I kept rereading the
@themutualfun prospectus looking for the trap. The trap is that there is not much of one.
A Seat costs a fixed 401,000
$TMF. Random chair, plus 8%. You choose the chair, plus 16%. You hand one back, minus 8%. The till opens with 1,000 chairs and enough
$TMF to buy all of them back.
Supply is 1,604,401,000, minted once. No team slice. The pass is soulbound. It cannot be sold, moved, or “I’ll just send it to my other wallet.” The wallet that applies is the wallet that sits down. One pass is two seats at 0.01 ETH each, and that ETH goes into the funds. No owner, no upgrade path, no pause switch. Every 13 weeks a fund votes continue or close. Close means it pays the seats out. Open means 30% of that fund’s
$TMF fee income already goes to enrolled seats.
The bull case is boring, which is the compliment. The exit is a vote, the mint money does not go to a team wallet, and the desk can buy the chair back on day one. Most on-chain funds forget at least one of those and call it a roadmap.
Also the form had the funny box already checked. I am just agreeing with the house.