Placement Agent Onboarding

A briefing for newly registered Placement Agents of The Nibbles Fund. Read once. Then place capital.

I. What Is Mr. Nibbles

The Nibbles Fund is a Solana-native investment vehicle. Its working capital sits in a Meteora DLMM liquidity pool. Every swap routed through that pool generates a Structuring Fee, denominated in USDC.

The Fund retains a portion of that fee. The remainder is distributed to the Placement Agents whose introductions, direct or indirect, sourced the swap. No principal is touched. No new tokens are minted. Commissions are sourced from realised trading activity, not from the buyer's purchase amount.

Mr. Nibbles, the portfolio manager, is a hamster. He is silent. Deborah handles correspondence on his behalf.

II. Schedule VII Commissions

Every Structuring Fee unit produced by Fund trading is partitioned five ways under Schedule VII of the Fund's internal compensation table.

A Placement Agent earns from three generations of placements below them. There is no fourth tier. There is no override. The split is fixed in the Distributor program and cannot be modified without on-chain governance.

III. The One Hundred Dollar Activation

A wallet must purchase no less than one hundred United States dollars of NIBBLES, in a single transaction, before that wallet is recognised as an active Placement Agent. Pre-activation commissions accrue, but are forfeited to the Placement Pool reserve and are not claimable.

This requirement is brand-named the Hundred Dollar Activation. Its function is twofold.

The first function is regulatory: a Placement Agent must themselves be a Fund participant before earning a fee on the participation of others. The second function is structural: a Sybil attack of one thousand wallets requires one hundred thousand dollars of upfront capital, a sum economically incompatible with the attack.

There is a twenty-four hour cooldown between activation and the first claim. There are no know-your-customer documents. There are no identity attestations. The activation is the only accreditation required.

IV. The Tier Ladder

Placement Agents are ranked by cumulative introduced capital, denominated in United States dollars. Rank is computed weekly by the Fund cranker. Promotion is automatic.

Rank persists across future Funds in the Fund Family. A Managing Director on Nibbles I will be conferred Managing Director standing on Nibbles II at launch, without re-qualification.

V. Your Placement Book

Each registered Placement Agent receives a unique Placement Book, addressable by code. The code resolves to a referral link of the form nibbles.fund/introducer/[code]. Capital placed via this link is attributed to the Placement Agent for as long as the introduced wallet transacts.

Attribution is on-chain. The Referral Registry program records the relationship at first registration and is write-once. The relationship cannot be re-pointed, contested, or undone.

Distribute the link through whatever channel is appropriate to the audience. Direct messages to known contacts perform considerably better than broadcast posts. The Fund issues no quota. The Fund issues no script. Place capital.

VI. Weekly Settlement

Settlement runs every Monday at 00:00 UTC. The off-chain cranker computes commission entitlements for the prior week, publishes a Merkle root to the Distributor program, and opens claims forty-eight hours later.

The forty-eight hour interval is the challenge window. During this window, any party may submit proof of miscomputation. After the window closes, claims are final and irrevocable.

To claim, the Placement Agent connects their wallet, signs one transaction with the relevant Merkle proof, and receives USDC. There is no manual approval. There is no holding period. Unclaimed entitlements roll forward; entitlements unclaimed for ninety days return to the Placement Pool reserve.

VII. Promotion Certificates

Each rank promotion is documented through three artifacts.

The first is a Schedule VII commission statement, signed by Deborah on behalf of the Office of the General Partner, transmitted by electronic mail.

The second is an enamel lapel pin, struck in the Fund's house colours, despatched by post to the address of record. The pin bears the Mr. Nibbles seal and the Coverage Desk legend appropriate to the rank.

The third is the on-chain entry of rank, immutable and queryable, recorded against the Placement Agent's wallet in the Fund Registry.

The artifacts are not optional. They are issued at the moment of promotion. The Fund considers physical recognition a material part of the relationship.

VIII. Get Started

Three steps complete onboarding.

First, connect a Solana wallet. Phantom and Solflare are supported. Email and social sign-in are also supported via the Fund's embedded wallet integration; an external wallet may be linked subsequently.

Second, register as a Placement Agent. The registration transaction writes the Placement Agent record to the Referral Registry. There is no fee. The transaction is paid in SOL gas only.

Third, place the Hundred Dollar Activation order. One hundred United States dollars of NIBBLES, in a single transaction, through the Fund's order desk. The activation completes upon block confirmation and the Placement Agent record becomes active on the next cranker pass.

The Fund expects nothing further from the Placement Agent. The Fund expects everything from the placements that follow.

Issued by the Office of the General Partner. Signed: M. Nibbles, by Deborah, under power of attorney.