This MLP papercraft is Derpy (or Ditzy Doo), a female Pegasus pony who was given the name Derpy Hooves by the show's internet following due to her cross-eyed "derpy" expression in the first episode, based on the My Little Pony show, the papercraft is created by Lobby. There is another version on the site: My Little Pony Friendship is Magic - Derpy Hooves Papercraft; and also a Derpy Hooves Blob Pony Paper Toy available.
The name has since been adopted by the crew and Hasbro. Starting with Feeling Pinkie Keen, the show's crew began giving the pony crossed eyes intentionally and later gave her "Where's Waldo" type cameo appearances as a nod to the fans. The character is addressed by Rainbow Dash in The Last Roundup as Derpy, where she speaks for the first time. The scene was later altered so Rainbow no longer names Derpy, in addition to her voice being altered and eyes being less crossed. She is called Muffins, Equestrian Mailmare, or Bubbly Mare, among various others, in merchandise. She shares her design with Sunshower Raindrops. [Source: wikia]