Just applied to @0xAlphaGEMs, #438 💎 If we’ve mooned a mint together or you’ve seen me in the trenches, you know what I bring. Vouches welcome 👀

I've read a lot of NFT docs over the years. Most spend pages on the art and one line on what you actually own. The @TheMutualFun prospectus does it the other way round, so this is my attempt to explain one part of it in plain words: the Seat. The short version There are 4,001 Seats. Each one sits in one of five funds: ARGON, BOGLE, SMAUG, MIDAS or VLADD. There are 800 Seats per fund, plus Seat 0, which belongs to the Chairman and can never be sold. You don't pick your fund. It's assigned at random from a blockhash a couple of blocks after you sign. One Seat is five things 1. A pixel portrait. 64x64, generated and stored on-chain. No server holds the image. 2. A share of one fund. Your claim on the fund your Seat was assigned to. 3. A weekly vote. One ballot a week on what your fund does. 4. A vote on survival. Every 13 weeks, each fund votes on whether it carries on. A fund can vote to close. 5. Its own wallet. Every Seat has a Briefcase (an ERC-6551 account) where dividends land. If you sell the Seat, the Briefcase goes with it. How you get one Burn a TMF Pass. A Pass can't be sold or transferred. You can only burn it, and one burn mints two Seats at 0.01 ETH each. Passes come from the Waiting Room, the Deng Desk, collaborations and invitations. There's a hard deadline on-chain, and any Pass not burned by then is worthless. Tender Dengs. Deng holders on ApeChain can hand their Dengs to the Deng Desk for credits, and those credits buy Passes. This route covers 2,000 Seats. Dengs held longer score more credits. Buy on the Open Market. 1,000 Seats are available from day one for $TMF. A random Seat costs 401,000 $TMF plus 8%. Picking a specific Seat costs 401,000 plus 16%. You can also sell a Seat back for 368,920 $TMF. Enrolling A Seat has to be enrolled before it counts. You pay a one-time fee in $TMF, and the amount sets your class and weight: - C Retail: 40,100 $TMF, 1.00x - B Investor: 100,250 $TMF, 1.50x - A Advisor: 200,500 $TMF, 2.00x - I Institutional: 401,000 $TMF, 2.50x - R Retirement: 1,002,500 $TMF, 3.33x Half of every fee is burned. The other half goes into the fund. The next owner pays the fee again after each resale. Merging Two enrolled Seats from the same fund and class can merge into one Seat a class higher. The new Seat gets the combined weight of both plus 10%. Two Retail Seats at 1.00x become one Investor Seat at 2.20x. The retired Seat's dividends move to the one that remains. You can only merge once, and Retirement Seats can't merge at all. No new Seats are ever created after the mint, so every merge makes the total smaller. The token behind it $TMF has a fixed supply of 1,604,401,000, which is 401,000 for every Seat. It's minted once and there's no team allocation. It launches over 99 minutes with a tax that starts at 99% and drops one point a minute, so buying first gives you no edge. Half the tax goes into the trading pool. The pool is locked permanently, and any tokens that don't sell are burned. What isn't in the prospectus yet The sections on how weekly ballots work, the finances and how fees are paid out are blacked out in this edition. The prospectus says they'll appear in a later one. Until they do, I can tell you the weekly vote exists, but not exactly how it works. Why it's worth reading Most projects ask you to trust the roadmap. This one puts what you own, how much it costs to enroll, how supply shrinks and when a fund can be shut down into the prospectus up front.