PAWS 🐾

I received a report that already converted PAWS tokens are hidden in the code of the paws.community/app page. I dug into the code myself and pulled out the most interesting bits in a screenshot.

In my case, 1,825,383 PAWS were converted into 2,980 tokens. Playing around with the calculator, I found that my balance was reduced by a factor of 612.5. However, in the screenshot I was shown, the coefficient was slightly different—over 620. Why is that?

I believe it’s related to the snapshot, which I now think was actually real. What led me to this conclusion was a line related to referrals. It shows 1,416 existing referrals + 86 new ones. The new referrals must be those added after the snapshot. Multiplying 2,980 by 600, I got what seems to be my PAWS balance at the time of the snapshot. So, I’m leaning toward a 1:600 conversion ratio.

The only thing that doesn’t quite fit this theory is the todayBalance value. I can’t seem to make the number 612,349 fit into the calculations.

Estimating Token Value

Next, it’s logical to assume that converted PAWS = wPAWS. So, knowing the current price of vouchers, we can estimate the value of 1 wPAWS.

- Two vouchers convert into 1,000 wPAWS.
- On Magic Eden, 2 vouchers are selling for 0.13 SOL.
- This means 1 wPAWS ≈ 0.00013 SOL or $0.026.
- At this rate, the return on donations is roughly 2x (assuming you donated at 10 TON per voucher).

However, these calculations mean nothing without knowing total token supply. Let’s try to estimate that.

Estimating Total Supply

From a recent tweet by the developers, we know the total supply will be between 1 billion and 1 trillion. Let’s hope it’s just 1 billion.

In the PAWS Discord, I saw information that the total supply of vouchers is 211,000. Since one account could generate one voucher, this suggests there are about 211,000 accounts with 300k+ PAWS. Assuming the average balance was 600,000 PAWS, after conversion, that turns into 1,000 tokens per account. This gives us 211 million tokens.

Additionally, we need to factor in wPAWS. My balance is slightly over 1 million, and considering I was #1 in the leaderboard, most other players have even less.

The official tokenomics states that 62.5% of the supply is allocated to the community. If the total supply is 1 billion, that means 625 million tokens go to players. This seems excessive, even when combining PAWS, wPAWS, voting stars, and medals.

Market Cap Calculation

Assuming a 1 billion supply is correct, we now know both the price and supply, meaning we can calculate the market cap:

$0.026 x 1,000,000,000 = $26 million market cap.

This looks realistic, and at launch, it could easily be 4x higher.

Just a reminder—all of these conclusions are based on my own assumptions, not official data.