Syndicate

Vanguard's real innovation wasn’t index funds—it was mutual ownership.

By letting funds own their management company, there was no need to profit off investors—they were the owners. This model created a flywheel: lower costs, more trust, and scale that strengthened the system.

The path to a community-owned world starts here. Build scalable, atomically composable appchains with full control over the network. syndicate.io /syndicate

Appchains face the same questions Vanguard once did: Who controls the infrastructure? Who captures the upside?

Too often, sequencers operate under extractive, fee-based models. Mutual ownership offers a better path—where shared responsibility, value circulation, and aligned incentives strengthen the system and serve the community.

READ THE RESEARCH PIECE BY @keikreutler ↓

Writing about how cultural narratives of technology shape what worlds we can build https://keikreutler.net 🗝️

READ THE RESEARCH PIECE BY @keikreutler ↓

https://syndicate.io/blog/research-piece-mutual-funds