> For the complete documentation index, see [llms.txt](https://tunakings-organization.gitbook.io/tuna-rwa-docs/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://tunakings-organization.gitbook.io/tuna-rwa-docs/value-anchoring/revenue-model.md).

# Revenue Model

## Key Input Benchmarks

| Line-item                     | Benchmark                              | Source                                    | Note                                                                                                                                                                                 |
| ----------------------------- | -------------------------------------- | ----------------------------------------- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ |
| **Initial ITQ cost**          | **US $70,000 / t**                     | Industry block-trade quotes; 3-yr average | Acquisition price for Southern Bluefin Tuna (SBT) quota rights                                                                                                                       |
| **Quota-lease yield**         | **≈ 3 % p.a.**                         | AFMA weighted average **2.55 AUD / kg**   | Creates baseline “bond-like” cash flow even without harvesting                                                                                                                       |
| **Frozen fish wholesale**     | **US $14 / kg**                        | Tridge seafood price index                | Product already listed on JD.com, Hema Fresh, SUSHIRO Restaurant and HAMA-SUSHI Restaurant                                                                                           |
| **Tuna-based nutraceuticals** | **30 – 1,000 % gross margin**          | Industry case studies                     | Includes tuna peptides, carnosine; “Plasmalogen Brain Vitality DHA / EPA Capsules”—a cognitive-support and sleep-aid supplement for adults and seniors—will be listed on JD.com soon |
| **Token buy-back ratio**      | **50 % of net operating income (NOI)** | TUNA project charter                      | Drives a supply-constricting flywheel                                                                                                                                                |

## Illustrative Annual Cash-Flow Scenarios (10 t Quota Block)

| Scenario                   | Revenue Drivers                            | Gross Revenue   | Illustrative Net Margin\* | NOI    | 50 % Buy-Back Budget |
| -------------------------- | ------------------------------------------ | --------------- | ------------------------- | ------ | -------------------- |
| **Pure Leasing**           | 10 t × 3 % yield                           | **US $21,000**  | 90 %                      | 18,900 | **9,450**            |
| **Harvest & Wholesale**    | 10,000 kg × US $14/kg                      | **US $140,000** | 40 %                      | 56,000 | **28,000**           |
| **Value-Added Processing** | Convert 2 t by-catch to peptides @ 60 % GM | **US $48,000**  | 50 %                      | 24,000 | **12,000**           |

\*Net margin assumptions are conservative placeholders:

* Leasing incurs minimal opex (vessel oversight, insurance).
* Harvesting margin reflects fuel, labour, cold-chain, and logistics.
* Peptide processing margin nets out enzymatic hydrolysis, QA, and packaging costs.

> Take-away: Even a base-case leasing strategy seeds buy-backs; harvesting and nutraceutical upselling magnify the deflationary pressure on supply.

## Token-Economics Flywheel

| Stage                   | Action                                                                                                     | Resulting Effect                                                             |
| ----------------------- | ---------------------------------------------------------------------------------------------------------- | ---------------------------------------------------------------------------- |
| **Revenue Generation**  | Quota-lease income and product sales (frozen fish, peptides, IP royalties) flow into the **SPV Treasury**. | Builds gross cash reserves.                                                  |
| **Operating Costs**     | Treasury covers OPEX and R\&D expenditures.                                                                | Produces **Net Operating Income (NOI)**.                                     |
| **Buy-Back Allocation** | **50 % of NOI** is automatically routed to the on-chain **Buy-Back Bot**.                                  | Secures funds for open-market TUNA purchases.                                |
| **Token Burn**          | The bot buys TUNA on DEX/CEX venues and sends the tokens to the **burn address**.                          | Permanently reduces circulating supply.                                      |
| **Scarcity Flywheel**   | With fewer tokens outstanding, each remaining TUNA represents a larger share of the underlying asset base. | Increases per-token asset backing and supports long-term price appreciation. |

**Flow Summary:**

Quota & Product Revenue → SPV Treasury → (-OPEX/R\&D) → Net Income → 50 % Buy-Back → Burn → Circulating Supply ↓ → Asset Backing per Token ↑

## Sensitivity Snapshot

| Shock Test               | Impact on Cash Flow                                        | Mitigant                                                                   |
| ------------------------ | ---------------------------------------------------------- | -------------------------------------------------------------------------- |
| **Quota Price -20 %**    | Lower NAV floor; acquisition cheaper for future expansions | Stable lease yield cushions revenue; token floor redemption remains intact |
| **Fish Price -15 %**     | Harvest scenario NOI ↓                                     | Peptide margins > 30 % provide counter-cyclical buffer                     |
| **Clinical IP Set-back** | Delays high-beta royalty stream                            | Quota + peptide cash flows keep buy-backs funded                           |
| **FX (AUD/USD) +10 %**   | AUD-denominated lease revenue ↑                            | Treasury hedging policy TBD by DAO vote                                    |

{% hint style="info" %}
Disclaimer

All conversion rates, operating margins, and buy-back ratios represent the current business model approved by the Foundation’s board. Execution will be governed by **Tuna Improvement Proposals (TIPs)** and may evolve with market conditions.

All figures are point-in-time benchmarks, not forecasts. Actual outcomes will depend on quota prices, harvest yields, FX rates, operating costs, and future DAO resolutions. Nothing in this section constitutes financial advice.
{% endhint %}