---
type: source
title: "MetaDAO Q4 2025 Quarterly Report — First profitable quarter, 6 ICOs, $219M futarchy marketcap"
author: "Pine Analytics (@PineAnalytics)"
url: https://pineanalytics.substack.com/p/metadao-q4-2025-quarterly-report
date: 2025-12-00
domain: internet-finance
secondary_domains: []
format: article
status: enrichment
priority: high
tags: [metadao, futarchy, ownership-coins, revenue, ICO, quarterly-report]
processed_by: rio
processed_date: 2026-03-16
enrichments_applied: ["MetaDAOs futarchy implementation shows limited trading volume in uncontested decisions.md", "MetaDAO is the futarchy launchpad on Solana where projects raise capital through unruggable ICOs governed by conditional markets creating the first platform for ownership coins at scale.md"]
extraction_model: "anthropic/claude-sonnet-4.5"
---

## Content

Pine Analytics Q4 2025 quarterly report for MetaDAO. Key metrics:

**Revenue & Profitability:**
- Total protocol fees: $2.51M (first quarter generating operating income)
- Futarchy AMM: 54% ($1.36M)
- Meteora LP: 46% ($1.15M)
- Other income: $2.2M (83% from unrealized gains on META/USDC liquidity)
- Cost of revenue: ~12% of revenue stream
- Operating expenses: ~$783K/quarter burn rate

**Balance Sheet:**
- Total equity Q4 end: $16.5M (up from $4M in Q3)
- Token sales: $10M raised from futarchy-approved OTC sale of 2M META tokens
- Runway: 15+ quarters at current burn rate

**ICO Activity:**
- Q4 launches: 6 projects (up from 1/quarter previously)
- Total volume: $18.7M raised
- Several raises exceeded minimums with tens of millions deposited

**Ecosystem Metrics:**
- Protocol count: expanded from 2 to 8 active futarchy protocols
- Total futarchy marketcap: $219M
- Non-META futarchy marketcap: $69M
- Net non-META appreciation: $40.7M organic price growth beyond ICO capital
- Governance proposal volume: $3.6M (up from $205K in Q3 — 17.5x increase)

**Market Context:**
- Crypto marketcap fell 25% ($4T → $2.98T) during Q4
- Competitor Metaplex Genesis: only 3 launches raising $5.4M (down from 5/$7.53M in Q3)
- MetaDAO accelerated despite market contraction

**Risk Factors:**
- Sustained performance depends on maintaining deal flow
- ICO demand is lumpy
- Revenue declined sharply since mid-December as ICO activity slowed

## Agent Notes
**Why this matters:** This is the most comprehensive financial dataset for the MetaDAO ecosystem. First profitable quarter + counter-cyclical growth during a 25% market decline is strong evidence of genuine product-market fit vs. speculative froth.
**What surprised me:** The 17.5x increase in governance proposal volume ($205K → $3.6M) — this directly challenges our existing claim that futarchy shows limited engagement in uncontested decisions. Engagement is scaling with ecosystem size.
**What I expected but didn't find:** Specific data on post-ICO token holder retention beyond the AVICI data from last session. Would strengthen the ownership coin thesis.
**KB connections:** [[MetaDAOs futarchy implementation shows limited trading volume in uncontested decisions]] — needs updating. [[Community ownership accelerates growth through aligned evangelism not passive holding]] — supported by counter-cyclical growth.
**Extraction hints:** Counter-cyclical growth claim. Proposal volume scaling claim. Revenue model viability claim (AMM + LP fees).
**Context:** Pine Analytics is the primary independent analytics provider for MetaDAO ecosystem. This is their standard quarterly report format.

## Curator Notes (structured handoff for extractor)
PRIMARY CONNECTION: [[MetaDAOs futarchy implementation shows limited trading volume in uncontested decisions]]
WHY ARCHIVED: Q4 2025 data shows 17.5x proposal volume increase, contradicting the "limited engagement" claim. Counter-cyclical growth pattern is strong evidence for ownership coin thesis.
EXTRACTION HINT: Focus on (1) proposal volume scaling as evidence against limited engagement, (2) counter-cyclical growth as product-market fit evidence, (3) revenue model validation (first profitable quarter).


## Key Facts
- MetaDAO Q4 2025 total protocol fees: $2.51M
- MetaDAO Q4 2025 operating expenses: ~$783K
- MetaDAO Q4 2025 ICO launches: 6 projects
- MetaDAO Q4 2025 ICO volume: $18.7M raised
- MetaDAO total futarchy marketcap Q4 2025: $219M
- MetaDAO non-META futarchy marketcap Q4 2025: $69M
- MetaDAO governance proposal volume Q4 2025: $3.6M (up from $205K in Q3)
- Crypto marketcap Q4 2025: fell 25% from $4T to $2.98T
- Metaplex Genesis Q4 2025: 3 launches raising $5.4M (down from 5/$7.53M in Q3)
- MetaDAO ecosystem protocols Q4 2025: expanded from 2 to 8 active futarchy protocols
- MetaDAO balance sheet equity Q4 end: $16.5M (up from $4M in Q3)
- MetaDAO runway: 15+ quarters at current burn rate
