The MORROW model
MORROW is an on-chain fund management protocol. A manager creates a Fund: a basket of up to eight tokens with target weights, held in its own smart contract. An investor deposits ETH into a Fund and receives shares that represent a proportional part of everything the Fund holds.
The strategy, the portfolio and the terms of participation are set by the manager. MORROW provides the contracts and the app that make creating, discovering and allocating to Funds possible.
A manager chooses the tokens, sets the weights and can rebalance the Fund, but cannot move the Fund's tokens to their own wallet. Withdrawals can never be paused. Only the holder of the shares can withdraw them.
MORROW runs on Ethereum and Robinhood Chain. Each network has its own factory and its own Funds; the app lets you switch between them.
How a Fund works
Creation
A manager picks up to eight whitelisted or community-listed tokens, sets their target weights, and chooses the Fund's entry fee, lock-up and minimum deposit. Each Fund is its own contract, created by the factory.
Deposits and shares
An investor deposits ETH. The Router, the only contract that trades, swaps it into the Fund's tokens at the target weights, and shares are issued based on the value of the Fund at that moment. A deposit can also be made in the Fund's tokens directly.
If a Fund holds $100,000 across 100,000 shares, each share is worth $1. If the Fund grows to $150,000 with the same shares, each share is worth $1.50.
Rebalancing
The manager can change the target weights and trigger a rebalance. Trades go through the Router, and the manager supplies their own minimum amounts for every trade.
Withdrawals
An investor withdraws on the Fund's page. The Fund sells the investor's part of its tokens and sends the proceeds as ETH, or the investor can take the underlying tokens themselves. If the Fund has a lock-up, withdrawal is possible once it has passed. Withdrawals cannot be paused by anyone.
Fund parameters
MORROW does not impose one structure on every Fund. Within hard limits written into the contracts, the manager configures each Fund.
| Parameter | What it does | Limit |
|---|---|---|
| Tokens | The assets the Fund can hold | Up to 8 |
| Target weights | How the portfolio is split; changed by the manager through rebalances | Sum to 100% |
| Entry fee | Charged on each deposit and paid to the manager | Up to 20% |
| Lock-up | Time after a deposit before that investor can withdraw | Up to 30 days |
| Minimum deposit | Smallest deposit the Fund accepts, in USD | Set by manager |
| Pause | The manager can pause deposits and rebalances | Never withdrawals |
Tokens and pricing
Not every token carries the same risk. The app shows a High risk label on any Fund that holds a community-listed token.
Community-listed tokens
Anyone can list a token from a Uniswap pool with at least 1 WETH of liquidity. These tokens are priced from the pool itself (a one-hour average for V2 pools, the current price for V3 and V4 pools). There is no on-chain price floor on trades; the minimum amounts supplied by the caller are the only protection. They can be illiquid, manipulated or lose their value entirely.
A Fund holding a community-listed token is labelled High risk in the app. MORROW does not review these tokens.
Investors and managers
Investors
Investors browse Funds and decide where to allocate. Each Fund shows its strategy, portfolio, performance, entry fee, lock-up, minimum deposit and the manager's profile. The investor is responsible for choosing which Funds to join and how much to allocate.
Managers
Managers create and run Funds. They earn the entry fee on deposits into their Fund. A manager can build a public profile and verify their X account, which adds a Verified badge to their Fund and profile. Verification confirms who is behind a Fund; it says nothing about how well the Fund will perform.
Managers are trusted with execution. A manager can lose Fund value by trading into a token or pool they control, and nothing on-chain stops that. Investors should look at who runs a Fund and what it holds.
Security and trust
MORROW is built so that a Fund's tokens stay in the Fund. Each Fund is its own smart contract, and the rules that protect investors are written into the code. This is how the system is set up and who can do what.
Who can do what
| Role | Can | Safeguard |
|---|---|---|
| Investor | Deposit and withdraw their own shares | Only they can withdraw their shares |
| Manager | Choose tokens and weights, rebalance, pause deposits and rebalances | Cannot withdraw Fund assets to themselves or pause withdrawals |
| Owner | Maintain the supported tokens and price feeds, and adjust Router settings | Settings stay within fixed limits, and the owner cannot take Fund assets directly |
| Upgrades | Ship improvements to the code Funds run and to the Router | Every upgrade is announced on-chain and takes effect 2 days later |
Upgrades are visible on-chain before they happen, so investors can see them coming and withdraw if they disagree. The Registry and the Factory are fixed and cannot be upgraded.
$MORROW
$MORROW is the incentive and coordination token of the MORROW ecosystem. It is launched through Pons on Robinhood Chain and paired with ETH.
| Total supply | 1,000,000,000 $MORROW |
|---|---|
| Launch | Fair launch |
| Team allocation | 0% |
| Private allocation | 0% |
| Presale | None |
The team does not receive a reserved token allocation.
What the token is for
- Reward incentives. Creator programs and competition rewards.
- Subscriptions. Access to premium platform functionality.
- Governance. A say in how the ecosystem develops. Planned.
- Staking. Planned, not yet designed.
The 5% allocation
Once $MORROW has graduated on Pons, every Fund created in the MORROW app must allocate 5% of its portfolio to $MORROW.
Fees
Using a Fund today
| Cost | Who sets it | Who receives it |
|---|---|---|
| Entry fee | The Fund's manager, up to 20% | The manager, paid in tokens when you deposit |
| Network gas | The network | The network |
| Swap cost | Market conditions and pool fees | The pools you trade through |
There is no management fee, no performance fee and no platform fee on Funds today.
Planned
MORROW will introduce a creation fee, charged to a manager when they create a Fund. The amount will be announced before it takes effect and applies only to Funds created after that.
Trading $MORROW
$MORROW launches with a 3% creator tax, intended to fund development, marketing, $MORROW acquisitions and ecosystem growth. Pons applies a separate 1% trading fee, which is not collected or directed by MORROW. All of it is visible on-chain.
Revenue and buybacks
MORROW's revenue model develops in phases.
Phase 1: growth
The focus is attracting managers and investors. Revenue comes from the $MORROW creator tax and the planned creation fee.
Later phases
- Paid subscriptions
- Premium platform functionality
- Additional ecosystem products
Buybacks
A portion of MORROW revenue will be used to buy $MORROW on the open market. Tokens acquired this way will fund creator programs, incentives, competition rewards and other ecosystem initiatives.
Governance and staking
Governance is an intended function of $MORROW. As the ecosystem develops, holders can take part in decisions on incentives, creator programs and platform priorities. The structure will evolve with the platform.
Staking is part of the planned future of the ecosystem. The mechanism and incentives have not been finalized.
Roadmap
MORROW is built in stages. No dates are promised.
Protocol contracts, Fund architecture, the app and documentation.
The MORROW app on Ethereum and Robinhood Chain: create Funds, discover them and allocate capital.
Creation fee, richer analytics, manager profiles and track records, more integrations.
Governance, staking, subscriptions and further financial building blocks.
Contracts
Addresses you can check on a block explorer.
0x710A0414DC599112987515ac8D76e0cD28546bc10xf1B3CD2d3c407062ffA6a7983dc0284b5Fa77c570x1327D2B306ef58968eC91f6140Af022cfD926E43Risks
The tokens in a Fund can fall in value, a manager can choose badly, and smart contracts can contain errors. Only deposit what you can afford to lose. Nothing in this document or in the MORROW app is financial advice, and MORROW does not endorse any Fund. See the terms in the app for the full disclaimer.