Fume

Demo

About

The problem it solves We replace traditional fund admins and transfer agents with secure, transparent, and cost-efficient blockchain infrastructure. Fume supports both digital and traditional assets, automates NAV and fee calculations, and works with fiat and crypto subscriptions. Built for compliance, we support setups in Switzerland, Luxembourg, the US, Cayman, BVI, and Dubai—offering both SaaS and Fund-as-a-Service models. The reduce costs by 90% for fund admin tasks, and users report spending 4x less time on those tasks. For this buildathon, we added two significant features: - We integrated privy.io, and make use of their embedded wallets + smart wallets. This now allows us to completely abstract the blockchain complexity for investors that don't know how it works (wallet experience is very broken in our opinion). We sponsor their gas transaction and they don't even know there is a wallet underneath. But they still get the blockchain benefits of speed, cross-border stablecoin transfers etc. Alternatively, users that own a wallet and are familiar with the onchain world can connect it directly and use the app as normal. This also makes us Pectra ready! (Just in time, as it came out last week) - We added the possibility to have multiple share classes in a onchain fund. While this is niche for people in the fund industry, it is an extremely requested feature, since it allows you to have different treatments for different investors (different management fee and perf fee for example). This allows us to setup some very complex fund structures now, and we are putting it to use immediately with some of our US clients. For the proof of deployment and transactions, you can check this address: 0x0b148cE053ddE3795d4f79F388737eC4977dB5CF. If you see many contract deployments, it's because each fund has its own set of smart contracts, and we do update them with our latest features and security updates. Here is a product demo: https://www.youtube.com/watch?v=RiZKD_4YiLI Here is the pitch video requested: https://www.youtube.com/watch?v=CZlLhB1eXts

How it's made

Challenges we ran into It was quite hard to perform the switch to privy as an authentication method, since we were using another one before, and have clients live in production, so we couldn't simply try it out. We had an existing DB and workflows, so the upgrade was not straightforward. We also wanted to have the whole package at once. Embedded wallets, smart wallets, gas sponsorship, you name it. It didn't make sense to have only some of the advantages. Why give embedded wallets to users, if you don't make them smart? In our case, this would only add to the complexity of the UX and confuse them further. Finally, we are using the Alchemy paymaster for the gas sponsorship, and let's just say they haven't been the most responsive team to help us. For the second feature, while it was easier on the technical side, the hard part was figuring out the regulatory and accounting gimmicks. Since this is used to compute very precise accounting results in regulated funds, we cannot afford to have even one comma wrong.