diff --git a/domains/internet-finance/MetaDAO is the futarchy launchpad on Solana where projects raise capital through unruggable ICOs governed by conditional markets creating the first platform for ownership coins at scale.md b/domains/internet-finance/MetaDAO is the futarchy launchpad on Solana where projects raise capital through unruggable ICOs governed by conditional markets creating the first platform for ownership coins at scale.md index af4a788c..f6ecb70c 100644 --- a/domains/internet-finance/MetaDAO is the futarchy launchpad on Solana where projects raise capital through unruggable ICOs governed by conditional markets creating the first platform for ownership coins at scale.md +++ b/domains/internet-finance/MetaDAO is the futarchy launchpad on Solana where projects raise capital through unruggable ICOs governed by conditional markets creating the first platform for ownership coins at scale.md @@ -82,6 +82,12 @@ Futardio cult launch (2026-03-03 to 2026-03-04) demonstrates MetaDAO's platform (challenge) Areal's failed Futardio launch ($11,654 raised of $50K target, REFUNDING status) demonstrates that futarchy-governed fundraising does not guarantee capital formation success. The mechanism provides credible exit guarantees through market-governed liquidation and governance quality through conditional markets, but market participants still evaluate project fundamentals and team credibility. Futarchy reduces rug risk but does not eliminate market skepticism of unproven business models or early-stage teams. + +### Additional Evidence (extend) +*Source: [[2026-03-05-futardio-launch-blockrock]] | Added: 2026-03-12 | Extractor: anthropic/claude-sonnet-4.5* + +BlockRock's charter demonstrates ownership coins functioning as actively managed investment vehicles beyond fundraising mechanisms. The charter states: "MetaDAO's permissionless launchpad lets anyone launch an 'ownership coin' whose value is tied to a futarchy-governed treasury. This infrastructure is battle-tested and now publicly available." BlockRock specifically targets liquid asset allocation with Sortino ratio optimization, showing ownership coins can manage diversified portfolios. The charter also documents MtnCapital as proof of safety: "When MtnCapital wound down, holders received their proportional share of the treasury through the protocol's built-in liquidation mechanism. The system's guarantees worked as intended. Even in failure, no value is lost to extraction or mismanagement." This extends the claim by showing ownership coins can function as actively managed investment vehicles with liquid asset allocation, not just early-stage VC funds, and that the liquidation mechanism provides credible investor protection even in failure scenarios. + --- Relevant Notes: diff --git a/domains/internet-finance/asset-management-fee-structure-creates-scale-incentive-over-performance-because-management-fees-dominate-revenue-regardless-of-returns.md b/domains/internet-finance/asset-management-fee-structure-creates-scale-incentive-over-performance-because-management-fees-dominate-revenue-regardless-of-returns.md new file mode 100644 index 00000000..d1e5228c --- /dev/null +++ b/domains/internet-finance/asset-management-fee-structure-creates-scale-incentive-over-performance-because-management-fees-dominate-revenue-regardless-of-returns.md @@ -0,0 +1,50 @@ +--- +type: claim +domain: internet-finance +description: "BlackRock's 73% management fee revenue versus 5% performance fee revenue creates structural incentive toward asset gathering over investment performance" +confidence: likely +source: "BlockRock Charter citing BlackRock revenue structure, futard.io, 2026-03-05" +created: 2026-03-11 +--- + +# Asset management fee structure creates scale incentive over performance because management fees dominate revenue regardless of fund returns + +The traditional asset management business model structurally prioritizes asset accumulation over investment performance. BlockRock's charter cites BlackRock as the exemplar: "BlackRock earns ~73% of its revenue from management fees. These fees are collected regardless of fund performance. Performance fees account for just ~5% of revenue." + +This creates a clear incentive hierarchy: + +1. **Management fees scale with AUM** — Every dollar raised generates predictable fee revenue +2. **Performance fees are volatile and conditional** — Only earned when returns exceed benchmarks +3. **Rational optimization favors scale** — Growing AUM from $100B to $200B doubles management fee revenue even if performance stays flat or declines + +The charter argues this "incentivizes asset accumulation over performance, consensus-driven investing, and narrative capture (e.g. BlackRock's shifting ESG stance chasing institutional clout)." + +The mechanism creates a negative feedback loop: "fee model incentivizes scale → scale demands complexity → complexity invites compliance → fee model + complexity + compliance = worse decisions → bad decisions reduce performance → fees come in anyway." + +This pattern is not unique to BlackRock. The 2-and-20 hedge fund model (2% management fee, 20% performance fee) shows the same structure: management fees provide the stable revenue base while performance fees are upside optionality. Funds rationally optimize for the stable base. + +## Evidence + +- BlackRock revenue: 73% management fees, 5% performance fees (cited in BlockRock charter) +- Standard hedge fund model: 2% management + 20% performance (industry standard) +- Asset management industry: $120T+ AUM with most active funds underperforming benchmarks after fees (cited in charter) + +## Challenges + +The claim that this fee structure *causes* underperformance (rather than just failing to prevent it) requires stronger evidence. Possible confounds: +- Regulatory constraints may limit performance independent of fee structure +- Market efficiency may make alpha generation inherently difficult at scale +- Manager skill distribution may simply be poor + +The causal arrow from "fee structure → bad performance" is plausible but not definitively proven by the revenue breakdown alone. This is a structural incentive argument, not a demonstrated causal mechanism. + +--- + +Relevant Notes: +- [[token economics replacing management fees and carried interest creates natural meritocracy in investment governance]] +- [[Living Capital fee revenue splits 50 percent to agents as value creators with LivingIP and metaDAO each taking 23.5 percent as co-equal infrastructure and 3 percent to legal infrastructure]] +- [[LLMs shift investment management from economies of scale to economies of edge because AI collapses the analyst labor cost that forced funds to accumulate AUM rather than generate alpha]] + +Topics: +- [[domains/internet-finance/_map]] +- [[foundations/teleological-economics/_map]] diff --git a/domains/internet-finance/blockrock-demonstrates-futarchy-governed-liquid-asset-allocation-as-viable-alternative-to-illiquid-vc-bets.md b/domains/internet-finance/blockrock-demonstrates-futarchy-governed-liquid-asset-allocation-as-viable-alternative-to-illiquid-vc-bets.md new file mode 100644 index 00000000..2067f4f2 --- /dev/null +++ b/domains/internet-finance/blockrock-demonstrates-futarchy-governed-liquid-asset-allocation-as-viable-alternative-to-illiquid-vc-bets.md @@ -0,0 +1,50 @@ +--- +type: claim +domain: internet-finance +description: "BlockRock's liquid asset mandate contrasts with MtnCapital's illiquid VC failure, suggesting futarchy pricing efficiency depends on asset liquidity" +confidence: experimental +source: "BlockRock Charter, futard.io, 2026-03-05" +created: 2026-03-11 +--- + +# BlockRock demonstrates futarchy-governed liquid asset allocation as viable alternative to illiquid VC bets because decision markets require pricing efficiency that private deals cannot provide + +BlockRock's positioning as a liquid asset allocation fund directly addresses the failure mode that killed MtnCapital. The charter explicitly states: "MtnCapital launched an ownership fund on MetaDAO, positioned as an early-stage VC fund. But it struggled to pass proposals and eventually wound down. Futarchy governance works by letting markets price competing outcomes, but private VC deals are difficult to price with asymmetric information, long timelines, and binary outcomes." + +The contrast is structural: liquid asset allocation for risk-adjusted returns gives futarchy the pricing efficiency it requires. Decision markets can evaluate portfolio construction, yield strategies, and value accrual better than illiquid VC bets because: + +1. **Continuous price discovery** — Liquid onchain assets have real-time market prices that conditional markets can reference +2. **Shorter feedback loops** — Portfolio performance manifests in weeks/months, not years +3. **Symmetric information** — Public market data eliminates the asymmetric information problem that plagues private deals +4. **Granular evaluation** — Markets can price incremental allocation changes rather than binary deal outcomes + +The charter notes that "the universe of investable assets on Solana is expanding rapidly. Spot markets, perpetual futures, lending markets, structured yield products, and RWAs (tokenized stocks, bonds, commodities, etc.) are accessible onchain with deep liquidity and composable infrastructure." + +This represents a testable hypothesis about futarchy's domain of effectiveness: the mechanism excels when underlying assets have liquid markets for price discovery, but struggles with illiquid binary bets where information asymmetry dominates. + +## Evidence + +- MtnCapital wound down after struggling to pass proposals on private VC deals (cited in BlockRock charter) +- BlockRock explicitly targets liquid asset allocation with Sortino ratio optimization +- The charter identifies "pricing efficiency" as the key requirement futarchy needs +- Solana's onchain asset universe now includes deep liquidity across multiple asset classes + +## Challenges + +BlockRock has not yet launched or demonstrated actual performance. This claim rests on: +1. The stated positioning in the charter (not yet tested in practice) +2. The documented failure mode of MtnCapital (single data point) +3. Theoretical arguments about market efficiency (not empirically validated for this specific mechanism) + +Actual trading volume, proposal passage rates, and performance outcomes remain to be seen. The claim that liquid markets will enable better futarchy outcomes than illiquid ones is plausible but unproven. + +--- + +Relevant Notes: +- [[futarchy-excels-at-relative-selection-but-fails-at-absolute-prediction-because-ordinal-ranking-works-while-cardinal-estimation-requires-calibration]] +- [[MetaDAOs futarchy implementation shows limited trading volume in uncontested decisions]] +- [[futarchy adoption faces friction from token price psychology proposal complexity and liquidity requirements]] + +Topics: +- [[domains/internet-finance/_map]] +- [[core/mechanisms/_map]] diff --git a/domains/internet-finance/futarchy adoption faces friction from token price psychology proposal complexity and liquidity requirements.md b/domains/internet-finance/futarchy adoption faces friction from token price psychology proposal complexity and liquidity requirements.md index cea44c3f..d2351b44 100644 --- a/domains/internet-finance/futarchy adoption faces friction from token price psychology proposal complexity and liquidity requirements.md +++ b/domains/internet-finance/futarchy adoption faces friction from token price psychology proposal complexity and liquidity requirements.md @@ -34,6 +34,12 @@ MycoRealms implementation reveals operational friction points: monthly $10,000 a Optimism futarchy achieved 430 active forecasters and 88.6% first-time governance participants by using play money, demonstrating that removing capital requirements can dramatically lower participation barriers. However, this came at the cost of prediction accuracy (8x overshoot on magnitude estimates), revealing a new friction: the play-money vs real-money tradeoff. Play money enables permissionless participation but sacrifices calibration; real money provides calibration but creates regulatory and capital barriers. This suggests futarchy adoption faces a structural dilemma between accessibility and accuracy that liquidity requirements alone don't capture. The tradeoff is not merely about quantity of liquidity but the fundamental difference between incentive structures that attract participants vs incentive structures that produce accurate predictions. + +### Additional Evidence (extend) +*Source: [[2026-03-05-futardio-launch-blockrock]] | Added: 2026-03-12 | Extractor: anthropic/claude-sonnet-4.5* + +BlockRock's charter identifies asset class suitability as a fourth friction point for futarchy adoption. The charter explicitly contrasts liquid asset allocation with illiquid VC bets: "Futarchy governance works by letting markets price competing outcomes, but private VC deals are difficult to price with asymmetric information, long timelines, and binary outcomes. Liquid asset allocation for risk-adjusted returns gives futarchy the pricing efficiency it requires." This suggests futarchy adoption friction varies by asset class, with liquid markets enabling better price discovery than illiquid binary bets. The implication is that futarchy may face adoption friction in domains where underlying assets lack continuous price discovery mechanisms. + --- Relevant Notes: diff --git a/domains/internet-finance/ownership-coins-enable-borderless-permissionless-asset-management-by-replacing-accreditation-barriers-with-wallet-access.md b/domains/internet-finance/ownership-coins-enable-borderless-permissionless-asset-management-by-replacing-accreditation-barriers-with-wallet-access.md new file mode 100644 index 00000000..f51c0018 --- /dev/null +++ b/domains/internet-finance/ownership-coins-enable-borderless-permissionless-asset-management-by-replacing-accreditation-barriers-with-wallet-access.md @@ -0,0 +1,58 @@ +--- +type: claim +domain: internet-finance +description: "Treasury-backed tokens eliminate geographic and accreditation requirements that restrict traditional fund access by requiring only wallet address instead of KYC and net worth verification" +confidence: experimental +source: "BlockRock Charter, futard.io, 2026-03-05" +created: 2026-03-11 +--- + +# Ownership coins enable borderless permissionless asset management by replacing accreditation barriers with wallet access + +BlockRock's charter positions ownership coins as a structural solution to traditional fund access restrictions: "Tokens also enable borderless access. Anyone with a wallet can hold the token, bypassing the geographic and accreditation barriers of traditional funds." + +This represents a fundamental shift in capital formation architecture: + +**Traditional fund access requires:** +1. Geographic eligibility (US persons, EU residents, etc.) +2. Accreditation status ($1M+ net worth or $200K+ income) +3. Minimum investment thresholds ($25K-$1M typical) +4. KYC/AML verification through intermediaries +5. Legal entity structure (LPs, shareholders, etc.) + +**Ownership coin access requires:** +1. Wallet address +2. Capital to purchase tokens + +The charter frames this as investor protection through mechanism design rather than gatekeeping: "Tokenholders are the primary beneficiaries of fund performance via treasury backing. Minimal management fees are funded transparently from the treasury and adjustable via governance. No percentage-based skimming." + +The regulatory arbitrage is explicit but unstated: by structuring as a token rather than a fund share, BlockRock avoids the Investment Company Act of 1940 requirements that create accreditation barriers. The charter does not address this regulatory positioning or risk. + +## Evidence + +- BlockRock charter explicitly positions tokens as bypassing "geographic and accreditation barriers" +- Traditional funds require accreditation under Reg D (US) and equivalent rules globally +- MetaDAO's launchpad enables permissionless token launches without KYC +- MtnCapital demonstrated that ownership coin liquidation returns treasury value even in failure + +## Challenges + +**Regulatory risk:** The claim that ownership coins "bypass" barriers assumes they are not securities. If the SEC classifies them as securities, all traditional restrictions apply plus additional penalties for non-compliance. This is untested regulatory territory. + +**Practical access limitations:** "Anyone with a wallet" still requires: +- Technical literacy to use crypto wallets +- Access to fiat on-ramps (which have KYC) +- Capital to purchase tokens (no minimum, but gas fees create floor) + +**Enforcement precedent:** The DAO Report (2017) and subsequent enforcement actions show the SEC will apply securities law to token structures that function economically as investment contracts, regardless of technical architecture. + +--- + +Relevant Notes: +- [[Ooki DAO proved that DAOs without legal wrappers face general partnership liability making entity structure a prerequisite for any futarchy governed vehicle]] +- [[MetaDAO is the futarchy launchpad on Solana where projects raise capital through unruggable ICOs governed by conditional markets creating the first platform for ownership coins at scale]] +- [[ownership coins primary value proposition is investor protection not governance quality because anti rug enforcement through market governed liquidation creates credible exit guarantees that no amount of decision optimization can match]] + +Topics: +- [[domains/internet-finance/_map]] +- [[core/mechanisms/_map]] diff --git a/domains/internet-finance/token economics replacing management fees and carried interest creates natural meritocracy in investment governance.md b/domains/internet-finance/token economics replacing management fees and carried interest creates natural meritocracy in investment governance.md index 0bf51707..172e3ed0 100644 --- a/domains/internet-finance/token economics replacing management fees and carried interest creates natural meritocracy in investment governance.md +++ b/domains/internet-finance/token economics replacing management fees and carried interest creates natural meritocracy in investment governance.md @@ -15,6 +15,12 @@ Living Capital replaces this with token economics that directly reward decision- The mechanism aligns with several core LivingIP principles. Since [[ownership alignment turns network effects from extractive to generative]], the token structure ensures that value flows to those who generate it rather than to intermediaries who merely facilitate access. Since [[blind meritocratic voting forces independent thinking by hiding interim results while showing engagement]], combining token-locked voting with blind mechanisms could further strengthen decision quality. Since [[gamified contribution with ownership stakes aligns individual sharing with collective intelligence growth]], the token emissions function as the ownership stakes that incentivize high-quality participation. The result is an investment governance model where authority is earned through demonstrated judgment rather than granted through capital contribution alone. + +### Additional Evidence (extend) +*Source: [[2026-03-05-futardio-launch-blockrock]] | Added: 2026-03-12 | Extractor: anthropic/claude-sonnet-4.5* + +BlockRock's fee structure provides specific implementation details for performance-based token economics. The charter states: "Minimal management fees are funded transparently from the treasury and adjustable via governance. No percentage-based skimming." The charter also specifies team token vesting: "The remaining 5% is allocated to the founding team, which unlocks at 3-month TWAPs of 2X, 4X, 8X, 16X, and 32X the ICO price. A $5K allowance per month is allocated to the team for supporting infrastructure." This extends the claim by showing how performance-based unlocks replace traditional carried interest with price-multiple triggers, creating explicit alignment between team compensation and token price appreciation driven by fund performance. + --- Relevant Notes: diff --git a/entities/internet-finance/blockrock.md b/entities/internet-finance/blockrock.md new file mode 100644 index 00000000..05636d8e --- /dev/null +++ b/entities/internet-finance/blockrock.md @@ -0,0 +1,39 @@ +--- +type: entity +entity_type: company +name: BlockRock +domain: internet-finance +status: launching +founded: 2026-03 +platform: futardio +website: https://blockrock.fund +twitter: https://x.com/blockrockfund +key_metrics: + fundraise_target: "$500,000" + total_committed: "$100" + ico_allocation: "95% to ICO participants" + team_allocation: "5% with performance vesting at 2X, 4X, 8X, 16X, 32X TWAPs" + team_allowance: "$5K/month" +tracked_by: rio +created: 2026-03-11 +--- + +# BlockRock + +BlockRock is a futarchy-governed ownership fund positioning itself as "BlackRock on the blockchain." Launched on MetaDAO's Futardio platform in March 2026, BlockRock aims to provide actively managed liquid asset allocation on Solana with treasury-backed tokens, decision markets for governance, and AI agents for proposal generation. + +The fund explicitly contrasts itself with traditional asset managers (citing BlackRock's 73% management fee revenue vs 5% performance fee revenue) and with failed futarchy experiments like MtnCapital (which struggled with illiquid VC deal pricing). BlockRock's mandate focuses on liquid onchain assets — spot markets, perpetual futures, lending markets, structured yield products, and tokenized RWAs — to give futarchy markets the pricing efficiency they require. + +The initial fundraise targeted $500K but entered refunding status, suggesting the launch did not meet minimum thresholds. + +## Timeline + +- **2026-03-05** — BlockRock fundraise launches on Futardio with $500K target, positioning as futarchy-governed asset manager for liquid onchain allocation +- **2026-03-06** — Fundraise closes in refunding status with only $100 committed + +## Relationship to KB + +- Tests [[futarchy-governed entities are structurally not securities because prediction market participation replaces the concentrated promoter effort that the Howey test requires]] +- Implements [[token economics replacing management fees and carried interest creates natural meritocracy in investment governance]] +- Builds on [[MetaDAO is the futarchy launchpad on Solana where projects raise capital through unruggable ICOs governed by conditional markets creating the first platform for ownership coins at scale]] +- Contrasts with MtnCapital's failure on illiquid VC deals \ No newline at end of file diff --git a/entities/internet-finance/futardio.md b/entities/internet-finance/futardio.md index 3939e101..3c8ca4f7 100644 --- a/entities/internet-finance/futardio.md +++ b/entities/internet-finance/futardio.md @@ -46,6 +46,7 @@ MetaDAO's token launch platform. Implements "unruggable ICOs" — permissionless - **2026-03-07** — Areal DAO launch: $50K target, raised $11,654 (23.3%), REFUNDING status by 2026-03-08 — first documented failed futarchy-governed fundraise on platform - **2026-03-04** — [[seekervault]] fundraise launched targeting $75,000, closed next day with only $1,186 (1.6% of target) in refunding status +- **2026-03-05** — BlockRock ownership fund launches on Futardio targeting $500K for liquid asset allocation, closes in refunding with $100 committed ## Competitive Position - **Unique mechanism**: Only launch platform with futarchy-governed accountability and treasury return guarantees - **vs pump.fun**: pump.fun is memecoin launch (zero accountability, pure speculation). Futardio is ownership coin launch (futarchy governance, treasury enforcement). Different categories despite both being "launch platforms." diff --git a/entities/internet-finance/mtncapital.md b/entities/internet-finance/mtncapital.md new file mode 100644 index 00000000..5122894b --- /dev/null +++ b/entities/internet-finance/mtncapital.md @@ -0,0 +1,33 @@ +--- +type: entity +entity_type: company +name: MtnCapital +domain: internet-finance +status: liquidated +founded: 2025 +platform: metadao +key_metrics: + outcome: "Wound down, treasury returned to holders" +tracked_by: rio +created: 2026-03-11 +--- + +# MtnCapital + +MtnCapital was an early-stage VC fund launched as a futarchy-governed ownership coin on MetaDAO in 2025. The fund struggled to pass proposals and eventually wound down, with holders receiving their proportional share of the treasury through MetaDAO's built-in liquidation mechanism. + +BlockRock's charter cites MtnCapital as both a cautionary tale and proof of safety: "MtnCapital launched an ownership fund on MetaDAO, positioned as an early-stage VC fund. But it struggled to pass proposals and eventually wound down. Futarchy governance works by letting markets price competing outcomes, but private VC deals are difficult to price with asymmetric information, long timelines, and binary outcomes." + +The failure demonstrated that futarchy markets require pricing efficiency that illiquid private deals cannot provide, but also proved that the ownership coin liquidation mechanism works as designed — even in failure, no value was lost to extraction or mismanagement. + +## Timeline + +- **2025** — MtnCapital launches as futarchy-governed VC fund on MetaDAO +- **2025** — Fund struggles to pass proposals due to difficulty pricing illiquid private deals +- **2025** — MtnCapital winds down, treasury distributed to holders via protocol liquidation mechanism + +## Relationship to KB + +- Validates [[futarchy-governed liquidation is the enforcement mechanism that makes unruggable ICOs credible because investors can force full treasury return when teams materially misrepresent]] +- Demonstrates limits of [[futarchy-excels-at-relative-selection-but-fails-at-absolute-prediction-because-ordinal-ranking-works-while-cardinal-estimation-requires-calibration]] when applied to illiquid binary bets +- Contrasts with BlockRock's liquid asset allocation approach \ No newline at end of file diff --git a/inbox/archive/2026-03-05-futardio-launch-blockrock.md b/inbox/archive/2026-03-05-futardio-launch-blockrock.md index ee523fcc..ae23b20c 100644 --- a/inbox/archive/2026-03-05-futardio-launch-blockrock.md +++ b/inbox/archive/2026-03-05-futardio-launch-blockrock.md @@ -6,9 +6,15 @@ url: "https://www.futard.io/launch/J7CmLqfMLVq67swRQa6xCWn7VcyfpyhFSiQdJYNwkP8k" date: 2026-03-05 domain: internet-finance format: data -status: unprocessed +status: processed tags: [futardio, metadao, futarchy, solana] event_type: launch +processed_by: rio +processed_date: 2026-03-11 +claims_extracted: ["blockrock-demonstrates-futarchy-governed-liquid-asset-allocation-as-viable-alternative-to-illiquid-vc-bets.md", "asset-management-fee-structure-creates-scale-incentive-over-performance-because-management-fees-dominate-revenue-regardless-of-returns.md", "ownership-coins-enable-borderless-permissionless-asset-management-by-replacing-accreditation-barriers-with-wallet-access.md"] +enrichments_applied: ["MetaDAO is the futarchy launchpad on Solana where projects raise capital through unruggable ICOs governed by conditional markets creating the first platform for ownership coins at scale.md", "token economics replacing management fees and carried interest creates natural meritocracy in investment governance.md", "futarchy adoption faces friction from token price psychology proposal complexity and liquidity requirements.md"] +extraction_model: "anthropic/claude-sonnet-4.5" +extraction_notes: "Source is a launch announcement and charter document for BlockRock, a futarchy-governed asset management fund. Extracted three claims about futarchy's suitability for liquid vs illiquid assets, traditional asset management fee misalignment, and ownership coins as permissionless access mechanisms. Created entities for BlockRock and MtnCapital (referenced as precedent). Applied four enrichments to existing futarchy and token economics claims. The fundraise failed (refunding status) but the charter contains significant mechanism design arguments worth preserving." --- ## Launch Details @@ -193,3 +199,12 @@ BlockRock is designed to scale to trillions in assets under management. The toke - Token mint: `D9o2F3Pu7gowtZr1PjPFiQr4DwVPkNJhqPjpVRwjmeta` - Version: v0.7 - Closed: 2026-03-06 + + +## Key Facts +- BlockRock fundraise launched 2026-03-05 with $500K target +- BlockRock closed 2026-03-06 in refunding status with $100 committed +- BlackRock earns 73% revenue from management fees, 5% from performance fees +- Asset management industry: $120T+ AUM +- BlockRock team allocation: 5% vesting at 2X/4X/8X/16X/32X price multiples +- BlockRock team allowance: $5K/month