In the past few months we have witnessed some of the most exciting innovations, namely Solidly, on EVM compatible networks. For those who are new to the PAPA community - PAPA DAO was a Metaverse/GameFi project with Olympus DAO mechanics, who traded at 30 Million Market cap at its peak, with 10 Million USD in its protocol treasury.
However, with the bear market beginning in late 2021 & early 2022, it was obvious that the protocol was unlikely to survive due to the market environment. Hence, the PAPA DAO team, led by its founder, Sushimoon, made the decision of redistributing the entire treasury of 10 Million USD back to the PAPA Community - it was done swiftly and professionally, and the PAPA Community praised for the team's professionalism.
After 2 years of market research, recruiting, building, talking to professional investors and thinking about past mistakes - PAPA DAO & Sushimoon is back!
PAPA is no longer a small team, and is supercharged by a group of industry veterans, from crypto as well as TradFi, spanning a team size of 30 people across the globe. The goal is to build and achieve what PAPA started and could not. Our approaches and technical capabilities have superiorly enhanced from where we were 2 years ago and we are confident with the roads ahead.
After extensive research and development in working on the pa-economics, we have come to realize the huge potential of building a true, community owned pa(3,3) DEX, a product that has so much potential to even challenge Curve / Convex on Ethereum mainnet.
We are going to offer a superior level of capital efficiency, strong community incentives, and long term rewards for stakers, leveraging design strengths from Curve, Convex and OlympusDAO.
It is going to be a pa(3, 3) exchange, with necessary updates and improvements.
Design principles of the PAPA pa(3, 3) DEX:
1. It is designed to be a DEX for everyone.
2. It is designed to have the most market competitive fees for both LPs and traders - a perpetual revenue generating engine.
3. It is designed to be a capital efficient engine to capture sustainable, long term values.
Again, we thank you for all your support in PAPA DAO from the very beginning.