In a medium bowl, combine the cajun seasoning, smoked paprika, and optional cayenne pepper. Toss in 1 pound of peeled and deveined shrimp. Allow to marinate for about 15 minutes.

Place a large skillet over medium heat and add 2 tablespoons of olive oil and 2 tablespoons of unsalted butter. Once melted, add the diced onion, bell pepper, and celery. Sauté for 5-7 minutes until softened. Stir in minced garlic and sauté for an additional 30 seconds.

Add 1/4 cup of tomato paste, thyme, and oregano to the skillet. Pour in 1 cup of chicken or seafood stock, stirring to combine. Bring to a gentle simmer for 5-7 minutes until thickened. Adjust seasoning with salt, black pepper, and hot sauce to taste.

In a separate skillet, heat the remaining tablespoon of olive oil over medium-high heat. Add the marinated shrimp in a single layer. Cook for 2-3 minutes on each side until pink and opaque. Remove from heat and set aside.

Gently fold the cooked shrimp into the simmering sauce for about 2 minutes. Serve over rice, grits, or with bread, garnished with parsley and lemon wedges.