PaperTrade: Is Farming $PAPER Worth It at $0.025 Pre-listing Price? $PAPER is reportedly trading at a ~$0.025 pre-listing price. At this valuation, farming through trading losses looks expensive. Using the reported emission rate of 16.6 $PAPER per $1 lost: • Cost to farm 1 $PAPER: ~$0.0602 • Quoted price: $0.025 • Implied farming cost: 2.4x the quoted price To farm 10,000 $PAPER: • Trading losses: ~$602 • Quoted token value: $250 • Net deficit: ~$352 And emissions may have fallen further, making the economics worse. What could make it worthwhile? • A hedged strategy that reduces net losses while earning emissions • USDC staking income that offsets some acquisition costs • A higher eventual market price after transfers and listing become available But winning positions face profit haircuts and settlement fees. Hedging isn't free, and staking income depends on protocol activity and payout conditions. At $0.025, I wouldn't deliberately lose money just to farm $PAPER at the reported emission rate. The better approach is to calculate your actual net cost after hedging and staking income, then compare it with the realizable token price. Farming is only attractive if your effective acquisition cost falls below the price you can actually sell at. Don't mistake a quoted price for guaranteed profit.