---
type: source
source_type: governance-proposals
title: "MetaDAO Proposals 16-30 — Full Proposal Text"
date: 2026-03-23
domain: internet-finance
format: governance-document
status: unprocessed
proposed_by: "@m3taversal"
contribution_type: research-direction
tags: [metadao, governance, proposals, decision-markets]
---

# MetaDAO Proposals 16-30

Source: v1.metadao.fi

**Proposal 16: Migrate Autocrat Program to v0.2?**

Date:

Volume: 

Result: Pass

Author(s)

HenryE, Proph3t

Overview

It\'s time to upgrade futarchy!

This upgrade includes three new features and a number of smaller config changes.

The features:

Reclaimable rent: you will now be able to get back the \~4 SOL used to create OpenBook proposal markets. This should lower the friction involved in creating proposals.

Conditional token merging: now, if you have 1 pTOKEN and 1 fTOKEN, you\'ll me able to merge them back into 1 TOKEN. This should help with liquidity when there are multiple proposals active at once.

Conditional token metadata: before, you would see conditional tokens in your wallet as random mint addresses. After this is merged, you should be able to see token names and logos, helping you identify what proposal they\'re a part of.

The config changes:

Lower pass threshold from 5% to 3%

Set default TWAP value to \$100 instead of \$1

Update TWAP in \$5 increments instead of 1% increments, which enhances manipulation resistance while allowing the TWAP to be more accure

Change minimum META lot sizes from 1 META to 0.1 META

The instruction attached to this proposal will migrate MetaDAO\'s assets over to the new autocrat program.

There are three main futarchy programs and a migrator program for transfering tokens from one DAO treasury account to another:

autocrat_v0

openbook_twap

conditional_vault

migrator

Each program has been deployed to devnet and mainnet, their IDLs have been deployed, and they\'ve been verified by the OtterSec API against the programs in the two repos; futarchy contains autocrat_v0, conditional_vault and migrator, and a separate repo contains openbook_twap. The Treasury account is the DAO\'s signer and has been set as the program upgrade authority on all programs.

Addtional details for verification

Old DAO

Autocrat Program: metaX99LHn3A7Gr7VAcCfXhpfocvpMpqQ3eyp3PGUUq

DAO Account: 7J5yieabpMoiN3LrdfJnRjQiXHgi7f47UuMnyMyR78yy

Treasury: ADCCEAbH8eixGj5t73vb4sKecSKo7ndgDSuWGvER4Loy - signer

New DAO

Autocrat Program: metaRK9dUBnrAdZN6uUDKvxBVKW5pyCbPVmLtUZwtBp

DAO Account: 14YsfUtP6aZ5UHfwfbqe9MYEW4VaDwTHs9NZroAfV6Pi

Treasury: BC1jThSN7Cgy5LfBZdCKCfMnhKcq155gMjhd9HPWzsCN - signer

Detailed Changelog and PR links

Autocrat

Mostly minor config changes (Pull Request #69):

Set default pass threshold to 3%

Set max observation change per update lots to \$5 and make it a configurable option

Set default expected value to \$100

Ensure that the open markets expire a minimum of 10 days from the creation of the proposal to allow for rent retrieval from openbook markets

Reduce the openbook base lot size so that people can trade in lots of 0.1 META

Conditional Vault

Add metadata to the conditional vault tokens so they show up nicely in wallets during a proposal (Pull Request #52)

Add the ability to merge tokens (Pull Request #66)

Openbook-TWAP

Switch to using a dollar-based increment instead of a percentage one:

commit d08fb13

commit a1cb709

commit fe159d2

Pull Request #16

Get rid of the market expiry check, leave it up to autocrat (Pull Request #20)

Add instructions to allow pruning and closing of the market (Pull Request #18)

Also add permissionless settling of funds (Pull Request #21)

Migrator

Migrate all four token accounts to the new DAO account (Pull Request #68)

**Proposal 17: **

Date: 05/27/2024

Volume: 

Result: fail

This looks like a mistake. 

**Proposal 18: Approve Performance-Based Compensation Package for Proph3t and Nallok? **

Date: 05/27/2024

Volume: 22.6k

Trades: 65 trades

Approved / Rejected TWAP: 29.6%

Result: Pass

Type

Operations Direct Action

Author(s)

Proph3t, Nallok

Objective

Align the incentives of key insiders, Proph3t and Nallok, with the long-term success and growth of MetaDAO.

Overview

We propose that MetaDAO adopt a convex payout system.

Specifically, Proph3t and Nallok would receive 2% of the token supply for every \$1 billion increase in META\'s market capitalization, up to a maximum of 10% at a \$5 billion market cap. Additionally, we propose a salary of \$90,000 per year for each.

Details

Fixed Token Allocation: 10% of supply equals 1,975 META per person. This number remains fixed regardless of further META dilution.

Linear Unlocks: For example, a \$100M market cap would release 0.2% of the supply, or 39.5 META (\~\$200k at a \$100M market cap), to each person.

Unlock Criteria: Decided at a later date, potentially using a simple moving average (SMA) over a month or an option-based system.

Start Date: April 2024 for the purposes of vesting & retroactive salary.

Vesting Period: No tokens unlock before April 2028, no matter what milestones are hit. This signals long-term commitment to building the business.

Illiquid Vest: The DAO can claw back all tokens until December 2024 (8 months from start). Thereafter, tokens vest into a smart contract / multisig that can\'t be accessed by Proph3t or Nallok.

Market Cap Definition: \$1B market cap is defined as a price of \$42,198 per META. This allows for 20% dilution post-proposal. Payouts are based on the value per META, not total market capitalization.

Q&A

Why do we need founder incentives at all? I thought MetaDAO was supposed to be decentralized?

Whether we like it or not, MetaDAO is not fully decentralized today. If Nallok and I walk away, its probability of success drops by at least 50%. This proposal creates financial incentives to help us build MetaDAO into a truly decentralized entity.This proposal does not grant us decision-making authority. Ultimate power remains with the market. We can be replaced at any time and must follow the market\'s direction to keep our roles.

What exactly would this proposal execute on the blockchain?

Nothing directly. It involves a call to the Solana memo program.

The purpose is to gauge market receptiveness to this structure. A future proposal would handle the transfer of the required META, possibly from a BDF3M multisig.

What would be our roles?

Nallok

Firefighter

Problem-Solver

Operations Manager

Proph3t

Architect

Mechanism Designer

Smart Contract Engineer

What would be our focus areas?

Frankly, we don\'t know. When we started work on MetaDAO, Vota looked like the most viable business for bootstrapping MetaDAO\'s legitimacy.

Now it looks like offering futarchy to other DAOs.

MetaDAO LLC, the Marshall Islands DAO LLC controlled by MetaDAO, states our business purpose as \"Solana-based products and services.\"

We expect this to hold true for several years.

Appendix

How we picked 2% per \$1B To be successful, an incentive system needs to do two things: retain contributors and get them to exert maximum [[effort.So]{.underline}](http://effort.so/) to be effective, the system must offer more utility than alternative opportunities and make exerting effort more beneficial than not.

Methodology

We estimated our reservation wages (potential earnings elsewhere) and verified that the utility of those wages is less than our expected payout from MetaDAO. This video explains the process.

Utility Calculation

We used the square root of the payout in millions to define our utility function. For example:

\$100,000 payout gives a utility of 0.3162 (sqrt of 0.1).

\$1,000,000 payout gives a utility of 1 (sqrt of 1).

\$10,000,000 payout gives a utility of 3.162 (sqrt of 10).

Assumptions

Earnings Elsewhere: Estimated at \$250,000 per year.

Timeline: 6 years to achieve MetaDAO success.

Failure Payout Utility: 0.5 (including \$90k/year salary and lessons learned).

Very low probability of success w/o maximum effort: we both believe that MetaDAO will simply not come to be unless both of us pour our soul into it. This gives \$1.5M in foregone income, with a utility of 1.2 (sqrt of 1.5).

Expected Payout Calculation

To estimate the utility of exerting maximum effort, we used the expected utility of success and failure, multiplied by their respective probabilities. Perceived probabilities are key, as they influence the incentivized person\'s decision-making.

Nallok\'s Estimate

His Estimated Probability of Success: 20%.

Effort Cost Utility: 3 (equivalent to \$10M).

Calculation:

\$ 1.2 \< 0.2 \*(\\sqrt{y} - 3) + 0.8 \*(0.5 - 3) \$

\$ 1.2 \< 0.2 \* (\\sqrt{y} - 3) - 2 \$

\$ 3.2 \< 0.2 \* (\\sqrt{y} - 3) \$

\$ 16 \< \\sqrt{y} - 3 \$

\$ 19 \< \\sqrt{y} \$

\$ 361 \< y \$

So Nallok needs a success payout of at least \$361M for it to be rational for him to stay and exert maximum effort.

Proph3ts\'s Estimate

His Estimated Probability of Success: 10%.

Effort Cost Utility: 1.7 (equivalent to \$3M).

Calculation:

\$ 1.2 \< 0.1 \*(\\sqrt{y} - 1.7) + 0.8 \*(0.5 - 1.7) \$

\$ 1.2 \< 0.1 \*(\\sqrt{y} - 1.7) + 0.8 \*-1.2 \$

\$ 1.2 \< 0.1 \* (\\sqrt{y} - 1.7) - 1 \$

\$ 2.2 \< 0.1 \* (\\sqrt{y} - 1.7) \$

\$ 22 \< \\sqrt{y} - 1.7 \$

\$ 23.7 \< \\sqrt{y} \$

\$ 562 \< y \$

So Proph3t needs a success payout of at least \$562M for it to be rational for him to stay and exert maximum effort.

10%

We believe MetaDAO can reach at least a \$5B market cap if executed correctly. Therefore, we decided on a 10% token allocation each, which would provide a \~\$500M payout in case of success. Future issuances may dilute this, but we expect the diluted payout to be within the same order of magnitude.

**Proposal 19: Approve MetaDAO Fundraise #2?**

Date: 06/27/2024

Volume: 14.2k

Trades: 49 trades

Approved / Rejected TWAP: 12.9%

Result: Pass

Overview

Three weeks ago, MetaDAO launched the futarchy protocol with Drift, Dean's List, and Future. Our goal is to onboard more Solana DAOs. To do that, Nallok and I have a few ideas for growth initiatives, including:

- Social: seeing who's trading in the markets

- NFTs: allowing NFT communities to leverage decision markets

- Special contracts: creating custom financial contracts that make it easier to make grants decisions through decision markets

To accelerate this, our goal is to hire a small team. Between us (\$90k/yr each), three engineers (\$190k/yr each), audits (\$300k), office space (\$80k/yr), a growth person (\$150k/yr), and other administrative expenses (\$100k/yr), we're looking at a \$1.38M burn rate.

To fund this, I'm proposing that the DAO raise \$1.5M by selling META to a combination of venture capitalists and angels. Specifically, we would sell up to 4,000 META with no discount and no lockup.

Nallok and I would execute this sale on behalf of the DAO. To minimize the risk of a DAO attack, the money raised would be custodied by us in a multisig and released to the DAO treasury at a rate of \$100k / month.

The exact terms of the sale would be left to our discretion. This includes details such as who is given allocation, whether to raise more than \$1.5M, how escrow is managed, et cetera. However, we would be bound to a minimum price: \$375. Given that there'd be 20,823.5 META in the hands of the public (which includes VCs + angels) after this raise, this means we would be unable to sell tokens at less than a \$7.81M valuation.  Everyone who participates in the raise will get similar terms. We will make public who's participated after it's complete.

**Proposal 20: Approve Q3 Roadmap?**

Date: 08/03/2024

Volume: 30.2k

Trades: 79 trades

Approved / Rejected TWAP: 52.4%

Result: Pass

Subject to the DAO's approval, this is what we'll be working on for the remainder of Q3:

Launch market-based grants decisions

- Design a compelling market-based grants product

  - Research and document existing grants programs across both SVM and EVM ecosystem

  - Gather requirements and feedback from prospective users (DAOs)

  - Gather requirements and feedback from decision market traders

  - Create a 'cardboard cutout' design of what the UI will look like

- Implement the product

  - Write requisite smart contracts

  - Get smart contracts audited, either by a firm or by individuals

- Launch 5 organizations on the product

- Process 8 proposals through the product

Start building the full-time team

- Secure an office space in San Francisco

- Interview 40 candidates for the engineering roles

- Hire a Twitter intern

Improve the performance of the user interface

- Reduce page load times from 14.6s to 1s

**Proposal 21: Develop a Memecoin Launchpad?**

Date: 08/14/2024

Volume: 511.1k

Trades: 1.3k trades

Approved / Rejected TWAP: 2.1% (note: pass proposal threshold is 3%)

Result: Fail

MetaDAO now has a platform for creating and participating in futarchies. The central problem is distributing it: getting people and organizations to use futarchy.

One of the ideal use-cases for futarchy is memecoin governance. This is because memecoin holders only want the price of the token to increase. There's no question of "maybe the market knows what's the best short-term action, but not the best long-term action."

Coincidentally, there appears to be an opening in the market to launch "[[pump.fun]{.underline}](http://pump.fun/) with a token." Such a platform may be able to bootstrap adoption by issuing points that convert into a token that receives the revenue generated by the platform.

For these reasons, I had the idea to create "futardio," a memecoin launchpad with said bootstrapping mechanism where a portion of every launched memecoin gets allocated to a futarchy DAO.

We are not sure whether it makes sense for MetaDAO to release such a platform. There are potential advantages and potential pitfalls. So we are putting this decision up to the market. If this proposal passes, MetaDAO will develop and release futardio. If it fails, it will not.

Details

The key ideas are expressed in [[https://futard.io]{.underline}](https://futard.io/).

The details of Futardio would be:

A memecoin launchpad where some percentage of every new token's supply gets allocated to its futarchy DAO

When users increase key metrics (e.g., volume), they earn points

After a period of time not exceeding 180 days, these points would convert into a new token ('\$FUTA')

FUTA would be distributed to solely two parties: points owners and MetaDAO

All revenue from Futardio would be distributed to a vault that can be claimed by FUTA holders

By the time the token is live, Futardio would be immutable and decentralized. The program would be immutable, open-source, and verifiable, with any parameters being governed by MetaDAO. The website would be deployed immutably on IPFS or Arweave. Futardio would be a gambling hyperstructure.

The goal would be to launch it in Q3.

Nallok and Proph3t wouldn't be the core team, but they would support a team and fund them with a \$100k grant paid over 6 months. If a team hasn't started work by the end of Q3, the money would be returned and the project idea cancelled.

This would all be left to the discretion of the team building it, but they would be expected to follow the broad outline.

Potential advantages

Drive attention and usage to futarchy

More exposure

More usage helps MetaDAO improve the product

Provides more proof points of futarchy

If MetaDAO sells some of its tokens or stakes them to the vault, it could receive cash to fund future activities

Create a forcing function to improve the security of the core futarchy platform

Potential pitfalls

Makes futarchy look less serious

May make it harder to sell DeFi DAOs / non-crypto organizations

May make it harder to recruit contributors

Time & energy investment

Would prevent MetaDAO from solely focusing on the core platform

**Proposal 22: Enter Services Agreement with Organization Technology LLC?**

Date: 08/31/2024

Volume: 74.2k

Trades: 233 trades

Approved / Rejected TWAP: 20.8% 

Result: Pass

Type

Operations Direct Action

Author(s)

Nallok, Proph3t

Overview

Four weeks ago, MetaDAO completed its strategic partnership as part of Proposal 19. To support MetaDAO's operations, we have created a US entity as a vehicle for paying MetaDAO contributors.

Of note is:

This entity does not have nor will own any intellectual property, all efforts produced are owned by MetaDAO LLC.

This entity will be responsible for the costs of services and development and not have authority to encumber MetaDAO LLC.

We are creating this proposal with a memo instruction to agree and sign the services agreement, which is legally binding as defined in MetaDAO LLC's operating agreement. You can review this agreement here:

[[https://docs.google.com/document/d/1vvl94DpvSpJoPGFyESs1TbGpnNf6zGBYp5a-5wwGXgM]{.underline}](https://docs.google.com/document/d/1vvl94DpvSpJoPGFyESs1TbGpnNf6zGBYp5a-5wwGXgM)

If passed this proposal will execute  the memo instructions which will act as a countersignatory to the agreement. The first disbursement from MetaDAO LLC to the entity will occur on September 1st, 2024 or when passed, whichever is later.

This agreement can be canceled by the DAO with a 30 day notice or immediately through material breach of contract by either party. A 30 day notice and cancellation would need to be executed through a proposal.

If any significant material expense is to be assessed or significant changes to the contract are to be made, those shall be put through the governance process of MetaDAO.

The expected annualized burn is \$1.378M.

You can read about our Q3 Roadmap.

For where current numbers in the agreement were arrived at you can review the alignment proposal.

**Proposal 23: Hire Advaith Sekharan as Founding Engineer?**

Date: 10/22/2024

Volume: 285.7k

Trades: 763 trades

Approved / Rejected TWAP: 14.1% 

Result: Pass

**Type**\
Operations Direct Action

**Author(s)**\
Nallok, Proph3t

**Overview**\
As specified in "[[MetaDAO Fundraise #2]{.underline}](https://futarchy.metadao.fi/metadao/proposals/9BMRY1HBe61MJoKEd9AAW5iNQyws2vGK6vuL49oR3AzX)," our goal is to build a core team in San Francisco. At this stage, we've found a highly-engaged candidate for the founding engineer role: Advaith Sekharan. We propose extending an offer to Advaith for \$180,000 per year cash compensation and 1% of the token supply subject to the same terms as our[[ co-founder allocation]{.underline}](https://futarchy.metadao.fi/metadao/proposals/BgHv9GutbnsXZLZQHqPL8BbGWwtcaRDWx82aeRMNmJbG).

**Specifications**\
The terms of its release would be the same as Nallok and Proph3t, except that the vest would begin in November 2024. Specifically:

- **Fixed Token Allocation**: If you exclude DAO holdings, the supply of META is 19,755.7. If you include Nallok and Proph3t's potential allocation, the supply of META is 23,705.7. 1% of that is 237 META. So Advaith's allocation would be 237 META, fixed regardless of future dilution.

- **Linear Unlocks**: 100% would unlock at a \$5B market cap, with linear unlocks depending on price. For example, a \$500M market cap would release 10% of the allocation or 23.7 META.

- **Unlock Criteria**: Decided at a later date, potentially using a simple moving average (SMA) over a month or an option-based system.

- **Start Date**: November 2024 for the purposes of vesting. October 16th for the purposes of retroactive salary.

- **Vesting Period**: No tokens unlock before November 2028, no matter what milestones are hit. This signals long-term commitment to building the business.

- **Illiquid Vest**: The DAO can claw back all tokens until July 2025 (8 months from start). Thereafter, tokens vest into a smart contract / multisig that can\'t be accessed by Proph3t or Nallok.

- **Market Cap Definition**: \$1B market cap is defined as a price of \$42,198 per META. Payouts are based on the value per META, not total market capitalization.

[[Github]{.underline}](https://github.com/advaith101)

[[LinkedIn]{.underline}](https://www.linkedin.com/in/advaith-sekharan-78b52b277/)

**Proposal 24: Swap \$150,000 into ISC?**

Date: 10/30/2024

Volume: 526.2k

Trades: 1.2k trades

Approved / Rejected TWAP: 1.7% (note: pass proposal threshold is 3%)

Result: Fail

**Type**

Operations Direct Action

**Author(s)**

\@Richard_ISC

**Overview**

MetaDAO has approximately \$2.2M in USDC in its treasury.

This poses a risk to the DAO given that the US Dollar has been losing value at an increasing rate. The dollar has lost 17.8% of its value since 2020. Due to the debt situation, we don't expect this to be resolved soon, if ever.

\$ISC was built specifically to solve this issue. ISC is an inflation-resistant stable currency built on Solana. It was launched at the Solana Hacker House in HCMC on 2023-03-17 at a price of \$1.545. It is now trading at \$1.81.

Not pegged to USD, ISC is collateralized by a basket of financial assets. This basket consists of 20% cash, 20% commodities, 20% treasuries, 20% bonds, and 20% equities.

If the proposal passes, MetaDAO will swap 150,000 USDC of its treasury (\~6.8%) for ISC.

Details:

MetaDAO would execute a DCA order on [[jup.ag]{.underline}](http://jup.ag/) using the following parameters:

Amount: 150,000 USDC

To buy: ISC

Every: 1 hours

Over: 10 orders

Min price: 1.7

Max Price: 1.9

The ISC team would encourage other DAOs to use MetaDAO Futarchy for similar treasury swap proposals. This could easily turn into a win-win-win.

Once the ISC DAO is set up, ISC would commit to use MetaDAO for part of its governance. Example proposals that we have in mind:

- Remove Freeze authority

- Changes in the basket

Potential advantages:

- MetaDAO maintains its treasury value over time

- Promotes other new Solana-native projects

- Showcase a simple Futarchy proposal for other DAOs to follow

Potential pitfalls:

- ISC is still small and early compared to USDC

- ISC could lose value to the USD

**Proposal 25: Engage in \$700,000 OTC Trade with Theia?**

Date: 01/03/2025

Volume: 86k

Trades: 264 trades

Approved / Rejected TWAP: 0.2% (note: pass proposal threshold is 3%)

Result: Fail

Overview

Theia wishes to acquire 609 META tokens (METADDFL6wWMWEoKTFJwcThTbUmtarRJZjRpzUvkxhr) at a USD price of \$1,149.425 per token from the MetaDAO Treasury (6awyHMshBGVjJ3ozdSJdyyDE1CTAXUwrpNMaRGMsb4sf) in exchange for \$700,000 USDC (EPjFWdd5AufqSSqeM2qN1xzybapC8G4wEGGkZwyTDt1v).

Theia will allocate resources to helping MetaDAO succeed and believes it can be helpful across multiple core areas, including governance, research, token structuring/liquidity, US policy, and business development. We have provided numerous portfolio company references to the MetaDAO team that can attest to our involvement and value add.

Theia's \$700K investment could be spent to hire an additional senior engineer, seed liquidity on new markets, and expand business development operations to onboard more DAOs to MetaDAO.

MetaDAO will transfer the entire portion of META tokens through a 6-month lock Streamflow program.

Introduction to Theia

Theia is an onchain liquid token fund manager that invests in companies building the Internet Financial System. Theia replicates traditional private investment strategies by taking large positions in small-cap tokens within under-explored market parts and working closely with management teams to add value. Theia typically buys liquid tokens through structured and proprietary deals and holds investments through a two to four-year investment thesis.

Our team operates on the premise that the Internet Financial System will take share from the existing global financial system by providing innovative and increasingly efficient financial primitives that expand the design space for financial products and accelerate financialization through the Internet. The global financial system represents the largest addressable market in the world and we believe permissionless blockchain technology will expand the TAM.

Theia is a differentiated partner due to the time and expertise we commit to our portfolio companies as well as our intense focus on core infrastructure and financial applications in EVM and SVM. Our fund strategy is designed to drive value for our portfolio companies; we cap our fund size, maintain a concentrated book of few investments, and seek to hold investments for many years. We work to ensure that each portfolio company has time and ample resources to realize our underwriting model forecast. This allows us to hold for the long term and ignore price fluctuations that are unrelated to business-specific catalysts.

Proposal

We appreciate the time and effort both Proph3t and Kollan have spent with our team as we have conducted our diligence on MetaDAO. Better governance is a pressing need across the Internet Financial System and we are impressed by MetaDAO's commitment to the vision of Futarchy. It isn't often you find a team that combines missionary zeal with real talent as builders.

We are pleased to submit an offer to acquire META tokens on behalf of Theia and serve as a strategic partner to MetaDAO. While this letter outlines specific terms for a token agreement, we believe that a long-term partnership between Theia and MetaDAO is the most important component of our proposal.

On behalf of Theia Blockchain Partners Master Fund LP ("Theia"), we submit a bid to acquire 609 META tokens at a USD price of \$1,149.425 per token, an implied valuation of \$24M FDV. This equates to \$700,000 of locked tokens at a 12.7% discount to spot price as of 1/3/25 at a 6-month lock.

We believe this valuation is appropriate for a long-term partnership deal because ---

The valuation is on the upper end of seed-range (\$10M to \$25M) - we believe MetaDAO deserves to be at the top of this range as it has a working product and users.

The valuation represents a large (\>60%) markup to the latest large venture round to reflect significant progress.

We expect MetaDAO to continue to issue tokens as it scales operations and are factoring in 10-20% dilution per year. Given this assumption, a \$24M FDV today represents a \$35M valuation on a 3-year go-forward basis.

Importantly, our \$700,000 investment would provide valuable capital to MetaDAO. Theia's \$700K investment could be spent to hire an additional senior engineer, seed liquidity on new markets, and expand business development operations to onboard more DAOs to MetaDAO.

Theia Value Add

MetaDAO is one of the most exciting ideas in the Internet Financial System and global governance as a whole, and we are eager to support the company through its next phase of growth. Our proposed terms would result in a \~\$102K discount relative to a deal at liquid market price, or \~40bps of dilution relative to market price. We will work hard to increase the probability of success for MetaDAO by much more than that across the following five dimensions:

Portfolio Synergies & Strategy: Given our position in the market, we work closely with teams to implement best practices we observe from across the market. We constantly meet with companies, funds, exchanges, and infrastructure providers. A core motivation for this coverage is to collect and share valuable insights with portfolio companies. For example, we worked closely with the BananaGun, Unibot, and Turtle Club teams to launch on Solana, introducing them to leading ecosystem players. We worked with Derive to design structured product vaults to attract retail users to a complex product. We worked with Kamino to introduce modular lending to their core monolithic lending business. These are a few examples among many.

Token Structuring: We actively work on token structuring across our entire portfolio. This work ranges from strategic consultation on incremental improvements to large-scale token redesigns. In the case of Derive (fka Lyra), we helped the team redesign their token to match their new business model and reward holders as fundamentals grow. We worked with Houdini Swap (LOCK) on a full-scale token rebrand and tokenomics redesign. We are beginning to work with Vertex on a similar token redesign and are actively working with the Turtle Club team to find the right model for their business. We also served as an advisor to Metaplex and Adrena on their token designs.

Roadshows: We meet regularly with most major US and European liquid funds. We openly share our best ideas but pay close attention to the stylistic preferences of different funds. When mutually beneficial, we facilitate introductions and also help them prepare. We have introduced our portfolio companies to liquid funds at different times. We provide detailed feedback on presentations, data rooms, and investor pitches. We often help organize roadshows, provide references, and workshop token pitches with founders.

Market Framing: We are an active research firm and believe that the correct market framing can help a company raise capital, hire talent, win partnerships, and focus resources on the most impactful outcomes. We only started publishing our research in the middle of this year and have developed an active following of like-minded investors. We write consistently about our portfolio companies and the key themes that affect them. We pitch portfolio companies with liquid funds at dinners and are increasingly asked to share our perspective on liquid markets. We are attaching a few examples of our research:

[[https://x.com/TheiaResearch/status/1859598616001675681]{.underline}](https://x.com/TheiaResearch/status/1859598616001675681)

[[https://x.com/TheiaResearch/status/1833553153976844453]{.underline}](https://x.com/TheiaResearch/status/1833553153976844453)

[[https://x.com/TheiaResearch/status/1814277792705479128]{.underline}](https://x.com/TheiaResearch/status/1814277792705479128)

Policy: We expect US policy to remain an important input for companies, especially as they seek to expand beyond what exists onchain today. We have built strong relationships with political consultants, congressional staffers, regulatory agencies, and law firms to ensure we are prepared for upcoming policy changes in the US and abroad. We seek to be a resource to portfolio companies and effectively direct them to the right resources for complex questions.

**Proposal 26: Engage in \$500,000 OTC Trade with Theia? \[2\]**

Date: 01/27/2025

Volume: 21.9k

Trades: 97 trades

Approved / Rejected TWAP: 14.3% 

Result: Pass

Overview

Theia wishes to acquire META tokens (METADDFL6wWMWEoKTFJwcThTbUmtarRJZjRpzUvkxhr) from the MetaDAO Treasury (6awyHMshBGVjJ3ozdSJdyyDE1CTAXUwrpNMaRGMsb4sf) in exchange for \$500,000 USDC (EPjFWdd5AufqSSqeM2qN1xzybapC8G4wEGGkZwyTDt1v).

Theia wishes to acquire 370.370 META tokens at a USD price of \$1,350 per token from the MetaDAO Treasury. This represents a 14% premium to spot price at the time we completed this proposal.

Theia will allocate resources to helping MetaDAO succeed and believes it can be helpful across multiple core areas, including active governance, research, token structuring/liquidity, US policy, and business development. We have provided numerous portfolio company references to the MetaDAO team that can attest to our involvement and value add.

Theia's \$500K investment could be spent to hire an additional senior engineer, seed liquidity on new markets, and expand business development operations to onboard more DAOs to MetaDAO.

MetaDAO will transfer the entire portion of META tokens through a 12-month linear vest Streamflow program.

Introduction to Theia

Theia is an onchain liquid token fund manager that invests in companies building the Internet Financial System. Theia replicates traditional private investment strategies by taking large positions in small-cap tokens within under-explored market parts and working closely with management teams to add value. Theia typically buys liquid tokens through structured and proprietary deals and holds investments through a two to four-year investment thesis.

Theia is a differentiated partner due to the time and expertise we commit to our portfolio companies as well as our intense focus on core infrastructure and financial applications in EVM and SVM. Our fund strategy is designed to drive value for our portfolio companies; we cap our fund size, maintain a concentrated book of few investments, and seek to hold investments for many years. We work to ensure that each portfolio company has time and ample resources to realize our underwriting model forecast. This allows us to hold for the long term and ignore price fluctuations that are unrelated to business-specific catalysts.

Proposal

We appreciate the time and effort both Proph3t and Kollan have spent with our team as we have conducted our diligence on MetaDAO. Better governance is a pressing need across the Internet Financial System and we are impressed by MetaDAO's commitment to the vision of Futarchy. It isn't often you find a team that combines missionary zeal with real talent as builders.

We are pleased to submit an offer to acquire META tokens on behalf of Theia and serve as a strategic partner to MetaDAO. While this letter outlines specific terms for a token agreement, we believe that a long-term partnership between Theia and MetaDAO is the most important component of our proposal.

On behalf of Theia Blockchain Partners Master Fund LP ("Theia"), to acquire 370.370 META tokens at a USD price of \$1,350 per token from the MetaDAO Treasury. We would consider it a privilege to have the opportunity to buy a large amount of META from the treasury.

Importantly, our \$500,000 investment would provide valuable capital to MetaDAO. Theia's \$500K investment could be spent to hire an additional senior engineer, seed liquidity on new markets, and expand business development operations to onboard more DAOs to MetaDAO.

"An incremental \$500k would allow us to extend our runway, experiment more (e.g. provide capital to decision markets on non-futarchic governance proposals), and/or spend more on growth (e.g. twitter videos)." - Proph3t, Cofounder of MetaDAO

Theia Value Add

MetaDAO is one of the most exciting ideas in the Internet Financial System and global governance as a whole, and we are eager to support the company through its next phase of growth. We will work hard to increase the probability of success for MetaDAO across the following five dimensions:

Active Governance: Theia has been a fully onchain fund since inception. We are participants in onchain markets and would plan to actively trade MetaDAO markets. We believe having one more aligned liquid fund trading MetaDAO markets would bolster market efficiency and deepen liquidity.

Roadshows: We meet regularly with most major US and European liquid funds. We openly share our best ideas but pay close attention to the stylistic preferences of different funds. When mutually beneficial, we facilitate introductions and also help them prepare. We have introduced our portfolio companies to liquid funds at different times. We provide detailed feedback on presentations, data rooms, and investor pitches. We often help organize roadshows, provide references, and workshop token pitches with founders. We are an active research firm and believe that the correct market framing can help a company raise capital, hire talent, win partnerships, and focus resources on the most impactful outcomes. We only started publishing our research in the middle of 2024 and have developed an active following of like-minded investors. We write consistently about our portfolio companies and the key themes that affect them. We pitch portfolio companies with liquid funds at dinners and are increasingly asked to share our perspective on liquid markets. We are attaching a few examples of our research:

- [[https://x.com/TheiaResearch/status/1859598616001675681]{.underline}](https://x.com/TheiaResearch/status/1859598616001675681)

- [[https://x.com/TheiaResearch/status/1833553153976844453]{.underline}](https://x.com/TheiaResearch/status/1833553153976844453)

- [[https://x.com/TheiaResearch/status/1814277792705479128]{.underline}](https://x.com/TheiaResearch/status/1814277792705479128)

Policy: We expect US policy to remain an important input for companies, especially as they seek to expand beyond what exists onchain today. We have built strong relationships with political consultants, congressional staffers, regulatory agencies, and law firms to ensure we are prepared for upcoming policy changes in the US and abroad. We seek to be a resource to portfolio companies and effectively direct them to the right resources for complex questions.

Theia References

This is our second proposal to MetaDAO. During our first proposal, we asked a few of our portfolio company founders to provide references for Theia. We are including these references below for easier access.

Marius, Kamino Cofounder

![BlockNote image](media/image1.png){width="6.5in" height="2.3340277777777776in"}

Mack, Lead of Strategy at Metaplex

![BlockNote image](media/image2.png){width="6.5in" height="3.075in"}

We would also like to reference specific statements by the MetaDAO team as part of our proposal.

Proph3t, Cofounder of MetaDAO

![BlockNote image](media/image3.png){width="6.5in" height="1.5173611111111112in"}

0xNallok, Cofounder of MetaDAO

![BlockNote image](media/image4.png){width="6.5in" height="5.820833333333334in"}

We are deeply impressed with the team, mission and community at MetaDAO. We would consider it a privilege to have the opportunity to participate as you onboard Solana and then the world to Futarchy, and we thank you for your consideration.

**Proposal 27: Perform Token Split and Adopt Elastic Supply for META? **

Date: 01/28/2025

Volume: 40.2k

Trades: 134 trades

Approved / Rejected TWAP: 2.4% 

Result: Fail

Token Migration

Type

Operations - Direct Action

Author(s)

Anon

Overview

With the passing of this proposal, Proph3t and Nallok are directed to deploy a new META token program, and a migration program in line with the specifications below. In addition, by passing this proposal, MetaDAO effectively declares the new token to be the canonical and preferred version. Once deployed, all future Futarchic markets for MetaDAO decisions will be conducted using the new token as the trading asset.

Motivation

- Alleviate unfavorable psychological bias towards large unit pricing.

- Introduce full sovereignty to MetaDAO governance module, particularly on token supply and metadata.

- Prepare grounds for a possible future ticker change.

Specs

- Deploy a new token, and a program to allow a one-way conversion from META (METADDFL6wWMWEoKTFJwcThTbUmtarRJZjRpzUvkxhr). The new token will be deployed initially with an identical name and ticker to the current one.

- Effectively split META at a 1:1,000 ratio, resulting in a \~20,886,000 baseline supply for the new token. Each old META token unit will be granted the option to convert to 1,000 new META tokens.

- The token conversion will be opt-in, require an action from the user, be unidirectional and importantly will have an unlimited time window to complete. A widget, prompt or tab will be added to MetaDAO's website UI to push users towards completing the one-way migration.

- Introduce supply sovereignty by giving MetaDAO governance ownership over the token program, which it currently does not have. the MetaDAO Futarchic governance itself would become the singular entity with power to control the META token supply and metadata.

In effect, this will allow MetaDAO to expand the META supply through its futarchy-driven governance, as well as lay down the necessary groundwork for a future proposal to change its name and/or ticker.

Q&A

Maybe it's not great to have mutable metadata because websites flag it as a potentially malicious token?

The new token program will start with mutable metadata, but access can be revoked through a governance proposal at any time. Ideally, the DAO figures out the ticker and/or name change, and then continues to revoke its own access (which then cannot be restored again).

Is it not morally indignant to do a token split?

If it is not below the likes of Amazon and Nvidia to do stock splits despite most stock brokerages allowing fractional ownership, then it is not below MetaDAO. Human biases are ever present, and should be taken into consideration in token supply just like they are in decisions of branding, design, marketing and so forth.

A token split is of particular importance to MetaDAO, as Futarchy arguably functions better the more trading activity occurs on its base asset. There seems to be anecdotal evidence suggesting that a lower unit price leads to higher trading activity amongst speculators, hence we may conclude that a token split would be fundamentally beneficial to the function of our very first Futarchic organization.

Why introduce mutable supply? Isn't fixed supply preferable?

Not always, and particularly not in the case of MetaDAO governance. While the option of an unlimited token supply may appear scary at first glance, it should be considered for three main reasons:

1.  MetaDAO is on a mission that could extend 10, 20, 30 years into the future. Becoming future-proof means embracing the unknown unknowns, which may create a need to mint tokens into the future for reasons that have yet to reveal themselves. There's merit to enabling it sooner rather than later, since token migrations become increasingly complex the more META gets integrated into external exchanges and grows its holder base.

2.  There is no risk of un-checked or damaging inflation.

No new tokens can be minted if it would damage token price, which is of course the beauty in Futarchy. The only way MetaDAO governance will mint new tokens and expand the token supply, is if the market clearly deems it +EV to the token value. The market speaks and Futarchy listens.

1.  MetaDAO was the first to use Futarchy for decision making, and it should likewise be the first to entrust token minting to Futarchic governance. If MetaDAO won't lead the way, who will?

It's in MetaDAO's DNA to show by example, such that others may follow.

Emphasis: ownership will be given to the governance module only, and will NOT be under any multi-sig control.

Why specifically a 1:1000 ratio?

A 1:1000 split makes it extremely simple to mentally convert back and forth between the old and new unit prices\*\*.\*\* Tangentially, it also retains some of MetaDAO's original form -- in setting itself apart by not participating in the current memecoin-esque meta of a billion+ token supply.

Is it possible to enforce the conversion?

Not in practice. Instead:

- MetaDAO will offer an opt-in conversion with an unlimited time window.

- Future META decision markets will employ the new token instance.

- All tokens under the control of MetaDAO's treasury will be promptly migrated to the new token, once deployed, to dogfood the process.

- All future user activity will be encouraged to occur on the new token through the website and decision markets.

- CoinGecko, CoinMarketCap, and onchain protocols like Drift and Jupiter should be informed of the introduction of a new canonical token instance.

The process may ultimately take time, especially when it comes to passive holders converting, But the goal is for the majority of trading activity to begin occurring on the new token as quickly as possible.

Notes

- With the passing of this proposal, wherever the unit price of META was referred to in past proposals, those decisions will stand with the appropriately adjusted unit price considering the token supply. For example, a past proposal referenced the price of \$42,198 per META as a benchmark. With the passing of this proposal, the price benchmark will adjust retroactively to \$42.198 per META in this particular example, to match the exact conversion ratio offered to users upon migration.

**Proposal 28: Should MetaDAO Hire Robin Hason As An Advisor? **

Date: 02/10/2025

Volume: 52k

Trades: 208 trades

Approved / Rejected TWAP: 8% 

Result: Pass

Hire Robin Hanson as Advisor?

Type

Operations - Direct Action

Author(s)

Proph3t

Overview

Robin Hanson's help has been integral thus far. Specifically, his insights on futarchy mechanism design have helped us design a more compelling and capital-efficient product.

We would like to extend an offer for him to become an advisor to MetaDAO.

Scope of Work

The scope of work would primarily be mechanism design and strategy advice.

We would also likely want to co-author blog posts / whitepapers that explain new futarchic mechanisms. For example, we've been thinking about a new 'shared liquidity AMM' design where people provide META/USDC liquidity and it can be used in pMETA/pUSDC and fMETA/fUSDC markets, which we'll want to write something about.

Compensation

We propose to pay Robin 0.1% of the supply (20.9 META) vested over 2 years.

Early termination

Either Robin, MetaDAO, or Proph3t and Kollan in unanimous agreement would be able to cancel this agreement, at which point any unvested tokens (minus the amount for the current month) would be forfeited.

**Proposal 29: Release A Launchpad? **

Date: 02/26/2025

Volume: 89.1k

Trades: 212 trades

Approved / Rejected TWAP: 25.9%

Result: Pass

**Type**

**Business - Project**

**Author(s)**

**Proph3t, Kollan**

**Overview**

We are requesting the DAO's permission to release a launchpad for futarchy DAOs. Such a launchpad could solve many of the existing issues with capital formation in crypto.

**Mechanics**

The launchpad would work in the following way -

1.  Project creators raise project ideas and specify a minimum amount of USDC they need to execute on the idea

2.  Funders have 5 days to fund those ideas in exchange for tokens

    1.  Funders would receive 1,000 tokens per USDC committed

    2.  Except in rare cases, the whole initial supply would be issued by this process

3.  If the launch receives sufficient USDC, 10% of the USDC is paired against an equivalent amount of tokens in a constant-product AMM. Then, all remaining USDC and the ability to mint new tokens are transferred to a futarchy DAO. Contributors can then raise proposals to issue tokens to themselves or to pay themselves on some interval (e.g., monthly)

4.  If the launch does not receive sufficient USDC, all funders would be able to burn their tokens to claim their original USDC back

**Why funders will prefer this to the status quo**

Rugging is a rampant problem for on-chain capital raises. In this system, it's much harder for projects to rug because all of the USDC goes either to the DAO or to the liquidity pool. If the team walks away on day #1, anyone would be able to raise a proposal to the DAO to liquidate the treasury and return all money to the funders. This is also true on day #30, day #365, and day #1083.

**Why founders will prefer this to the status quo**

This system gives you two benefits as a founder:

1.  Community involvement from day 1

2.  Ability to raise money that you wouldn't have otherwise been able to raise

As I've written about before, community involvement from day 1 is an unfair advantage for projects. The two biggest crypto projects, Bitcoin and Ethereum, both had it. Bag bias is real, and in this system it works for you as a founder.

This also opens up the door to founders from geographies where it's historically been difficult to raise money.

**GTM**

We will canvas our network to find early-stage (ideally pre-raise) projects to launch on the platform. We already have a few prospective projects.

At the start, launches would be permissioned by us. We would reserve the right to transition to a permissionless system when and if we deem it beneficial.

**Founder discretion**

We would also have discretion to change the mechanics of launches (e.g. to adopt an IDO pool approach rather than the above fixed price approach) if we deem it +EV for MetaDAO

