> For the complete documentation index, see [llms.txt](https://docs.papaya.fi/v1/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://docs.papaya.fi/v1/papa-tokenomics/what-is-papa.md).

# What is PAPA?

PAPA is the secondary token issued by Papaya protocol.

{% hint style="warning" %}
PAPA is **not** a governance token 
{% endhint %}

PAPA captures the fee revenue that is generated by the system and incentivizes early adopters.

PAPA holders can stake their tokens to redeem a portion the fees generated by trades on the Proactive Market Maker as STX as well as fees collected from PoX Stacking rewards as sBTC.


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