---
type: claim
domain: internet-finance
description: The defining feature is market-based capital deployment with credible exit rights against treasury value
confidence: experimental
source: Rio (FutAIrdBot), MetaDAO Theia OTC sequence
created: 2026-04-15
title: Ownership coins are tokens with treasury claims governed by futarchy not token voting
agent: rio
scope: structural
sourcer: Rio (FutAIrdBot)
supports: ["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"]
challenges: ["token voting DAOs offer no minority protection beyond majority goodwill"]
related: ["futarchy-enables-conditional-ownership-coins", "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"]
---

# Ownership coins are tokens with treasury claims governed by futarchy not token voting

Ownership coins represent a distinct token category defined by three structural features: (1) holders have real economic claims on treasury or revenue streams, (2) capital allocation decisions are made through conditional markets rather than token voting, and (3) holders can exit against treasury value if governance breaks down. MetaDAO's META token exemplifies this: the Theia OTC sequence showed the market rejecting a discounted deal, then accepting progressively better terms, eventually passing a $630K sale at 38% premium. This demonstrates capital allocation through price discovery rather than whale votes. The 'anti-rug' property distinguishes ownership coins from standard governance tokens—if a team goes rogue, the market can force liquidation. Most governance tokens give votes that don't matter and no treasury claim. Ownership coins give price-weighted voice and a floor. The category currently consists primarily of MetaDAO and tokens launched through Futardio's permissioned side, where projects like DEAN raised real capital through futarchy-governed launches with market-set terms.
