Prosper plans to launch its first Curator-run Vaults in mid-September 2026 under a new framework called MemeRWA, which connects the fees generated by on-chain trading strategies to automated buybacks of separately traded crypto-native tokens. The design gives Curators a way to issue both asset-backed Vault Shares and a fixed-supply p{VAULT} token, while keeping the two instruments legally and economically distinct.
Under the proposed system, Vault Shares provide proportional exposure to a strategy’s assets and net asset value, or NAV. The paired p{VAULT} token is designed for open-market trading around a Curator’s track record and expected future performance. It does not represent ownership of Vault assets, carry a NAV claim, or grant holders rights to strategy profits.
The separation is central to the model. Prosper is trying to create a market link between measurable strategy activity and crypto-native trading without turning a meme-style token into a direct claim on an underlying portfolio.
Performance fees would trigger programmed token buybacks
MemeRWA uses smart contracts to route part of a Curator’s realized performance fees toward purchases of the corresponding p{VAULT} token on the open market, according to Prosper. The process is intended to run automatically rather than through discretionary manual buybacks by a project team.
A performance fee is generally charged when a strategy exceeds an agreed benchmark or earns gains under its stated rules. In Prosper’s framework, that fee revenue would create an on-chain transaction trail from strategy results to token-market activity.
The setup could make a Curator’s execution more relevant to p{VAULT} trading than social-media attention alone. Yet it does not establish a guaranteed relationship between the strategy’s returns and the token’s market price. Buybacks depend on performance fees actually being generated, while token prices can also be influenced by liquidity, speculative demand, broader market conditions, and the size of the available supply.
Prosper describes the mechanism as a pricing loop built from three components: verifiable economic reference indicators, preset market-linkage rules, and freely tradable crypto-native assets. Strategy data and fee activity would be recorded on-chain, allowing users to follow the inputs that lead to a buyback transaction.
That level of visibility may be particularly relevant in crypto markets where projects frequently refer to revenue-sharing or token-support mechanisms without providing a clear, real-time path between underlying activity and token purchases. MemeRWA’s model places the execution of that connection in the smart contract layer.
Vault Shares and p{VAULT} serve separate functions
Third-party Curators will operate the strategies and manage the Vaults using Prosper’s infrastructure. Each Curator can issue Vault Shares tied to its own strategy, with those shares representing proportional exposure to the assets held in that Vault.
The p{VAULT} token has a different role. Prosper describes it as a fixed-supply asset intended to capture market expectations around the Curator’s operating record, future strategy performance, and community attention. The token is not a wrapped version of Vault Shares, and holders would not be entitled to redeem it for a share of the underlying portfolio.
That distinction will likely be a practical consideration for participants assessing the launch. A successful Vault strategy could produce performance fees and therefore buyback activity, but a p{VAULT} holder would still have no direct claim on the Vault’s NAV or assets. Conversely, a token could trade actively even where the associated strategy has limited assets or has not yet generated fees.
The framework therefore creates two forms of exposure around one Curator: a Vault Share linked to the strategy’s portfolio value, and a market-traded token linked more indirectly to the Curator’s performance and market perception.
First strategies target equities and Hyperliquid
Prosper said the initial Curator strategies are expected to cover U.S. equities, global equities, and the Hyperliquid segment. The company named Stove Finance, R25 Protocol, and TopNod Wallet as the first ecosystem partners.
Prosper will provide the underlying infrastructure, while Curators and partners are expected to handle strategy operations and management. The company has not yet published the first complete Curator roster, detailed strategy mandates, or the full partner matrix. It said those materials will be released before the planned mid-September deployment.
Those disclosures will determine how comparable the first Vaults are. A strategy focused on U.S. equities could have a different trading frequency, fee model, risk profile, and settlement cycle from one operating around Hyperliquid markets. The amount and timing of any resulting p{VAULT} buybacks would depend on the individual Vault’s rules rather than on a single protocol-wide formula.
Pharos provides the settlement layer
MemeRWA is being built on Pharos, the blockchain handling token issuance, settlement, and smart-contract execution for the framework. Prosper said p{VAULT} assets will be denominated uniformly in $PROS, linking activity in the new Vault system to Pharos’ economic environment.
Uniform denomination could simplify the framework’s internal settlement and make buyback flows easier to identify on-chain. It also creates an additional layer of market exposure for users, since the value and usability of p{VAULT} transactions would be connected to the $PROS-denominated system.
The launch will provide an early test of whether automated fee-funded buybacks can create sustained engagement around strategy operators without blurring the line between token trading and ownership of managed assets. The first Curator Vaults will offer the clearest evidence: their published rules, on-chain assets, realized fees, and resulting buyback transactions will show whether the model can function as designed under live market conditions.
Explore how tokenized stocks and RWAs meet on-chain strategies in 2026—start with tokenized equities basics today.
Disclaimer: The content on this page is provided for general informational purposes only and does not represent the views or financial advice of Toobit. We make no guarantees regarding the accuracy or completeness of this information and shall not be held liable for any errors, omissions, or outcomes resulting from its use. Investing in digital assets involves risk; users should independently evaluate their financial situation and the risks involved. For further details, please consult our Terms of Service and Risk Disclosure.
