# kaal:claim:2959730-040

**Claim.** Running a private fund adviser portfolio on the blockchain costs only protocol determined core usage fees, modular commissions set by module developers amounting to a fraction of a cent or a fraction of trade volume per usage, and Ethereum infrastructure costs.

**Type.** empirical  **Support.** evidenced

**Holds when.**

- portfolios operated on the Melon protocol on Ethereum

**Source quote.**

> The usage fees are determined by the protocol, and the modular fees are set by the module developers and are a fraction of a cent or a fraction of the trade volume for each usage.

**From.** Wulf A. Kaal, *Blockchain Applications and Fee Structure Developments in Private Investment Funds* (2017), VI. Blockchain-Enabled Pressure on Fee Structure, page 17

**Cite as.** Wulf A. Kaal, Blockchain Applications and Fee Structure Developments in Private Investment Funds (2017). SSRN: https://ssrn.com/abstract=2959730

**Verify.** sha256 of source PDF `ebd86972d8817b0c1c80326ae5564476983cedba3f258ff3b2610f156b93fb50` at https://raw.githubusercontent.com/wulfkaal/Academic-Papers/main/papers/pdf/Kaal%20-%202017%20-%20Blockchain%20Applications%20and%20Fee%20Structure%20Developments%20in%20Private%20Investment%20Funds.pdf

**Topics.** institutional-design

**Keywords.** ethereum, protocol-fees, operating-costs, asset-management

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