Before everyone gets too excited about the first onchain fund from Blackrock, here's a quick breakdown.

It's PR, it's not actually an onchain instrument in the way that crypto natives think of one.

- only 20 accredited investors ($5M min purchase)
- sold to friends of Blackrock
- mostly fully offchain in a DB

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So does that mean the only component that’s onchain is the USDC? Additionally, how do yoi think the dusting attacks will impact the legal status of the fund?