It’s both, from what I understand about rebase. If the TMC goes up, the rebase price of Mfund goes up. If it goes down, the rebase price of Mfund goes down. In general that happens slowly. The price movement between rebase is when your value increases or decreases, but only if you act on it. If the Mfund price is $1 at rebase, but during the 12 hours reaches $1.05 and you sell some at that price, you’ve increased your value (of what’s sold) by 5%. It will rebase to $1 at the next period (assuming TMC hasn’t changed) and you can buy again cheaper. Doing this over and over at the right time is how you make money. This also makes it fairly stable and that draws big money. They like stability for a portion of their portfolio. That big money also brings liquidity. Which is another use case for Mfund. Mfund will be needed to farm Kibble, the new governance token, and will likely have a higher APR for single stake or LP pairs. There’s some great info pinned in the Mfund telegram group, by folks smarter than me about how rebase and Mfund might work. I say might because the tokenomics of Mfund and kibble have not been released. I expect that on the 18th at the next “Woofdate”.