“Paimon might be a fragment of Phanes/Reason” idea seems possible and straightforward. But hear me out, what if instead Paimon is a being made by Celestia, with material from… Nibelung? The same inverted triquetra appears on Paimon and on the doll made from a fragment of Ikhor’s power. This 100% has an implication. Ikhor himself doesn’t have the symbol, only the detached fragments that appear in form of dolls does. I think it’s possible that Paimon being “creation of Celestia” could refer to who made the vessel rather than what or who she originates from. (This really wouldn’t be the first time Phanes has stole something lol) Also remember the Melusine that once called Paimon a little rainbow balloon whose string seemed to go up somewhere above the sky? In Ikhor’s case, the ‘string’ is referring to control. Regarding the rainbow, the recent Celestial Gift lore and Belyi Tsar’s notes describe the primordial genesis light that the Voyager sought in Hyperborea as the same light used in his creation. That light originally belonged to Nibelung before it was taken by HP and worked into their system, eventually becoming the BAND OF HUES we see now. So what if Paimon isn’t just a fragment of Phanes, but instead a contained fragment of Nibelung or Nibelung’s power that Celestia shaped into what Ronova calls “that thing” stripped of any authority and Celestia power? Idk… just throwing my thoughts out there… because I can’t stop reading into things.