PaprMeme

Papr is minted by borrowers, who transfer some collateral to a papr controller (a smart contract). Borrowers can then exchange their papr for other assets using a decentralized exchange (e.g. Uniswap). Papr interest rates and the papr trading price are in a constant feedback loop. Interest rates are programmatically updated on chain as a function of papr’s trading price on Uniswap (the lower the trading price, the higher the interest to borrowers), and interest rates in turn affect the trading price, as borrowers open and close loans in response to rates.