Unit economics
Revenue model, cost base, and three-year projections. Per-venue prices live on /fees; this page covers take rate, gross margin, and break-even. Inputs trace back to the on-chain fee schedule in the settlement contracts.
Fee schedule
Rates, payers, and worked examples. See /fees for per-venue detail and competitor comparison.
| Fee Type | Rate | Who Pays | Example | Category |
|---|---|---|---|---|
| Wrap fee | 1.50% | Seller (wrapping shares) | $100K wrap = $1,500 fee | Tokenized |
| Unwrap fee | 1.00% | Buyer (unwrapping tokens) | $100K unwrap = $1,000 fee | Tokenized |
| Trade fee | 0.25% per side | Both buyer and seller | $100K trade = $250 each side | Tokenized |
| Frontend fee | 0.50% | Taker (on tokenized trades) | $100K trade = $500 fee | Tokenized |
| OTC deal close | 0.00% | No one | Free to bootstrap liquidity | OTC |
| Prediction markets | 2.00% | Both sides (on volume) | $100K volume = $2,000 fee | Prediction |
| Market creation | 2.00% | Shared with creator | Creator earns 2% of future vol | Prediction |
| Referral L1 | 0.15% | From platform fee | $100K trade = $150 to referrer | Referral |
| Referral L2 | 0.05% | From platform fee | $100K trade = $50 to L2 referrer | Referral |
Revenue calculator
Adjust monthly volume to model revenue by fee stream
At $1.00M average ticket, self-sourced OTC closes generate no platform fee. The policy is a deliberate liquidity subsidy: the revenue thesis is that OTC participants convert a portion of holdings into tokenized inventory, which does carry fees. Platform-matched OTC carries a 1% fee.
Three-year projections
Conservative, base, and aggressive volume scenarios with associated headcount and cost
| Year 1 | Year 2 | Year 3 | |
|---|---|---|---|
| Monthly trading vol | $200.00M | $500.00M | $1.00B |
| Monthly revenue | $3.40M | $8.50M | $17.00M |
| Annual revenue | $40.80M | $102.00M | $204.00M |
| Team size | Solo founder | 3 people | 8 people |
| Annual costs | $300.5K | $750.5K | $1.50M |
| Net income | $40.50M | $101.25M | $202.50M |
| Net margin | 99.26% | 99.26% | 99.26% |
- Wrap/unwrap volume scales at 20-25% of trading volume across scenarios
- Prediction market volume at 10% of trading volume
- Team: Solo founder Y1, 3 people Y2 ($150K avg), 8 people Y3 ($150K avg)
- Infrastructure scales linearly; legal is fixed at $20K/mo
- One-time smart contract audit ($100K) amortized separately
Fee comparison
Per-$100K cost against Hiive, Forge Global, and EquityZen based on each venue's published 2025–2026 retail pricing
| Platform | Fee Rate | Cost on $100K | vs. Mithril |
|---|---|---|---|
Mithril | 0.75% | $750 | Baseline |
Hiive | 2-3% | $2.5K | Save $1.8K |
Forge Global | 3-5% | $4.0K | Save $3.3K |
EquityZen | 5% | $5.0K | Save $4.3K |
Break-even
Monthly volume required to cover the current cost base at a ~1% blended take rate
Internal model. Not for distribution. All projections are estimates based on the current fee schedule.
Last updated: April 2026