WHITEPAPER v1.0 · INSTITUTIONAL EDITION

Quantum Dream Fund I

量子梦想基金一号EST. MMXXVI

A Manzi Capital sub-brand

“Judgement, executed with discipline.”

Judgement executed with discipline; compounding realised over time.

Combining the judgement of a veteran investor with the execution of artificial intelligence — a quantitatively managed crypto fund running 24/7, disclosing NAV daily, paying a dividend daily, with every entry recorded on-chain.

Read the Whitepaper View Risk Disclosure

This website is intended for institutional and sophisticated investors. It is not a securities offering, nor an offer or advice of any kind.

01 — THREE CORE PROMISES

Three Core Promises

The three principles behind the product

Daily NAV Disclosure

Three-Party Verified

Verified by an independent auditor and an on-chain oracle, published at 09:00 (UTC+8) on T+1. Historical NAV is permanently queryable and tamper-proof on-chain.

THREE-PARTY VERIFIED

Daily Dividend

Opt-in USDC Payout

Through the Dream Reserve mechanism, a base dividend is accrued to holders on both profitable and loss-making days, targeting around 6% annualised. The dividend is opt-in: holders decide when to claim, and pay on-chain gas plus a dividend fee on claiming.

OPT-IN USDC PAYOUT

Private Positions, Transparent Operations

Alpha Protection

While protecting strategy alpha, the fund maintains a high degree of transparency to holders through attribution reports and the “AI vs Human” column.

ALPHA PROTECTION

02 — FOUNDER'S VISION

Founder's Vision

Combining judgement with execution

“I have been an investor my whole life. This time, I want to hand the judgement an earlier generation of investors accumulated across market cycles to the execution of a new generation of AI — replacing emotion with discipline, hesitation with speed, running around the clock without interruption.”

Xue Manzi

Founder & Chief Brand Officer · First-generation Chinese angel investor

Quantum Dream Fund I is a sub-brand product under Manzi Capital, inheriting its investment methodology and risk-control standards.

WHY NOW · TWO JUDGEMENTS

First, AI now consistently surpasses most human fund managers at the execution layer of quantitative trading. Second, structural inefficiencies persist in crypto markets — fragmented, traded around the clock, rich in derivatives — preserving alpha long since arbitraged away in traditional markets. Together they define the present entry window.

INVESTMENT RECORD

Xue Manzi is among China's first generation of angel investors and a co-founder of AsiaInfo (NASDAQ: ASIA), where he served as Chief Financial Officer and helped build one of the defining companies of China's early internet infrastructure.

Over three decades he has completed more than two hundred early-stage investments — as an individual angel and through institutions — spanning the internet, mobile and crypto cycles. Publicly documented cases include UCWeb, 58.com, KongZhong and Mecox Lane, several of which went on to list on NASDAQ, the NYSE or the Hong Kong Stock Exchange.

His methodology rests on three principles: enter while structural inefficiency remains unpriced; manage downside through strict position discipline; and measure returns by long-term compounding rather than short-term volatility. Quantum Dream Fund I extends that methodology into quantitative crypto.

30+ yrs

Investment experience

Across the internet, mobile and crypto cycles

200+

Portfolio companies

AsiaInfo, UCWeb, 58.com, KongZhong and others

24/7

Continuous operation

Executed with discipline and speed, free of emotion and trading hours

03 — STRATEGY PORTFOLIO

Strategy Portfolio

Seven strategies in parallel · AI dynamic weighting

Seven quantitative strategies run in parallel, with weights dynamically allocated by AI according to market conditions. The framework and hard risk constraints are shown below.

STRATEGYWEIGHTCAPACITY

Funding-rate arbitrage

25%High

Cross-market arbitrage

15%Mid

★MEV on-chain arbitrage

10%Low

Options market making

15%Mid

★Event-driven

10%Low

CTA trend following

15%High

Stablecoin base yield

10%High

★ Core strategy

15–25%

Target annualised

Conservative figure · not a promise

<15%

Max drawdown

Hard constraint

Total leverage cap

5x per strategy

VaR cap (95%)

24-hour

04 — UNDERLYING PROTOCOL

Underlying Protocol · F-Star

Open crypto-allocation infrastructure, driven by the Kelly criterion

Quantum Dream Fund I is not a closed system. It runs on F-Star Protocol (fstar.io), an open, auditable crypto-asset allocation protocol that handles custody, share minting and burning, the NAV oracle and settlement. A fund's distinctive logic is expressed through a pluggable settlement policy; this fund mounts the ThreePoolPolicy.

ORIGIN OF THE NAME

The name F-Star is taken from f*, the symbol for the optimal betting fraction in the Kelly criterion. That symbol is the protocol's mathematical core and the starting point of all its allocation discipline: faced with any opportunity, the real question is never whether to participate, but in what fraction.

KELLY CRITERION

f* = (b · p − q) / b

f*: Optimal fraction — the share of capital to commit to this opportunity
b: Odds — net gain to stake when the bet wins
p: Probability of winning
q: Probability of losing — equal to 1 − p

“The optimal fraction to bet is the one that maximises the expected logarithm of wealth.”
— J. L. Kelly Jr., 1956

HOW THE KELLY PRINCIPLE IS APPLIED HERE

Fractional KellyFractional Kelly

Full Kelly is theoretically optimal but too volatile in practice. The protocol defaults to quarter Kelly, trading a controlled amount of return for a sharply lower drawdown — standard practice in institutional money management.

Position CapsPosition Caps

Each opportunity carries a hard upper bound (cap 25%) and lower bound (floor 5%) on its share of capital, so that any misestimate of win rate or odds cannot be amplified without limit.

Log UtilityLog Utility

Optimising the expected logarithm of wealth rather than linear return means the system is inherently averse to tail risks that could permanently impair principal — consistent with the fund's long-term compounding objective.

Explore F-Star Protocol

05 — DAILY DIVIDEND MECHANISM

Daily Dividend Mechanism

A three-pool structure · a dividend on profit and loss days alike

The dividend is drawn from three independent pools — external interest income, a share of the day's strategy profits, and a reserve accumulated from prior profitable days. Its sources are independent of principal, but the payout is not fixed: if the reserve is exhausted and strategies continue to lose, the dividend may be reduced, suspended or fall to zero.

POOL A

Base Yield Pool

A stable base for the dividend

Source: USDC interest on Aave / Pendle + tokenised treasuries
Allocation: Contributes 4–5% annualised toward the fixed daily dividend

POOL B

Alpha Pool

The floating dividend and NAV growth

Source: Net daily profit of the seven strategies
Allocation: On profit days: 30% to the dividend / 70% into NAV

POOL C ★

Dream Reserve

The buffer that tops up the fixed dividend on loss days

Source: 10% of strategy profit injected on profitable days
Allocation: Target 15–20% of AUM, capped at 25%

Reserve stress test: with AUM of 20M USDC and a 3M reserve, the reserve can sustain roughly 912 consecutive loss days (the worst historical backtested streak was 23 days). This is a model estimate and not a guarantee of principal.

The dividend is opt-in: each round is published on-chain as a Merkle root, and holders claim it themselves via claim(proof). Unclaimed amounts remain in the contract, accumulate and can be claimed later — they are never lost. Claiming is an on-chain transaction: the holder pays gas and a dividend fee, so frequent small claims are uneconomic; accumulating and claiming as needed is recommended.

The three-pool mechanism above is implemented on-chain by `ThreePoolPolicy` — a pluggable settlement policy on top of the fund-vault generic protocol layer. Parameters (6% annualised base, 30/60/10 profit split, 25% reserve cap / 5% floor) live in storage; any change requires 5/9 multisig and Timelock.

The Holder Experience

Pushed daily at 08:30 (UTC+8) · App / WeChat / Telegram / Email

DEMO DATA

Days running

Current NAV

0.0000

Year to date +0.00%

Today's dividend

0.00

USDC · per 10,000 USDC

Cumulative dividend

0.00

USDC · per 10,000 USDC

NAV TREND · LAST 90 DAYS

The above is an interface demonstration. The figures are programmatically generated mock values and do not represent any real historical or expected performance.

06 — ON-CHAIN PROTOCOL & TRUST LAYER

On-Chain Protocol & Trust Layer

fund-vault generic layer · ThreePoolPolicy plugin · three-party verification + ZK PoR

QDFI's financial logic lives on-chain. The base is an audited fund-vault generic contract layer — custody, share mint/burn, NAV oracle, dividend settlement, compliance and circuit breakers, each in its own contract — with the QDFI-specific three-pool logic plugged in via ThreePoolPolicy. Phase 1 completes an end-to-end dry-run on Arbitrum Sepolia; Phase 2 (mainnet) layers off-chain three-party verification and zero-knowledge proof of reserves on top.

On-Chain Protocol Stack

ON-CHAIN PROTOCOL STACK

Deployed on Arbitrum Sepolia · end-to-end dry-run verified · fund-vault generic contract layer

FUNDVAULT

FundVault · Custody

Sole USDC custody contract · idle / deployed accounting · withdrawals dual-gated by AllocationManager and Policy

K-OF-N NAV ORACLE

NAVOracle

K-of-N signed NAV · auto-pause on ±X% deviation · T+1 on-chain price

DAILY TICK SETTLEMENT

DailyTick

Daily trigger · calls ThreePoolPolicy.settle() · writes PnL, reserve and dividend root

MERKLE DIVIDEND

DividendManager

Daily Merkle root published on-chain · holders call claim(proof) · USDC straight to wallet

COMPLIANCE & CIRCUIT BREAKER

KYC + Emergency

KYC whitelist state machine · ShareToken transfer gating · tiered guardian circuit breaker (pause / withdraw-only)

5/9 MULTISIG + TIMELOCK

FundMultisig · Governance

Policy swap, parameter changes, emergency pause · 5/9 multisig + 48-hour Timelock

DEPLOYMENT

Arbitrum Sepolia · chainId 421614

END-TO-END DRY-RUN

2026-05-27 · subscribe → NAV → DailyTick → claim full-cycle verified

Read the full dry-run report →

Phase 2 Enhancement · Off-Chain Three-Party Verification

PHASE 2 · OFF-CHAIN THREE-PARTY VERIFICATION

Layered in at mainnet launch: custodian, auditor and an independent oracle each sign the position snapshot. The NAV is on-chained only when signatures agree, further hardening the trust model.

Custodian

Anchorage (Phase 2)

Custody of positions and assets · monthly reconciliation

Auditor

Armanino (Phase 2)

Monthly on-chain proof-of-reserves audit

Oracle

Chainlink Oracle (Phase 2)

ZK Proof PoR Circuit price feed

ZK Proof of Reserves

What it proves

Total assets ≥ total liabilities + all holder valuations

What it never reveals

Specific positions
Position sizes
Counterparty identities

Cryptographically satisfying both “private positions” and “fully verifiable” at the same time.

07 — ROADMAP

Roadmap

An 18-month path

Phase 0COMPLETED

Preparation

Entity setup · QDFI-specific v1 contracts (13) shipped · live strategy validation

Phase 1NOW · 2026 Q2

Generalisation & Testnet Beta

fund-vault generic protocol layer (17 contracts) + ThreePoolPolicy plugin · end-to-end dry-run on Arbitrum Sepolia · 5/9 multisig live · dual audit in progress · 5M USDC seed round

Phase 22026 Q3

Public Launch

Targeting an initial AUM of 20M USDC

Phase 32026 Q4

Expansion

Content rollout · AUM of 50M

Phase 42027 Q1

Second Issuance

The Stable fund goes live, expanding the capital base

Phase 52027 Q2

Governance Token

$DREAM issuance · the path to a DAO begins

Phase 62027 Q4

Annual Holder Assembly

Full DAO governance · annual holder assembly and governance review

This is a private fund operating an open-ended raise, admitting qualified investors on a rolling basis — but AUM is bound by a predetermined hard cap, set at 30M USDC for the first phase. New subscriptions are paused once the cap is reached: beyond this scale, the capacity of higher-yield strategies decays and would degrade the experience of existing holders.

IMPORTANT NOTICE

Key Risk Statement

Risk of total loss of principal

Crypto asset prices are highly volatile, quantitative strategies may fail, and smart contracts may be exploited. The funds you invest may go to zero.

The true nature of the daily dividend

The dividend draws from external interest, the day's strategy profits and a reserve accumulated from past profits — not a guarantee of stable external returns. If the reserve is exhausted and strategies continue to lose, the dividend may be reduced, suspended or fall to zero. The dividend payout itself does not consume principal.

No guarantee of principal

The daily dividend mechanism is not a guarantee of principal or returns of any kind. Principal risk arises from crypto market volatility and strategy failure, not from the dividend payout itself.

Restricted jurisdictions

Not offered to residents of the US, mainland China, Hong Kong, North Korea, Iran and others. See the Risk Disclosure document.

Read the full Risk Disclosure

Before You Decide Anything

Please read the whitepaper and the risk disclosure document in full. This is a private fund for qualified investors, operating an open-ended raise with a predetermined cap, and carries strict geographic and suitability restrictions.

QUALIFIED INVESTORS

Formal Subscription

For qualified investors · minimum 10,000 USDC. Submit your reservation here, subscribe on-chain after onboarding, and view your portfolio, NAV and claim dividends — the whole flow in one place.

Enter Investor Access

TRIAL ALLOCATION

Start small, then convert to a private-placement client

No need to meet the private-placement threshold up front: qualified investors can first run the full subscription, NAV, dividend and redemption flow with a trial allocation of 100–999 USDT, then formally convert to a private-placement client and scale up to a standard subscription once comfortable with the mechanics.

Start with 100 USDTBETA

RUN THE FULL FLOW WITH 100–999 USDT

Deposit 100–999 USDT; shares are minted on-chain at the day's NAV.

Daily NAV

NAV disclosed at T+1 daily — permanently queryable and tamper-proof on-chain.

Dividend

A base dividend accrues daily; holders claim it to their wallet at will.

Redeem

Redeem after the lockup; USDC settles to your wallet at T+3.

Read Risk Disclosure

Investor portal (Phase 1 closed beta) is now live at app.quantumdream.fund. The fund-vault generic contract layer + ThreePoolPolicy plugin has been end-to-end dry-run verified on Arbitrum Sepolia (2026-05-27), with multisig governance live. A 100–999 USDT trial allocation is now supported: qualified investors can run the full subscription, NAV, dividend and redemption flow before converting to a private-placement client and scaling to a standard subscription. Mainnet deployment follows the dual audit (targeted Q3 2026).

This fund is not offered to residents of the US, mainland China, Hong Kong, Macau or OFAC-sanctioned jurisdictions.