$SPAPER
SPAPER (Shadow Paper) is the protocol token, minted only to traders on losing closes and liquidations and staked to earn USDT dividends.
Token summary#
| Name / symbol | Shadow Paper / SPAPER |
| Chain | BNB Chain (BSC) |
| Supply source | Minted to traders on losing closes and liquidations only |
| Premine, team, VC, airdrop | None |
| Transfers | Disabled; stake and unstake only |
| Utility | Stake to earn USDT dividends |
Fair launch#
Every SPAPER in existence is minted against a loss realised on shadowpaper. Minting follows the public formula described in Mint curve. Newly minted SPAPER is sent to the trader's wallet; staking is a separate action.
Example#
Alice opens a 100× BTC long with 100 USDT margin at 80,000 and is liquidated at ≈79,237.70. The payout queue is empty and the LP's net balance is below 2,000,000 USDT.
| Input | Rule | Result |
|---|---|---|
| Forfeited margin | Full margin | 100 USDT |
| LP-side fee | 2% while the queue is empty | 2 USDT |
| Mint basis | Margin net of fee | 98 USDT |
| SPAPER minted | 100 SPAPER per USDT below the 2M threshold | 9,800 SPAPER |
mint basis = 100 − 100 × 2% = 98 USDT
minted = 98 × 100 = 9,800 SPAPER
← Scroll sideways for long formulas
Alice holds 9,800 SPAPER, which meets the 1,000 SPAPER staking minimum.
Transfer lock#
SPAPER cannot be sent between wallets or traded. Governance can enable transfers once, through the 24-hour timelock; the change is permanent and cannot be reversed.
Staker rewards#
Stakers receive half of all protocol fees, plus LP surplus above the reserve line (initially 5,000,000 USDT) while no winner is queued, distributed in USDT. See Staking & claiming.
Solon Labs and SOLON#
shadowpaper is a Solon Labs experiment. 20% of the dev fee share, equal to 10% of all protocol fees, is used to buy back and burn SOLON. SPAPER and SOLON are separate tokens.
- Solon Labs: solonlend.xyz · X @Solonlabs1
- Buybacks are executed off-chain on a periodic schedule; execution records will be published.