---
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: unprocessed
priority: high
tags: [metadao, futarchy, ownership-coins, revenue, ICO, quarterly-report]
---

## 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).
