The Mutual Fun borrowed traditional finance's best idea: make the fees the product.
About 4,000 people applied for a TMF Pass. 200 got one. The Seat mint on Robinhood Chain slipped from today to Monday, Oct 26, 3 PM ET, because "we only get one shot to nail this." Fair. The contracts have no owner and no upgrade switch.
The pitch: 4,001 Seats across five funds. Members vote weekly on what each fund holds, and gains get paid out as dividends.
Follow the Value: • Mint money (0.01 ETH a Seat) goes 100% to the funds. Pass Seats max out at 3,000, so the starting books top out around 30 ETH, split five ways. • Holding a Seat earns nothing. To get paid you enroll, which costs $TMF. Half is burned, half goes into your fund. • Retail enrolls for 40,100 $TMF at 1x weight. Retirement pays 1,002,500 for 3.33x. 25x the price for about 3x the say. Just like the real thing. • Sell the Seat and its enrollment ends. The next owner pays the load again. • No team token allocation. The team wallet does get a fifth of the Open Market's take, two-fifths of royalties, and the launch's 16.5% creator share.
The prospectus sections titled "The flywheel" and "Where every fee goes"? "Struck from this edition." http://themutual.fun/prospectus
So value does reach $TMF. It's the cover charge to sit at a table that starts with about 6 ETH of mint money.
On-chain mutual fund, or a fee schedule with a chair attached?