Exhibit 1 · Valuation range
Every price for PAPER, against the perp
Bar = bid–ask, interquartile or bear–bull range; tick = point estimate; log scale
Exhibit 2 · Forward curve
What markets price PAPER at, by date
Market-implied curve vs the cost to mint one PAPER
Market-impliedCost to mint (base, bear–bull band)
Exhibit 3 · Valuation matrix
Each source at the date it prices, and its gap to the perp