffer, and strategy execution costs.
This allocation applies to creator fees actually received by the treasury, after protocol deductions and collection costs.
CAPITAL ALLOCATIONILLUSTRATION
Strategy & reserve$1,000.00
01
Acquisition & collateral
Fund eligible activity and both sides of a potential hedge.
02
Liquid USDC buffer
Keep capital available for settlement and margin needs.
03
Execution costs
Account for trading, funding, and cross-chain costs.
Illustrative receipts, not current treasury funds. These uses are budgeted within the same reserve; no fixed split is assumed.
03 / Your share
More eligible holdings.
A larger share.
The proposed model measures eligible holdings over each reward period. Your share of the funded USDC pool follows your share of those holdings.
ILLUSTRATIVE WEEKLY EPOCH
The math is simple.
Your average eligible tokens
Total average eligible tokens
Funded USDC pool
Try the numbers →These inputs are examples, not forecasts.
Your illustrative allocation3.125 USDC
Time-weighted holdings. Hold twice the eligible balance for the same period to receive twice the share. Final eligibility and claim rules will be published before activation.
Only funded rewards. The pool must contain settled USDC after distribution costs. Rewards may be zero; no fixed yield or live claim program exists.
04 / The strategy
Hedge the exposure.
Measure the cost.
We are researching opposing positions across Papertrade and another venue. The aim is to reduce directional exposure while measuring the cash cost of earning PAPER.
Cross-venue illustration
Papertrade / long
+1 unit
Underlying exposure
Underlying exposure
Gross price P&L−$100
External venue / short
−1 unit
Underlying exposure
Underlying exposure
Gross price P&L+$100
A Papertrade loss may mint PAPER.
A $100 eligible voluntary loss can mint 9,800 PAPER in the flat issuance region, when solvent. The external hedge’s gross gain offsets the price move before fees, funding, and execution costs.
Equal underlying exposure cancels gross price P&L in this simplified example. It does not make the combined position costless or perfectly neutral after settlement.
A hedge can still lose money through fees, funding, unequal payouts, liquidation, or settlement delays. Strategy viability and eligibility remain unverified.
Read the full strategy ↗Explore the acquisition calculatorRESEARCH EXAMPLE +
An interactive research model
Test the economics.
A separate research example pairs two opposing Papertrade positions. Change the winning credit to explore the cash cost. Availability and reward eligibility of this setup remain unverified.
Two Papertrade legs · hypothetical
The 70% starting value is an adjustable assumption, not a Papertrade quote. Other costs exclude amounts already deducted from the winning credit.
PAPER minted in this example
9,800PAPERNet cash outflow so far$35.00
Winning credit still queued$0.00
Net cost if all credits settle$35.00
Conditional cash cost / PAPER$0.003571
$100 loss × 98% eligible basis × 100 PAPER = 9,800 PAPER.
Assumes the losing leg closes first, while solvent and entirely in the flat issuance region. The optional queue assumes backing changes before the winner settles. The 2% carve only reduces mint basis. A queued credit may never settle. Net outflow excludes committed margin; both legs need separate collateral. Acquisition cost is not a market value.
A few important details
Questions,
answered.
Are you using 1,000× leverage?
No treasury leverage level has been approved. Papertrade’s advertised maximum is not a suitable default for this model. The proposal requires separate limits for leverage, cash losses, and collateral on each venue.
Does a delta-neutral strategy guarantee profit?
No. Opposing positions can reduce gross price exposure while losing cash to asymmetric payouts, funding, fees, execution, liquidation, or a delayed hedge. Earning PAPER does not prove the treasury made money.
Why distribute USDC instead of PAPER?
The launch design restricts ordinary PAPER transfers. Staking income offers a possible USDC route, subject to working withdrawal and settlement infrastructure. A direct PAPER route would require transferability, verified contracts, and a supported distribution method.
What happens if the strategy is not viable?
The proposed default is to retain undeployed strategy capital in USDC. Activation and scaling depend on measured costs, eligibility, cash availability, and published limits—not on a launch deadline.
Is this an official Papertrade project?
No. Paper Reserve is an independent project in development. It is not affiliated with Papertrade or Hyperliquid. Protocol descriptions are based on documentation checked on 6 October 2026 and must be verified against the live implementation.
The detail behind the thesis
Read the paper trail.
Protocol mechanics, treasury assumptions, settlement risks, and the original sources—all in one place.
In development. Acquisition strategies are under research and holder distributions are not active. Activation depends on verified contracts, tested settlement, and published operating limits. View the milestones ↗