PTFs:an index fund and a VC fund. Rolled into one.
A Permissionless Token Fund (PTF) is a manager curated basket that also gives you a claim on the manager’s deal flow pipeline when startups send their tokens in to get listed in the basket.
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The index half
With a single deposit, you own the whole thesis. The manager can curate by setting allocations, adding or removing assets and rebalancing. But only the contract holds the assets, and you can redeem for USDC whenever you want out.
The VC half
You are also buying the manager’s pipeline. A startup that wants investors like you sends some of their supply into the PTF, and if the manager accepts, those tokens join the vault you already have a share of increasing your shares’ value.
A virtuous cycle
Investors like you choose PTFs with better curation and performance, which in turn increase their AUM, which in turn increase the number of startups sending their tokens wanting to get listed, which increases AUM, which results in the PTF performing better, starting a virtuous cycle of wealth creation for investors, managers and the startups.
Aligned incentives for a better outcome for all
Own the meta and the next big thing in it
Stop being exit liquidity for predatory KOLs shilling you tickers that they are ready to dump on your head.
Instead, buy into a PTF whose manager is incentivized to curate the best assets and grow the pie for themselves and you.
How a PTF actually works
Shares
Deposit USDC and the fund buys the current allocations (set by the PTF manager). It then mints share tokens to your wallet equal to your slice of NAV. When you redeem, the shares are burnt and your portion is sold back for USDC and sent to you.
Price
Share price is the fund’s NAV split across every share in circulation. A deposit or a redemption changes the basket and the share count in the same proportion, so those trades do not move the price. The price moves when the assets themselves move, or when a project sends tokens in to get listed.
Custody
The assets stay in the contract. The manager can set allocations, add or remove tokens and rebalance, but cannot withdraw the funds. No one holds a key that can empty the vault.
Join the cycle
Explore the funds already live, or create the one your audience has been waiting to hold.
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