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MTF documentation
What MTF is, the problem it solves, how MEME500 works in one paragraph, and the key numbers.
Imagine ETFs, but for memes. MTF (Meme Traded Fund) lets you buy a basket of Ethereum memes with one transaction. You send ETH and receive MEME500, a token that represents your share of a vault holding PEPE, SHIB, SPX6900, MOG and NEIRO. You can redeem it back to ETH at any time. The basket is bought and sold inside the swap by a Uniswap v4 hook, so there is no fund manager, no separate liquidity pool and no price oracle deciding what you get.
The problem#
Getting broad meme exposure on Ethereum today means doing the work of an index fund by hand:
- Picking winners. Memes move together but not equally. Holding one is a bet on that one coin.
- Five swaps and five approvals. Buying five memes means five trades, five pool fees, five gas bills and approvals to manage.
- Manual rebalancing. When one coin runs, your portfolio drifts. Keeping target weights means more trades.
- Exiting is just as slow. Selling a basket back to ETH is another five transactions.
The solution#
Five swaps by hand versus one swap through the MEME500 hook.
Text version
- Left side, the manual way: a wallet makes five separate swaps (ETH to PEPE, ETH to SHIB, ETH to SPX6900, ETH to MOG, ETH to NEIRO), each with its own approval and fee.
- Right side, MTF: the wallet makes one swap of ETH into MEME500. Inside that single transaction the IndexHook buys all five memes in their target proportions and mints MEME500 to the wallet.
MEME500 packages the top five Ethereum memes into one token. One click in, one click out. Inside a single Uniswap v4 swap the IndexHook splits your ETH across the five memes on their own deep ETH pools, deposits them in the index vault and mints MEME500 to you. Redeeming burns MEME500 and sells your share of each meme back to ETH, again in one transaction. Because shares are minted in proportion to what the vault already holds, nobody can mint cheap shares or dilute existing holders by pushing a price.
Key numbers#
- Memes in MEME500
- 5
- PEPE, SHIB, SPX6900, MOG, NEIRO
- Target weights
- 35 / 35 / 18 / 7 / 5
- percent, in the order above
- Ape and redeem fee
- 0.30%
- each way, plus the 0.3% V2 pool fee per leg
- Yearly fee
- 1% / year
- streamed by minting MEME500
- Measured round trip
- about 1.2%
- 1 ETH in, 0.988 ETH out on a mainnet fork
- Per ape
- 0.01 ETH to 5 ETH
- no cap on total deposits; split bigger amounts into several apes
How to read these docs#
- How MEME500 works: the ape and redeem flows step by step.
- Pricing and NAV: exactly how many MEME500 you receive and what one MEME500 is worth.
- Methodology and rebalancing: how the weights are chosen and maintained.
- Fees and Locking and rewards: where every fee goes and how lockers earn more MEME500.
- MTF token, Approved list and tiers and User-built indexes.
- Architecture, Security and Risks: what the contracts can and cannot do, how they were tested, and what can go wrong.