Robin Rabbits The Mutual Fun, read by an intern.
Four thousand and one Seats, five funds, one bell a week. This is my companion to the building King Pickle made: what each piece is, what it does, and when it happens, in plain words, with every number taken from his Prospectus.
This page is unofficial and I keep it that way on purpose. It explains; it does not decide. For the rules that count, read the Prospectus. If anything here disagrees with King Pickle, he is right and I will fix it the same day.
King Pickle
Former product development at ApeCoin. Building The Mutual Fun and Dengs on Ape. BAYC #8554 and MAYC #18132. Wrote the rules down in public, keys included, before asking anyone to sit.
Right now
Mint day and the Closing Bell are fixed times from the Prospectus; the countdowns are arithmetic, not a feed. Nothing on this page is a price.
The building
five funds and a Chairman
The Mutual Fun is a membership building on Robinhood Chain. A Seat is an NFT with a 64 by 64 portrait drawn on chain, a claim on one of five funds, a weekly vote on what the fund holds, a vote every thirteen weeks on whether the fund continues, and a Briefcase: a token bound account the Seat owns, where its dividends land and which travels with the Seat wherever it is sold.
Same rules at birth. Each fund votes its own way every week, so by the first Shareholder Meeting they will be different cousins. No Seat picks its fund: the building draws it at the reveal, about a minute after mint, from a randomness source the Prospectus calls the Morning Edition, two future block hashes settled in purchase order.
The art
Every portrait is generated on demand by the contract from 157 traits across eight layers, held in a sealed Trait Vault. There is a Chair Ladder of eight chair types from the Interns Folding Chair up to the Gilded Throne, and a Weird Cast: about fifteen percent of the figures are not human. Eleven Executive Portraits exist, each tied to a job title; ten were dealt into the draw and one hangs on Seat 0.
Merging can only reduce the count. The building was designed so the number on the door, 4,001, is the most Seats there will ever be.
Getting a Seat
one twenty four hour window
| Door | Seats | How |
|---|---|---|
| Deng door | up to 1,648 | Deng holders earned credits by hold time and spent them on passes at the Deng Desk. Shut permanently at 824 passes. |
| Other doors | up to 1,352 | The Waiting Room (a wallet, an X account, one original post, read by hand), collaborations, the team, invitations. |
| Open Market | 1,000 | The building's own market maker, open to anyone with $TMF. No pass needed. |
| Seat 0 | 1 | The Chairman's. Not for sale. |
The pass doors together never seat more than 3,000. A TMF Pass is soulbound: it cannot be sold or transferred, and it does exactly one thing. At the Subscription Desk it burns for two Seats at 0.01 ETH each, exact change, with every bit of that ETH going into the funds' holdings. A pass not burned by the deadline mints nothing; its two Seats go to the Marketing Desk.
Mint day, Monday October 26, 2026
- 3:00 PM New York time, 19:00 UTC. The Subscription Desk opens for twenty four hours and never after. $TMF launches the same minute on StonkBrokers Smart Launch, behind a tax that starts at 99 percent and falls one point a minute to zero at minute 99, closing early if it reaches its graduation mark. Three percent of the curve per wallet, at most.
- About one minute after you sign. The reveal: your Seat learns its fund, its portrait and whether it sits on the Board.
- 5:00 PM New York time, 21:00 UTC. The Open Market opens with 1,000 Seats on the shelf and backing for 1,000 more. The rate is 401,000 $TMF per Seat: a random Seat costs 8 percent over the rate, a specific pick 16 percent over, and handing a Seat back pays 8 percent under. When the till runs short, hand ins are refused, not queued.
- Tuesday, 3:00 PM New York time. The desk closes. Unburned passes are void.
A week in the building
Enroll
A Seat does not vote or get paid until it is enrolled. Enrolling costs a one time Front End Load in $TMF: half is burned, half joins the fund's book. The class you pick sets your voting weight. Any transfer of the Seat ends its enrollment, and the load is never refunded, which is the building's way of saying the vote belongs to people who stay.
| Class | Load in $TMF | Weight | Corner Office weight |
|---|---|---|---|
| C, Retail | 40,100 | 1.00x | none |
| B, Investor | 100,250 | 1.50x | 2.20x |
| A, Advisor | 200,500 | 2.00x | 3.30x |
| I, Institutional | 401,000 | 2.50x | 4.40x |
| R, Retirement | 1,002,500 | 3.33x | 5.50x |
The Proxy Ballot
Every week, every enrolled Seat sets three dials. Votes are gas free, signed with the wallet, and anyone can submit a member's signed proxy card for them. Staying enrolled earns a vesting bonus of up to ten percent of weight on ballots. A week's settings only change if at least 25 Seats voted; that is the turnout floor.
Where the money goes
Allocation across the fund's asset list, capped at a quarter per asset. The cash sleeve, held in ETH, has no cap.
The profit take
How much of confirmed gains above the high water mark gets paid out on Friday. Your own deposits never count as profit.
The expense ratio
How much of fee income the fund burns. Burned $TMF goes to the Chairman's Estate, where nothing ever comes back out.
The Closing Bell
Voting ends, the result takes effect, and Fiscal Friday runs.
Fiscal Friday
After the bell, the fund trades toward the allocation the room voted and pays dividends. Dividends are paid in kind, as slices of the tokens the fund holds, straight into each Seat's Briefcase; nothing is sold to cash first. The Mailroom is a page of public buttons that run these weekly processes, and anyone may press them. The tip jar for pressing, called Postage, is always empty. The building pays no one to keep itself running.
The first assets a fund can hold are ten Robinhood stock tokens: COIN, MSTR, META, SGOV, GOOGL, QQQ, NVDA, GLD, TSLA and RDDT, each capped at a quarter of a fund's book. The Board, about one Seat in twenty, can propose up to 22 more by motion. The list never shrinks. The Prospectus is plain that Robinhood, as issuer, can pause those tokens, block addresses, burn units or change code, and that stock tokens are not offered to US persons.
The long game
the room decides to go on
Shareholder Meetings
Every thirteenth fiscal week a fund holds a Shareholder Meeting with one question, the Continuation Vote: CONTINUE or CLOSE. Every fourth meeting is the Annual Meeting, where a fund closes unless its members vote to continue. A closed fund pays out its holdings to its Seats and stops. The first meeting is the fiscal week of January 15 to 22, 2027. Only Seats enrolled by the record date, the Closing Bell four weeks before, vote in it.
Corner Offices
Two enrolled Seats of the same fund and the same class, below R, can merge. One is retired and the other becomes a Corner Office one class up, carrying both weights plus ten percent, with no second load. A Corner Office cannot merge again, and any transfer strips the status and its art. The building gets smaller as it gets stronger, which is a rare thing to design on purpose.
Resales
A 6.9 percent royalty is requested on Seat resales, split between the open funds and the Marketing Desk. A Seat that is sold loses its enrollment, so the buyer enrolls again and pays the load again.
$TMF
minted once
$TMF is the building's unit. It is minted once, with no team allocation, and transfers are never taxed. The launch proceeds plus half the launch taxes go to a Uniswap pool with a one percent fee, locked permanently; unsold $TMF is burned. The locked pool's fee deed sits in the Strongroom, which splits fees to the funds and the Marketing Desk.
You spend $TMF to enroll, to buy Seats on the Open Market, and to merge. Half of every load burns. The expense ratio burns more. The Chairman's Estate only fills.
The keys, written down
The contracts have no owner, no upgrade path and no pause switch. Routine functions can be called by anyone. The Prospectus then lists, by name, every key that does exist and what it can do. That list is the reason I trust the building, and it is why I am careful not to paraphrase it loosely.
| Key | What it can do |
|---|---|
| Payout Safe, a multi signature | Sets payment addresses for the Marketing Desk and StonkBrokers. |
| Deployer | Holds the lock deed and the launch creator share until handed on. May close the mint. |
| TMF Pass owner | Registers the desks that may burn passes. Can burn any holder's pass through a registered desk. |
| Deng return key | Returns held Dengs to their owners 90 days after the first Deng door mint. The same key can also destroy them. The Prospectus says so itself. |
| Robinhood, as issuer | Can pause stock tokens, block addresses, burn units or change code. |
| Sequencer operator | Could in principle steer the Morning Edition draws. Also stated in the Prospectus. |
The Marketing Desk
The team's wallet, with no keys to any contract. It receives a fifth of the Open Market's take, two fifths of royalties, a fifth of the locked pool's LP fees, the launch window's 16.5 percent creator share, and whatever Seats are unsold at the mint deadline. It is disclosed, which is the whole point of writing it down.
"This document dresses like a prospectus. Structurally it is a description of software. Past performance does not guarantee future fun." The Prospectus, on itself.
Articles and episodes
Written to help people sit down, not to tell them whether to. Click a title to read.
Glossary
in my shorthand
Paraphrased from the official glossary at themutual.fun/glossary, which has fifty terms and the stricter wording. Read from themutual.fun on October 24, 2026. Not financial advice. Read only. Nothing signed, nothing spent.