Testnet Competition paprHERO

Two weeks ago we introduced papr, shared the whitepaper, and teased a testnet contest: paprHERO. Today we’re excited to announce that paprHERO is live!

Papr Hero is the first papr token to be created and exists on the Goerli testnet. We’re launching it with a (just for fun) PvP competition where players compete to see who can end up with the most (fake) USDC. The game starts with a Goerli airdrop — every player starts with a mix of phUSDC (papr-hero-USDC) and an assortment of NFTs (fake versions of CC0 projects we deployed on Goerli) for a total notional net worth of 50,000 phUSDC. Players can use these assets to interact with the papr protocol and increase their phUSDC balance.

To be totally clear: paprHERO is entirely for fun! None of these assets are worth anything. There are no prizes. There is a leaderboard, and the only reward (outside of having fun) is seeing your name up in lights. All glory is testnet glory.

Our goals with paprHERO are to:

  • Expose more people to papr and get their feedback on how it all works.

  • Pressure test the mechanism and interface in a production-like environment. We plan to be squashing bugs and we hope you’ll let us know if you see any.

  • Have fun! Some strategies will be more profitable than others, and we will all be genuinely impressed by the player who ends up on top.

Where does the game happen?

See the leaderboard and use the testnet facilities at papr.wtf/tokens/paprHero/competition. If you are eligible, you will be able to connect your wallet and claim your Goerli assets for the game.

Who is eligible to participate?

Those who minted the whitepaper NFT or otherwise responded here on twitter. Some addresses have been filtered out to limit bots and sybil activity. If you didn’t receive phUSDC assets and think you should have, let us know on Discord.

Where can I ask questions?

Hop into #🦸papr-hero on the Backed Discord or discussion and share feedback or troubleshooting in 📣#product-feedback. Follow Backed on twitter, too.

How is the Leaderboard calculated?

The leaderboard calculates the total net worth in phUSDC terms as: the floor value of your NFTs (both those held and used as collateral), plus your wallet’s phUSDC total, plus your net paprHERO balance (open loans appear as a debit, paprHERO tokens held appear as a credit) reported as phUSDC at current market rates.

Inflated net worth that comes from collusion between addresses is against the intent of the game, and the leaderboard will be periodically purged of accounts showing that activity.

How long will it run?

The official competition will end Sunday the 11th at 11:59pm GMT. After this, we plan to open paprHERO to allow anyone to participate, indefinitely.

What are some possible participant strategies to maximize their net worth?

Anything else to know?

To simulate a production environment, we have created a Reservoir marketplace for all of the contest NFTs and seeded it with bids and asks (again, with testnet assets that hold no real value). We are also running bots to start liquidations, arbitrage liquidation auctions, and match bids and asks.

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