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Overview of the paprMEME project – a remarkable NFT Lending platform
What is paprMEME?
PaprMEME is a CDP platform for NFTs on Ethereum that allows users to deposit NFTs into paprMEME Smart Contracts to generate PAPR tokens – the main token of the platform.
The price of the PAPR token is defined by paprMEME with two prices:
- Target Price: This is the price used in the protocol when users collateralize NFT to mint PAPR tokens. The Target Price increases over time, so the borrower's interest is already factored into the PAPR Target Price.
- Mark Price: Determined by supply and demand in the market and is the real-time price of PAPR on Uniswap.
On the paprMEME platform, the maximum loan amount a user can borrow is calculated by multiplying the collateral value by the maximum LTV of 50% and dividing it by the Target Price.
In addition, borrowers can use PAPR mint tokens to swap for other assets on Uniswap V3. However, if the loan exceeds the value of the collateral, the borrower's assets will be liquidated. To reduce the LTV level to an acceptable level, paprMEME uses the Dutch auction method with a starting price of 3 times the NFT floor price, and reduces the price by 70% each day until all NFTs are liquidated. When there is the first liquidation of the NFT buyer, the proceeds will be transferred to the borrower.
Salient features of paprMEME
Since PAPR tokens are traded on Uniswap V3, the price of the token will fluctuate when users buy or mint on the paprMEME platform, and the difference between the Target Price and Mark Price will exist. To ensure that supply and demand are in balance, paprMEME needs to incentivize these two prices to be as close to each other as possible and use the Target Price of PAPR tokens to ensure this balance.
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If Mark Price > Target Price, it means that the market demand for PAPR tokens increases and then paprMEME lowers the Target Price after each mint, which will motivate users to deposit NFT into the platform. paprMEME to mint more PAPR tokens.
Tokenomics
Currently, paprMEME team has not officially announced information about tokenomics. We will continuously update you with the latest information about the project when there are changes or updates from the paprMEME team.
Development team
paprMEME was developed by 4 former employees who used to work at Coinbase. Wilson Cusack, the founder of paprMEME, is an alumnus of computer science at Brown University. Before starting paprMEME, Wilson has worked at many companies, including Drishtee, eleni LLC, FarmLogs and Cargill, since April 2012. Then, in March 2016, he became the CEO of Trade Ghaha. Then, in March 2019, Wilson joined Coinbase as a Software Engineer. Finally, in April 2022, he decided to start a business and founded paprMEME – a CDP Lending platform for NFTs.
Investors
On February 20, 2023, paprMEME announced the success of raising capital from Coinbase Venture with the amount of 3 million USD. Receiving this investment will definitely give paprMEME more motivation and resources to develop and scale its operations in the future.
Epilogue
paprMEME has developed a unique Lending platform by converting papr tokens into common debt and enhancing liquidity through the contributions of minters and buyers on Uniswap. However, as a new protocol, paprMEME is still facing many challenges and risks. Therefore, its actual effect on users remains to be evaluated and verified further. Hopefully through this article, people have understood more about paprMEME and how the project works.
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