> For the complete documentation index, see [llms.txt](https://docs.paperstrategy.xyz/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://docs.paperstrategy.xyz/transparency/control.md).

# Who controls what

Who can change what, and what nobody can change.

## In V1

The token, the treasury, the buyback and the dividend converter have one owner: **the team's multisig**. The same multisig is the team wallet and the treasury operator. Its actions are immediate and every one of them is a public transaction.

This is deliberate for the first days: if something unexpected happens, the team can react in minutes. A **48-hour timelock** is planned once the system has run without incident; the transfer will be announced on the contracts page.

Outside the contracts, the team runs the strategy software and holds the keys of the Papertrade accounts.

## What nobody can change

|                                                                                   |                                                                                  |
| --------------------------------------------------------------------------------- | -------------------------------------------------------------------------------- |
| Mint PSTR                                                                         | No mint function                                                                 |
| Raise the tax above 10%                                                           | Hard cap. It can only be lowered                                                 |
| Give the team more than one tenth of the tax, or more than one tenth of the yield | Hard caps                                                                        |
| Change or restart the launch window                                               | Fixed when the pool is registered                                                |
| Withdraw from the buyback                                                         | No withdrawal function. It only pays the team's share, the treasury, or the pool |

## What the owner can do

| Action                                                                     | Limit                                                                                                                                                                                                              |
| -------------------------------------------------------------------------- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ |
| Lower the tax, or the team's shares                                        | Never raise them                                                                                                                                                                                                   |
| Change the team wallet                                                     |                                                                                                                                                                                                                    |
| Add, cap or deactivate Papertrade accounts; send a lot to a chosen account | Within the account's cap                                                                                                                                                                                           |
| Change the deposit route (how HYPE becomes USDC on HyperCore)              | The route is a contract chosen by the owner. This is the one place where the owner is trusted with the treasury's funds: a replacement route could send them elsewhere. Every route change is a public transaction |
| Change lot sizes, intervals, conversion and buyback limits                 | Within hard caps                                                                                                                                                                                                   |
| Exempt an address from the tax                                             | Public list on-chain                                                                                                                                                                                               |
| Move stranded funds out of the dividend converter                          | Safety valve for a broken swap route. Every use is a public `Rescued` event                                                                                                                                        |

## The Papertrade accounts

Each account's key is held by a signer service that only signs: trades and staking on Papertrade, withdrawals to the account's own HyperCore address, transfers to HyperEVM to the account's own address, and USDC transfers to the dividend converter. It refuses everything else. In V1 the team keeps an offline copy of each key, so it can step in if the software misbehaves. This is a trust assumption, stated plainly.

## Operator controls

Pause (nothing new opens, the keeper stops), close all positions, change strategy settings. These act on the team's software, never on the contracts.


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