PAPA DAO (PAPA) functions as a reserve currency protocol operating on Avalanche Network. Avalanche Network is a smart contract-based blockchain capable of delivering high scalability, decentralization, and security. Further, smart contracts are just like regular contracts; however, instead of being drafted on paper, these contracts run in the form of protocols on the blockchain.
The network token, called PAPA, is the primary currency of the PAPA DAO platform. The main goal behind the creation of PAPA DAO is to develop a policy-controlled currency system, wherein the PAPA token functions as the medium of exchange for metaverse and the gaming universe. Thus, in simple words, the platform aims to develop a network that represents systematic growth for the users.
Furthermore, the PAPA token can also be used to aim to create incentives for network contributors. Each PAPA token is backed by a bunch of assets, including PAPA-AVAX LP tokens, metaverse infrastructure projects, play-to-earn projects, and MIM (Magic Internet Money). Magic Internet Money is a stablecoin, and each PAPA token is backed by 1 MIM. This means that one PAPA token is equivalent to at least 1 MIM. As a result, the token seeks to become more stable and secure by being backed up by a pool of assets.
The PAPA DAO platform seeks to generate value through bonding and staking:
