Foundation Investor Data Room
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FOUNDATION
Building the distribution rails connecting $139 trillion in global assets to the on-chain economy
The funds are tokenized. Primary distribution is siloed and inaccessible.
Institutional Adoption Has Begun
Current Tokenized Market: $35B
Global Fund Market: $139T
Total Penetration: 0.025%
Tokenized RWAs growing at 41% CAGR through 2030 (BCG). Distribution is the primary bottleneck.
Fund Issuers
Distribution capped
Can only sell to KYC'd accredited investors. Growth stalls at institutional saturation. No path to broader adoption.
RWA Holders
Illiquid positions
Can't exit early. Can't use as collateral. Capital is stuck until redemption windows open.
Ecosystems
Missing the RWA wave
Chains want RWA TVL to differentiate. But tokenized assets don't integrate with DeFi infrastructure.
Issuers can't grow. Holders can't exit. Ecosystems can't capture. The distribution rails don't exist.
We turn locked RWAs into liquid DeFi assets
For Fund Issuers
100x Distribution
500 → 50,000+ holders per fund
Zero Compliance Burden
Foundation handles secondary layer
TVL Growth
Secondary demand drives primary inflows
100x
Holder Expansion
For RWA Holders
Instant Liquidity
Exit positions anytime via secondary market
DeFi Composability
Use vault tokens as collateral in lending protocols
Leveraged Yield
Auto-looping amplifies base RWA returns
Yield + Liquidity
Enhanced Returns
For Ecosystems
RWA TVL
Institutional assets deployed on-chain
DeFi Integration
RWAs composable with native protocols
Incentive ROI
Grants convert to sticky TVL and volume
RWA Rails
Infrastructure Play
LPs unlock liquidity. Issuers expand distribution. Retail gets access.
LP Deposits RWA
KYC'd LPs deposit ACRED, SCOPE, or mF-ONE via Securitize. Receive vault tokens.
Leverage Position
Vault auto-loops collateral via lending markets. Yield amplified 2-3x.
Stake for Distribution
LPs stake vault tokens. Non-KYC users mint/redeem permissionlessly. LPs exit anytime.
| Layer | Players | Model | Composability |
|---|---|---|---|
| Primary Issuers | Securitize (ACRED), Ondo, Superstate, Mountain | Asset Tokenization | Siloed (KYC) |
| Enablers | Loopscale, Zharta, Aave Horizon | Lending & Looping | Protocol-Specific |
| Distribution
Layer
(Direct Competition) |
Ondo, Robinhood, Binance | Managed / Custodial Access | Walled Garden |
| Foundation | The Access Rails | Open Distribution Rails | Infinite (DeFi Utility) |
Custodial Distribution
Robinhood, Ondo, Binance
Custodial assets
Users can view, not use or move
Siloed liquidity
Walled gardens block DeFi composability
Manual rebalancing
Costly exits between managers
Foundation Approach
Open Distribution Rails
Self-custodial vault tokens
Own, transfer, and use as collateral
Full DeFi composability
Works with Morpho, Curve, Uniswap
Atomic rebalancing
Instant, low-cost switching between managers
Legal Structure
Compliant secondary layer
Vault tokens are not securities. KYC happens at LP layer only. 6+ months of legal work with securities counsel to get this right.
First-Mover
Securitize integration live
First protocol to wrap Securitize-issued RWAs into permissionless vault tokens. Direct relationship with the largest RWA issuance platform.
Network Effects
LP liquidity compounds
More LPs = deeper liquidity = better prices = more volume = more LP incentives. Winner-take-most dynamics.
We take a 10% cut of yield on all assets under management, plus 0.3% on secondary market transactions.
10%
Management Fee
of yield generated
0.3%
Secondary Market Fee
on mint/redeem
50%+
Gross Margin
at scale
YEAR 1 TARGET
$300M TVL ($100M LP staked for distribution)
Revenue
$6M
COMPLETE
Protocol Built
Full architecture complete. 3Sigma audited. EVM testnet ready.
VALIDATED
Securitize Integration
Confirmed pathway to wrap ACRED into permissionless vault tokens.
IN DISCUSSIONS
Launch Partners
Lending & Leverage: Zharta, Morpho. Redemptions: DEXes, Fission Labs. Curators: Gauntlet, KPK.
3 ecosystems in discussions for incentivized launch: Avalanche, Base, Arbitrum
Chains are competing for RWA TVL. We're the distribution rails—unlocking LP liquidity, expanding issuer reach, and capturing ecosystem incentives at scale.
PHASE 1
Incentivized Launch
Ecosystem grants + RWA yield stacking to bootstrap initial TVL
PHASE 2
DeFi Integration
Lending integrations create looping demand. Instant redemptions via Fission.
PHASE 3
Institutional Scale
Become the default distribution layer for tokenized fund managers
TOKENIZATION WAVE
Every major asset manager is now building on-chain fund products (BlackRock, Franklin Templeton).
REGULATORY CLARITY
Secondary trading of interest-bearing vault tokens is confirmed as a compliant distribution model.
CURATOR PROOF
The Morpho curator-led risk model is proven at scale, creating the precedent for Foundation's rails.
CHAIN COMPETITION
L2s and alternative L1s are aggressively incentivizing RWA TVL to differentiate their ecosystems.
3x founder with 12 years in product leadership. Deeply specialized in bridging TradFi expertise with Web3 scale and AI-driven growth.
15 years in software systems and engineering. Proven track record in scaling high-load infrastructure and modular financial systems.
Launch institutional vaults and bootstrap LP program to enable secondary market distribution.
Audits & Security
Smart contract audits, security infrastructure
Legal & Compliance
SPV structure, regulatory framework
LP Program & GTM
Bootstrap LP incentives, institutional onboarding
MILESTONES
Q1 2026
Audits complete, vault structure live
Q2 2026
First institutional minters + LP program launch
H2 2026
$25M+ TVL, secondary market live, seed round
PRE-SEED TARGET MODEL
KYC'd Institutional: $25M minted (0% fee)
LP Staked: ~$8M enables secondary market
Distribution Capacity: ~$8M (0.3% fee)
Every asset manager is tokenizing. They're all building silos.
TODAY
Distribution
TOMORROW
Aggregation
One protocol. All assets.
2030
The Platform
Issue. Route. Distribute.
The entire RWA stack.
The entire RWA stack. One protocol.
CEO & CO-FOUNDER
End of Deck
Supplementary materials for due diligence.
Technical details, unit economics, and growth models.
APOLLO
ACRED
9.4%
19.7%
BASE / LOOPED
Multi-asset private & public credit. Corporate lending, asset-backed, structured credit.
TVL
$130M
Underlying
$1.3B
Redemption
Quarterly
Senior Secured
96%
Yield: Interest income (88% floating rate)
HAMILTON LANE
SCOPE
6.2%
9.0%
BASE / LOOPED
Senior secured loans to top-tier borrowers. First-lien protection, stable returns.
TVL
$7M
Track Record
31+ years
Redemption
Monthly
Inception
+22%
Yield: Senior secured loan interest
FASANARA
mF-ONE
12.3%
29.3%
BASE / LOOPED
Yield strategy backed by off-chain assets + on-chain liquidity. Auto-compounding.
TVL
$135M
Instant Liq.
$8M
Redemption
35 days
Transferable
Yes
Yield: Off-chain + on-chain strategies
Phase 1: KYC'd LP Flow
LP deposits RWA (e.g. ACRED)
Already KYC'd via Securitize
Vault loops RWA on Morpho
3.33x leverage at 70% LTV
LP receives ApolloUSD
Earning ~18% APY (leveraged)
LP stakes to enable distribution
Extra incentive for staking
Phase 2: Retail Access (No KYC)
MINT FLOW
Retail pays USDC → Foundation Protocol
↓
Receives ApolloUSD from staked LP pool
↓
USDC instantly re-invested into looping
↓
LP position keeps earning 23% APY
REDEEM OPTIONS
Key: KYC happens at LP layer. Retail only touches permissionless vault tokens—never the underlying RWA.
Three Exit Options
1. DEX (Curve)
INSTANTSell ApolloUSD on Curve. Price floats based on time to unlock (not fixed at NAV).
PRICE
≈NAV - unlock cost
BUFFER
$10M
2. Fission
INSTANT + FEEFission provides instant USDC liquidity. Market-driven fee based on time to unlock.
FEE
Market-driven
CAPACITY
∞
3. Wait for Unlock
ZERO FEERequest redemption, wait for quarterly ACRED unlock. Exact NAV price.
COOLDOWN
14 days
FEE
$0
Why This Works
PROTOCOL SHORTFALL: $0
Users who want instant liquidity pay for it (DEX slippage or Fission fee). Users who wait pay nothing. Protocol never subsidizes early exits.
DEX Pricing Mechanism
DEX price floats based on time-to-unlock. When far from unlock, price trades below NAV. Arbitrageurs keep price aligned with Fission's instant redemption cost.
LP Economics
Staked LPs earn 23% APY (18% leveraged RWA yield + 5% staking incentive). LPs never absorb early exit costs.
Capital Efficiency
DEX Buffer
10%
Deployed to RWA
90%
Year 1 Target: $300M institutional TVL (of which $100M LP staked) → $100M distribution capacity
How We Make Money
Management Fee
10% of yieldOn all vault TVL. At 18% RWA yield → 1.8% protocol revenue.
$300M × 18% × 10% = $5.4M/yr
Secondary Market Fee
0.3%Non-KYC'd users via LP program (14-day lock). Institutional: free.
$100M × 2x turnover × 0.3% = $600K/yr
DEX Trading Fee
0.04%Curve pool fee share on instant trades.
~$50K/yr
How We Spend Money
LP Incentives
Extra APYPaid to staked LPs enabling distribution. Enhanced yield on top of leveraged position. Fission handles early exits—protocol pays $0 shortfall.
$100M LP × 5% = $5M/yr (in tokens)
Operations
$40K/moTeam, infrastructure, audits, legal.
$480K/yr (cash)
YEAR 1 SUMMARY
| Revenue | ~$6M |
| LP Incentives (tokens) | $5M |
| Operations (cash) | $0.5M |
| Net (cash basis) | ~$5.5M |
Quarterly Milestones
| Inst. TVL | LP Capital | Distribution | DEX Buffer | |
|---|---|---|---|---|
| Q1 | $45M | $15M | $15M | $2M |
| Q2 | $120M | $40M | $40M | $4M |
| Q3 | $210M | $70M | $70M | $7M |
| Q4 | $300M | $100M | $100M | $10M |
LP Model
1:1 LP to Distribution: $100M LP capital enables $100M distribution capacity.
DEX Buffer: 10% of LP in Curve for instant trades.
Year 1 Economics
Revenue
$6M
LP Incentives
$5M (tokens)
Revenue Breakdown
Management Fee
10%
of 18% yield on $300M TVL
→ $5.4M/yr
Secondary Fees
0.3%
on retail mint/redeem
→ $600K/yr
LP Incentives (Cost)
5%
APY on $100M LP capital
→ $5M/yr (tokens)
YEAR 1 NET
Cash: ~$5.5M
After token incentives: ~$0.5M net margin
LP Capital to Enable Distribution
| Distribution | LP Capital | DEX Buffer | Incentives |
|---|---|---|---|
| $25M | $25M | $3M | $1.3M/yr |
| $50M | $50M | $5M | $2.5M/yr |
| $100M | $100M | $10M | $5M/yr |
| $250M | $250M | $25M | $10M/yr |
LP ROLE
1. Stake to Enable Retail: LPs stake ApolloUSD, retail mints against staked pool.
2. DEX Buffer: ~10% in Curve for instant trades.
3. No Shortfall Risk: Fission handles early exits (retail pays fee). LPs never subsidize.
Total LP Yield: 23% APY (18% leveraged + 5% incentive in tokens).
Fundraise Roadmap
Pre-Seed (Current)
$600KAudits, legal, initial LP incentives, bootstrap to $25M TVL
Seed (H2 2026)
$2-3MScale LP incentives, multi-chain expansion, reach $100M TVL
Series A (2027)
$10M+Institutional partnerships, protocol-owned liquidity, $500M+ TVL
Path to self-sustaining: At $250M+ TVL, protocol revenue (~$4M/yr) covers LP incentives + ops without dilution.
DEX liquidity enables instant exits at market price. Sized to handle retail trades — larger redemptions use Fission or wait for unlock.
Three Exit Options
DEX (Curve/Uni)
InstantSell at market price (NAV - discount). Best for trades up to $50K.
Fission
InstantPay market-driven fee for guaranteed execution. Better for larger amounts.
Wait for Unlock
14+ daysZero fee. Scheduled redemption after cooldown period.
Pool Depth Targets (1.5-2% of TVL)
| Stage | TVL | Pool Depth | Trade Coverage |
|---|---|---|---|
| Launch | $25M | $500-750K | Up to $20K |
| Year 1 | $100M | $1.5-2M | Up to $50K |
| Scale | $250M | $3-4M | Up to $100K |
FUNDING SOURCES
Launch: $100K fundraise + LP matching + ecosystem grants
Ongoing: 20-25% of protocol fees reinvested into POL