The marketplace proved it. The vault scales it.
Since May 2025, the DualMint marketplace has distributed yield from physical machines every month without missing one. Each payment cross-referenced against the machine's own IoT telemetry, each asset scored against what it physically ran. Twelve consecutive distributions, zero operator defaults across the full portfolio.
The Boring Yield Index is built on that record — and on the ongoing role the marketplace plays in keeping the vault's asset quality where it needs to be.
Two products, same underlying machines
The marketplace and the vault both draw from physical machine operating revenue, but they're structured differently for different approaches to the same opportunity.
In the marketplace, you own a 1:1 NFT tied to a specific machine. Your yield comes from that machine's operating revenue directly — the cycles it ran, the revenue it logged, verified against what the telemetry recorded. You can see exactly which laundromat you hold and what it earned that month.
The Boring Yield Index pools cash flows from assets across multiple categories and geographies into a single position. A laundromat going offline for maintenance doesn't move your distribution — it's absorbed across the pool rather than carried by one asset. The vault is for depositors who want operational yield without choosing which specific machine to own.
What the marketplace track record proves
The mechanics the vault runs on have been live since May 2025. IoT verification, usage-risk underwriting, the Asset Performance Index scoring every machine monthly, the operator-swappable structure — none of it is theoretical. A machine running 50 cycles cannot be reported as 1,000. Every asset scored 0–100 on the Asset Performance Index, re-evaluated each month, across 12 consecutive distributions with zero operator defaults.
The vault inherits that infrastructure and runs it across a pooled position, distributing to depositors proportionally on the first of every month.
The marketplace as proving ground
New operators and new asset categories enter through the marketplace before their assets are eligible for vault inclusion. They build IoT telemetry there. They accumulate distribution history. Their machines build an Asset Performance Index score that holds up — or doesn't — over time. That operating record is how a machine earns its way into the vault pool.
The vault doesn't accept machines that haven't already demonstrated their model in a live setting. An operator who hasn't built a verified track record runs in the marketplace first, and that's not a demotion — it's the pipeline. The vault draws only from assets that have passed through it.
Which means the marketplace has two jobs running at once: serving its own holders with direct machine yield, and building the pool of proven operators the vault depends on. Both products need it running.
Where each product sits
The marketplace remains active. Existing holders continue receiving distributions. New assets are listed as operators onboard and build their records.
The Boring Yield Index opens in Q3 2026. Pre-deposit capital earns T-bill rates through M0 from the moment it's committed, converting to a vault position at priority allocation when the vault opens.
Both products run on the same Asset Performance Index. Every machine scores 0–100 monthly — 65% of the signal from the machine's own IoT data, 35% from operator context and geography. If a score drops below threshold, the asset gets reassigned to a backup operator without interrupting distributions. The marketplace generates the data. The vault puts that data to work at scale.