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Paimon Finance

Paimon Finance is a -based platform focused on bringing traditional financial assets, including private equity, private credit, and money-market products, on-chain through . The platform provides infrastructure for issuing, holding, trading, and governing tokenized through products such as its Prime Vault, Pre-Access SPV Tokens, and Launchpad. [1]

Overview

Paimon Finance is a -deployed protocol that provides on-chain access to assets traditionally found in traditional finance, including money-market funds, private-market equity, and private credit. Its two live products are Paimon Prime Vault (PP), an fund that holds a tiered portfolio of cash, money-market assets, and longer-duration , and Pre-Access SPV Tokens, which tokenize individual private-market assets through separate permissioned and freely transferable tokens. PP holders receive shares and can redeem through standard or emergency channels subject to fees, quotas, and settlement periods.

Paimon Finance uses shared infrastructure to issue and manage both products, including a launchpad, an on-chain points system, participation badges, services, and a treasury for fees and redemptions. Its SPV token structure separates compliance and transferability by using pSPCX as a -gated security token and xSPCX as a freely transferable representation, linked through a token bridge. The protocol's design addresses the liquidity and compliance constraints associated with bringing traditionally illiquid assets on-chain by using redemption limits, settlement requirements, and separate token structures for different access requirements. [2]

Architecture

Paimon Finance’s architecture consists of two independent product lines connected through shared issuance, reputation, treasury, and compliance infrastructure. Paimon Prime (PP) uses an vault to manage a tiered real-world asset portfolio, with separate contracts handling deposits, share accounting, redemptions, and asset allocation through external adapters. The Pre-Access SPV system uses a two-token structure: pSPCX is a KYC-gated EIP-3643 security token, and xSPCX is a freely transferable representation, with a TokenBridge connecting the two at a fixed ratio. The two product lines maintain separate asset accounting, so PP and xSPCX do not directly interact.

Shared infrastructure includes a four-layer Launchpad, a points system that tracks staking activity, Soulbound badges for drop participation, a treasury, and a aggregation layer for institutional access. An event-driven off-chain backend supports on-chain event monitoring, transaction execution through KEEPER and REBALANCER accounts, role-based access controls, asset rebalancing, and settlement automation. The serves as the source of truth, with the backend deriving operational state from on-chain events rather than maintaining separate business records. [4]

Launchpad

Paimon Finance’s Launchpad is a -based issuance system for tokenized alternative assets that uses a four-layer, points-gated sale structure rather than a standard first-come, first-served model. Each drop progresses through on-chain phases covering configuration, optional quests, a points snapshot, commitments, layer-by-layer settlement, refunds, and finalization. The four layers can have different discounts, minimum commitments, per-wallet caps, points requirements, and sale periods, with lower-priced layers requiring more points and an open layer available without a points requirement. After users commit , allocations settle through batch processing or proofs, followed by a configurable refund period for unallocated commitments. At finalization, proceeds are routed between the issuer, Paimon Treasury, and vePool according to the drop configuration, while successful participants can receive non-transferable badges linked to their participation. [7]

Prime Vault

Paimon Prime Vault is an tokenized vault that issues PP shares representing a holder’s proportional claim on the vault’s net assets. The vault uses a three-tier liquidity structure: Tier 1 holds cash and other immediately liquid assets for emergency redemptions, Tier 2 holds money-market and short-duration assets intended to support standard redemptions, and Tier 3 holds longer-duration assets such as private equity, private credit, and tokenized funds. PP is priced using NAV based primarily on reconciled and valued underlying assets rather than short-term prices, with locked shares and redemption liabilities accounted for in the calculation. The vault extends the standard with separate standard, emergency, and reserved scheduled redemption channels, liquidity quotas, approval requirements, and locked-share accounting, while asset allocation is managed through external adapters and an off-chain rebalancing strategy. [5]

Products

Pre-Access SPV Tokens

Pre-Access SPV Tokens are a product line for tokenizing single-issuer alternative assets through a two-token structure. pSPCX is an EIP-3643 permissioned security token that requires KYC for transfers and represents the regulated underlying SPV, while xSPCX is a standard designed for unrestricted transfers and DeFi use. The two tokens are connected exclusively through TokenBridge, which maintains a 1:10 relationship between locked pSPCX and circulating xSPCX. -verified holders can deposit pSPCX to receive xSPCX, while redeeming xSPCX for pSPCX requires verification; xSPCX itself can otherwise be transferred or used in compatible applications without checks.

The tokens are issued through Paimon’s four-layer Launchpad and can subsequently be held or traded as xSPCX, while -verified institutional holders can convert xSPCX back into pSPCX for settlement against the underlying SPV. The architecture separates the compliance requirements of the underlying security from the transferability requirements of , with the bridge serving as the only mechanism for moving between the two token forms. The current product represents a SpaceX SPV, and the two-token structure is designed to be reused for additional single-issuer assets by deploying new permissioned and shadow-token pairs. Pre-Access SPV tokens remain separate from the Prime Vault, with neither xSPCX nor pSPCX included in PP’s asset accounting or NAV calculation. [6]

Tranche Vault

The Tranche Vault is a proposed Phase 2 design that would operate as an independent contract layer on top of Paimon Prime (PP), but it is not deployed on , and no sPP, jPP, or esPAIMON tokens have been issued. The design would divide PP exposure into two share classes: sPP, a senior tranche targeting a governance-adjustable fixed yield of 4%, and jPP, a junior tranche that receives the remaining yield or losses after the senior allocation. Settlements would occur in fixed seven-day epochs based on changes in PP NAV, with sPP receiving its designated yield first and jPP absorbing the residual gains or losses. Redemptions would prioritize sPP over jPP, while a minimum 20% junior-tranche ratio would limit senior exposure and pause new sPP deposits if the ratio fell below that level. The proposal also includes jPP rewards in the form of non-transferable esPAIMON that could vest into PAIMON, although these governance and incentive mechanisms remain part of the undeployed design. [9]

DEX Strategy

Paimon Finance’s DEX Strategy is a proposed Phase 2 concept not deployed on , with no official PP/ or xSPCX/ pools or Paimon Gauge and Bribe markets currently live. The proposed rollout would initially use a v2-style constant-product with PP/ as the primary pair and a TWAP for price information, followed by potential integration with hooks to add pool-level functions such as compliance checks, liquidity eligibility controls, dynamic fees, and circuit breakers. The design also proposes liquidity incentives through , PAIMON emissions directed by Gauge voting, and external rewards. For PP, the proposed system would use the difference between market price and NAV as an mechanism, with subscriptions and redemptions helping move market prices toward NAV while redemption budgets, subscription limits, and protection bands constrain activity. Future extensions include additional compliance and risk controls through v4 hooks and potential cross-chain liquidity through bridge integration. [10]

Governance

Paimon Finance’s governance structure currently relies on an admin multisig, operational service accounts, and off-chain role-based access controls, while its proposed on-chain governance system remains a Phase 2 design and is not deployed on . The planned system would use PAIMON and vePAIMON for governance, with Gauge voting determining emissions and separate mechanisms for external incentives and protocol fee distribution. Governance decisions would be divided into low-, medium-, and high-risk categories: low-risk changes would be subject to direct voting, medium-risk changes would require voting and a timelock, and high-risk decisions would require additional technical review and multisignature approval. vePAIMON voting power would increase with longer PAIMON lock periods and decline linearly toward the unlock date, with positions represented as . Certain safety controls, including Launchpad requirements, emergency protection triggers, and the proposed 10 billion PAIMON supply cap, would remain protected from ordinary governance changes. [11]

PAIMON

PAIMON is Paimon Finance’s proposed with a hard maximum supply of 10 billion tokens. The token is intended to support protocol governance, and liquidity incentives, external incentive programs, and protocol value capture, with PAIMON governance participation occurring through locking tokens into vePAIMON. Users may also receive esPAIMON as rewards for activities such as jPP , which can subsequently vest into PAIMON and be locked into vePAIMON for governance participation. The token system includes a supply conservation mechanism in which esPAIMON emissions are deducted from a community emission reserve, while claimed esPAIMON is and replaced one-for-one with PAIMON from designated emission or treasury reserves. The PAIMON token, esPAIMON rewards, and vePAIMON governance system are part of the Phase 2 design, and the associated governance contracts are not currently deployed on . [8]

Tokenomics

PAIMON has a total supply of 10B tokens and has the following allocation: [8]

  • Community: 30%
  • Team: 15%
  • Strategic Round: 10%
  • Private Round: 10%
  • Foundation / DAO Reserve: 10%
  • Advisors: 5%
  • Ecosystem: 5%
  • Liquidity & Market Making: 5%
  • Marketing & Partnerships: 5%
  • Voting / Gauge Incentives: 5%

Partnerships

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References (11 sources)

[1]
www.paimon.finance

Paimon Finance homepage tagline and focus

Sep 28, 2026

[2]
paimon-finance.gitbook.io

Overview of two live product lines

Sep 28, 2026

[3]
x.com

Self-reported X bio, regulatory reference, and location

Sep 28, 2026

[4]
paimon-finance.gitbook.io

Independent product lines sharing infrastructure

Sep 28, 2026

[5]
paimon-finance.gitbook.io

Prime Vault as ERC-4626 issuing PP shares

Sep 28, 2026

[6]
paimon-finance.gitbook.io

Two-token design rationale

Sep 28, 2026

[7]
paimon-finance.gitbook.io

Launchpad mainnet contracts and settlement currency

Sep 28, 2026

[8]
paimon-finance.gitbook.io

Only Treasury and Badge are live PAIMON contracts

Sep 28, 2026

[9]
paimon-finance.gitbook.io

Tranche Vault undeployed status

Sep 28, 2026

[10]
paimon-finance.gitbook.io

DEX not deployed

Sep 28, 2026

[11]
paimon-finance.gitbook.io

Phase-2 governance not deployed

Sep 28, 2026

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