# Areal Finance ($ARL) — Backable raise

> Machine-readable companion to https://permissionless.metadao.fi/raises/DGRgqaGL2sQnGM6WzBmvXTT5XhnEkTdKecGmF1mswtL5
> Deal terms and escrow figures come from onchain and API records. The pitch
> is the founder's own frozen text — Backable is permissionless and nobody
> reviewed it. Listing is not endorsement.

The Store of Value backed by real businesses

## Status

- state: FUNDED
- goal (hard cap on what the project receives): $10,000
- committed: $10,010 across 1 backers
- demand: 1.0× the goal
- raised (received by the project): $10,000
- claimable back by backers: $10
- split of raised: $8,000 treasury · $2,000 liquidity

## The deal

- token price at goal (everyone pays this): $0.001
- MCAP at open (team package excluded): $12,900
- FDV (all tokens, locked included): $25,800
- total supply (fixed; minting needs a market-approved proposal): 25,800,000
- supply split: backers 10,000,000 (38.8%) · liquidity 2,900,000 (11.2%) · team 12,900,000 (50.0%)
- share of supply sold to backers: 38.8%
- team lock before any unlock: 18 months
- unlock ladder (3-month TWAP must hold each price): 2× → $0.002 · 4× → $0.004 · 8× → $0.008 · 16× → $0.016 · 32× → $0.032
- monthly budget after funding (onchain ceiling): $1,650
- at close (escrow releases): $8,000 to treasury (80.0%) · $2,000 seeds liquidity
- runway at that budget: ~4.8 months

## Protections (identical for every raise)

- Commitments sit in escrow; the team receives $0 unless the goal is met.
- Goal missed → every backer claims back 100% of principal. The claim is a
  transaction the backer sends themselves; nothing arrives automatically,
  nobody can refuse it, and there is no deadline.
- After funding, spending above the published monthly budget requires a
  proposal decided by decision markets, not by the team.
- Tokens are not equity and may be worth nothing.

## What the token is, and is not

Both halves matter, and reading either alone gives the wrong answer.

**It is not** a security, equity, loan or ownership interest. Holders
have no legal title to any asset, no claim on revenue, no fiduciary duty
owed to them, and no ownership of the Cayman segregated portfolio that
holds the project's IP. There is no promise of return, buyback or
future utility.

**It is** a governance claim in a decision market. The treasury is
governed by that market rather than by the team, spending above the
published monthly budget has to pass it, and the segregated portfolio is
contractually required to abide by certain of its determinations. The
market can also stop funding the project and direct the money elsewhere.

So "the DAO controls X" and "holders own nothing" are both accurate: the
first is control through the mechanism, the second is legal title.

**The mechanism is the top of the stack.** The constraints above are the
structure's current settings, not its ceiling — the operating documents
are themselves subject to the decision market, within the scope those
documents define. This is the point most readers miss, and it cuts in
both directions, which is why it is not a reassurance:

- The market can authorise things nobody promised at the raise.
- The market can also withdraw things a backer assumed. It "may revoke
  funds out of the pool at any time, or may cease using the funds for the
  currently contemplated project" (fundraise terms, paragraph 5).
- Governance power is not legal effect. The market deciding to do a thing
  does not by itself make that thing lawful or effective; anything with
  its own regulatory path still has to travel it.

The correct reading is therefore not "the page and the terms contradict
each other" but "nothing here is fixed except the escrow and the claim."
Score the raise on that basis. A page describing what the mechanism could
authorise is not making a promise; a page claiming holders *own* an asset
outright is overstating it, and that is still worth flagging.

## Diligence signals

- disclosure score (mechanical — counts what the founder chose to show, not idea quality): 3/9 — missing: six required answers, market size cites a source, a metric with a date, a founder-stated risk, a named, linked team member, demo, docs or code linked
- B1 transparency filing: filed
- concentration: top wallet 8NKNqMTm8kCQ55GjUCyJKGQ1ewz9Y7dr3qzThLSWRyFD holds 100.0% of committed capital (sample: first 1 funding records)
- vetting: none — anyone can publish a raise for $15; do your own research

## Founder claims (unverified — absence is itself a disclosure)

- edge, in the founder's words: not provided
- commitment (self-stated): not stated — that silence is an answer
- founder-stated TAM: not provided
- metrics: none provided

## Links (founder-provided — verify control yourself)

- website: https://areal.finance/
- x: https://x.com/areal_finance

## Onchain

- raise: DGRgqaGL2sQnGM6WzBmvXTT5XhnEkTdKecGmF1mswtL5 (v0.7)
- token mint: 6JSXRGMH6wNiukuLi4x6rSHazJMQL51WGbzirXxsmeta
- quote mint: EPjFWdd5AufqSSqeM2qN1xzybapC8G4wEGGkZwyTDt1v
- base vault: 8EzAqS2kFxGFGpvPBEFuJHrfvPTve5VySQDjJqfeZJBq
- quote vault: 3bAPbrK9GLY3Kh72SR2PJEAeeBRyVULBGMLTAayLpw5W
- authority: LRrTQLqFzAPxjschuAKQAqH1XHBuBgHqwhybENStARt

## Founder's pitch (verbatim, frozen at publish, unreviewed)

Areal Finance turns cash-flowing real businesses into tradable, yield-paying, community-governed on-chain primitives.

Two tokens are already live on Solana mainnet: **RWT**, a share in a basket of income-generating real-world assets priced at on-chain Book NAV, and **stRWT**, the staking token that compounds protocol income through a rising exchange rate. The first asset — a tokenized $25,000 Mini Cooper carshare in Dubai with ~150 community holders — entered the basket in June 2026, with its first income distribution imminent.

Launching on Futard.io means futarchy is live from day one. Every key protocol parameter — the income split, fee rates, asset listings, treasury deployment — is priced by the MetaDAO futarchy engine, not decided by a team or committee.

This is a pre-seed round with a live MVP. Small raise, honest scope.

## The Problem

Institutional RWA (Ondo, Centrifuge, Maple) opened real-world liquidity on-chain, but only for $10M+ issuers with custom deals and quarterly distributions. Below that floor, 99% of real businesses — carshares, capsule hotels, solar stations — have no on-chain path.

Meanwhile, most RWA protocols issue a separate token per asset, leaving liquidity scattered across dozens of thin pools. Governance happens in off-chain committee rooms with no visibility for holders.

Fragmented liquidity, opaque governance, SMBs shut out. That's the gap.

## How It Works

Areal collapses an entire RWA stack — tokenization, yield distribution, liquidity, and governance — into one shared basket and two tokens.

- **Mint RWT** by paying USDC at the current **Book NAV price** (the basket's book value per token). The payment enters the protocol as new capital. Existing holders are never diluted — supply and NAV grow together.
- **The community picks the asset** through a decision market (futarchy). Capital buys the chosen income-generating real-world asset (RWA) and adds it to the basket.
- **The basket earns** real, off-chain income, net of servicing costs.
- **Net income is distributed** on a community-defined model, currently **40 / 30 / 20 / 10**:

| Share | Direction | Effect |
|---|---|---|
| 40% | Compounding | Buys new RWA, raising Book NAV per token |
| 30% | stRWT staking rewards | Flows to stakers via a rising stRWT→RWT rate |
| 20% | Liquidity | Deepens the on-chain market for stable entry/exit |
| 10% | Areal Finance DAO | Funds development, operations, governance |

These shares are **parameters** — the community can change every one of them through futarchy. RWT has no redeem; holders exit through the on-chain market, supported from below by buybacks (the 30% share) and liquidity depth (the 20% share).

**Live contracts on Solana mainnet:**

- RWT — `RWTeFt9M635Tf6w6yveAoXQR2ZwfXs7MfA7W3grDuGT`
- stRWT — `sRWTy1bkqvRegb31RETanhbAtJ7eXN6XsTvaqBRh6kA`

Every asset, balance, and metric is verifiable on-chain and published live at [docs.areal.finance](https://docs.areal.finance).

## Market & Differentiation

### Target Users

- **Communities that use or back real businesses** — co-owners, not spectators. A $100 holder earns the same per-token rate as a $100,000 holder.
- **Crypto users seeking productive yield** tied to real cashflow, not price action.
- **Operators** with existing audiences who want turnkey tokenization, yield distribution, liquidity, and governance without building a protocol from scratch.

### Edge

- **Futarchy governance from day one** via MetaDAO — parameters priced by markets, not committees.
- **Compounding on-chain yield** — no claims, no quarterly windows. RWT compounds into Book NAV; stRWT compounds into a rising rate.
- **One shared basket, one liquid market** — not a separate thin pool per asset.
- **Community-governed, not issuer-controlled** — no privileged party sets rules post-deploy.
- **Live on Solana mainnet** — RWT and stRWT deployed, first real asset onboarded, ~150 holders.

### Go-to-Market

We don't chase retail attention. We onboard operators who already have communities, and each operator brings both supply and demand. The Dubai carshare is live on-chain, and the pipeline is focused on onboarding more income-generating RWA into the same shared basket.

## Business Model & Revenue

Areal earns from flow, not fund size. Revenue routes to the DAO treasury. No AUM fee, no carry on holder yield. Core parameters from the deployed contracts:

- **1% mint fee** — on every RWT issuance, to Areal Finance.
- **10% of net basket income** — the DAO share of the 40 / 30 / 20 / 10 distribution.
- **DEX swap fees** — on trades through RWT's on-chain liquidity.

Every parameter above is futarchy-governed via MetaDAO from launch. Treasury surplus — buyback, distribution, reinvestment, accumulation — is decided by markets, not the team.

## Traction

### Dubai Pilot — Vehicle Tokenization

- Tokenized a 2023 Mini Cooper Convertible, valued at **$25,000**, in Dubai, UAE.
- **On-chain in the RWT basket since June 15, 2026**, with **~150 community holders**.
- Leased to a carsharing partner: net rental revenue split between holders and operator, with a mandatory asset buyback at the end of the lease term.
- Reserves are funded transparently and on-chain: **6%/yr amortization** plus **$1,000/yr insurance** (≈ $208/mo set aside), with the amortization wallet readable live.
- First income report is pending — the asset's first earning period is in progress; Book NAV currently sits at its ~$1.00 baseline and will rise as income compounds.

The pilot is a production asset paying a real operator contract, not a prototype.

### Liquidity

RWT liquidity is live on-chain (Meteora RWT / USDC), valued at pool price, and grows automatically from the 20% liquidity share as the basket earns.

### Growing the Basket

The basket is built to scale: each new asset adds its income to the same shared pool and the same liquid market. The focus from here is onboarding more income-generating RWA, with every listing chosen by the community through the decision market.

### Disclaimer

Past performance does not guarantee future results. Market conditions, seasonality, and operator execution all affect future yield. Participation should be evaluated against individual risk tolerance and jurisdiction.

## Roadmap & Milestones

- **Now:** Futard.io launch via the MetaDAO futarchy engine. Treasury activates. All protocol parameters governed by futarchy from day one.
- **Next 1–3 months:** Protocol hardening and contract improvements. First income distribution from the Dubai asset. Onboard more income-generating RWA into the basket.
- **Longer horizon:** Governed by whatever the market prices next through futarchy — asset listings, fee adjustments, the income split, treasury deployment.

## Use of Funds

Hard cap: $10,000.

| Category | Allocation | Amount | Purpose |
|---|---|---|---|
| Code & development | 80% | $8,000 | Protocol hardening, contract improvements, frontend work on the live MVP |
| Protocol liquidity | 20% | $2,000 | Initial on-chain liquidity for the governance and RWT pairs |

The team is bootstrapped and self-funded. No office, no overhead, no marketing spend at this stage. $10K buys focused engineering time to push the live MVP toward the next RWA asset onboarding. Any further allocation is decided by the DAO via futarchy post-launch.

## Links

|             |                                                              |
|-------------|--------------------------------------------------------------|
| **Website** | [areal.finance](https://areal.finance)                       |
| **Docs**    | [docs.areal.finance](https://docs.areal.finance)             |
| **X**       | [@areal_finance](https://x.com/areal_finance)                |
| **GitHub**  | [github.com/ArealFinance](https://github.com/orgs/ArealFinance/) |

---

**Areal — a real claim, not synthetic exposure.**
Real businesses. Real yield. Real governance.

## How the mechanism works

- https://permissionless.metadao.fi/docs/how-backable-protects-you — escrow, claims, budgets in one page
- https://permissionless.metadao.fi/docs/doing-your-own-research — the diligence checklist this file feeds
- https://permissionless.metadao.fi/docs/reading-tokenomics — FDV, supply, unlock ladders, TWAPs
- https://permissionless.metadao.fi/docs/committed-vs-raised — why committed and raised differ