---
type: entity
entity_type: company
name: "MetaDAO"
domain: internet-finance
handles: ["@MetaDAOProject"]
website: https://metadao.fi
status: active
tracked_by: rio
created: 2026-03-11
last_updated: 2026-03-11
founded: 2023-01-01
founders: ["[[proph3t]]"]
category: "Futarchy governance protocol + ownership coin launchpad (Solana)"
stage: growth
key_metrics:
  meta_price: "~$3.78 (March 2026)"
  market_cap: "~$85.7M"
  ecosystem_market_cap: "$219M total ($69M non-META)"
  total_revenue: "$3.1M+ (Q4 2025: $2.51M — 54% Futarchy AMM, 46% Meteora LP)"
  total_equity: "$16.5M (up from $4M in Q3 2025)"
  runway: "15+ quarters at ~$783K/quarter burn"
  icos_facilitated: "8 on MetaDAO proper (through Dec 2025), raising $25.6M total"
  ecosystem_launches: "45 (via Futardio)"
  futarchic_amm_lp_share: "~20% of each project's token supply"
  proposal_volume: "$3.6M Q4 2025 (up from $205K in Q3)"
competitors: ["[[snapshot]]", "[[tally]]"]
built_on: ["Solana"]
tags: ["futarchy", "decision-markets", "ownership-coins", "governance", "launchpad"]
---

# MetaDAO

## Overview
The futarchy governance protocol on Solana. Implements decision markets through Autocrat — a system where proposals create parallel pass/fail token universes settled by time-weighted average price over a three-day window. Also operates as a launchpad for ownership coins through Futardio (unruggable ICOs). The first platform for futarchy-governed organizations at scale.

## Current State
- **Autocrat**: Conditional token markets for governance decisions. Proposals create pass/fail universes; TWAP settlement over 3 days.
- **Futardio**: Unruggable ICO launch platform. Projects raise capital through the MetaDAO ecosystem with futarchy-governed accountability. Replaced the original uncapped pro-rata mechanism that caused massive overbidding (Umbra: $155M committed for $3M raise = 50x oversubscription; Solomon: $103M committed for $8M = 13x).
- **Futarchic AMM**: Custom-built AMM for decision market trading. No fees for external LPs — all fees go to the protocol. ~20% of each project's token supply is in the Futarchic AMM LP. LP cannot be withdrawn during active markets.
- **Financial**: $85.7M market cap, $219M ecosystem market cap ($69M non-META). Total revenue $3.1M+ (Q4 2025 alone: $2.51M). Total equity $16.5M, 15+ quarters runway.
- **Ecosystem**: 8 curated ICOs raising $25.6M total (through Dec 2025) + 45 permissionless Futardio launches
- **Treasury**: Active management via subcommittee proposals (see Solomon DP-00001). Omnibus proposal migrated ~90% of META liquidity into Futarchy AMM and burned ~60K META.
- **Known limitation**: Limited trading volume in uncontested decisions — when community consensus is obvious, conditional markets add little information

## Timeline
- **2023** — MetaDAO founded by Proph3t
- **2024** — Autocrat deployed; early governance proposals
- **2025-10** — Futardio launches (Umbra is first launch, ~$155M committed)
- **2025-11** — Solomon launches via Futardio ($103M committed for $8M raise)
- **2026-02** — Futardio mechanism updated (unruggable ICO replacing pro-rata)
- **2026-02/03** — Multiple new Futardio launches: Rock Game, Turtle Cove, VervePay, Open Music, SeekerVault, SuperClaw, LaunchPet, Seyf, Areal, Etnlio
- **2026-03** — Ranger liquidation proposal; treasury subcommittee formation
- **2026-03** — Pine Analytics Q4 2025 quarterly report published

- **2024-02-18** — [[metadao-otc-trade-pantera-capital]] failed: Pantera Capital's $50,000 OTC purchase proposal rejected by futarchy markets
- **2024-02-26** — [[metadao-increase-meta-liquidity-dutch-auction]] proposed: sell 1,000 META via manual Dutch auction on OpenBook to acquire USDC for Meteora liquidity pairing
- **2024-03-02** — [[metadao-increase-meta-liquidity-dutch-auction]] passed: completed Dutch auction and liquidity provision, moving all protocol-owned liquidity to Meteora 1% fee pool
- **2025-01-27** — [[metadao-otc-trade-theia-2]] proposed: Theia offers $500K for 370.370 META at 14% premium with 12-month vesting
- **2025-01-30** — [[metadao-otc-trade-theia-2]] passed: Theia acquires 370.370 META tokens for $500,000 USDC
- **2023-11-18** — metadao-develop-lst-vote-market proposed: first product development proposal requesting 3,000 META to build Votium-style validator bribe platform for MNDE/mSOL holders
- **2023-11-29** — metadao-develop-lst-vote-market passed: approved LST Vote Market development with projected $10.5M enterprise value addition
- **2023-12-03** — Proposed Autocrat v0.1 migration with configurable proposal slots and 3-day default duration
- **2023-12-13** — Completed Autocrat v0.1 migration, moving 990,000 META, 10,025 USDC, and 5.5 SOL to new program despite unverifiable build
- **2024-01-24** — Proposed AMM program to replace CLOB markets, addressing liquidity fragmentation and state rent costs (Proposal CF9QUBS251FnNGZHLJ4WbB2CVRi5BtqJbCqMi47NX1PG)
- **2024-01-29** — AMM proposal passed with 400 META on approval and 800 META on completion budget
- **2024-08-31** — Passed proposal to enter services agreement with Organization Technology LLC, creating US entity vehicle for paying contributors with $1.378M annualized burn rate. Entity owns no IP (all owned by MetaDAO LLC) and cannot encumber MetaDAO LLC. Agreement cancellable with 30-day notice or immediately for material breach.
- **2024-03-19** — Colosseum proposes $250,000 OTC acquisition of META with TWAP-based pricing (market price up to $850, voided above $1,200), 20% immediate unlock and 80% 12-month linear vest. Proposal passed 2024-03-24. Includes commitment to sponsor DAO track ($50-80K prize pool) in next Solana hackathon after Renaissance at no cost to MetaDAO.
- **2024-03-19** — Colosseum proposed $250,000 OTC acquisition of META tokens with dynamic pricing (TWAP-based up to $850, void above $1,200) and 12-month vesting structure; proposal passed 2024-03-24
- **2026-02-07** — metadao-hurupay-ico-failure First ICO failure: Hurupay failed to reach $3M minimum, full refunds issued
- **2026-02** — Community rejected via futarchy a $6M OTC deal offering VCs 30% discount on META tokens; rejection triggered 16% price surge
- **2026-03-26** — P2P.me ICO scheduled, targeting $6M raise
- **2026-02-07** — metadao-hurupay-ico-failure Failed: First ICO failure, Hurupay did not reach $3M minimum despite $7.2M monthly volume
- **2026-03-18** — metadao-ban-hawkins-proposals Failed: Community rejected Ban Hawkins' governance proposals through futarchy markets
- **2026-03-18** — metadao-first-launchpad-proposal Failed: Initial launchpad proposal rejected through futarchy markets
- **2026-02-07** — metadao-hurupay-ico Failed: First MetaDAO ICO failure - Hurupay failed to reach $3M minimum, full refunds issued
- **2026-03** — [[metadao-vc-discount-rejection]] Passed: Community rejected $6M OTC deal offering 30% VC discount via futarchy vote, triggering 16% META price surge
- **2026-03-17** — Revenue decline continues since mid-December 2025; platform generated ~$2.4M total revenue since Futarchy AMM launch (60% AMM, 40% Meteora LP)
- **2026-01-15** — DeepWaters Capital analysis reveals $3.8M cumulative trading volume across 65 governance proposals ($58K average per proposal), with platform AMM processing $300M volume and generating $1.5M in fees
- **2026-03-08** — Ownership Radio #1 community call covering MetaDAO ecosystem, Futardio, and futarchy governance mechanisms
- **2026-03-15** — Ownership Radio community call on ownership coins and new Futardio launches
- **2026-02-15** — Pine Analytics documents absence of MetaDAO protocol-level response to FairScale implicit put option problem two months after January 2026 failure, with P2P.me launching March 26 using same governance structure
- **2026-03-26** — metadao-p2p-me-ico Active: P2P.me ICO vote scheduled, testing futarchy quality filter on stretched valuation (182x gross profit multiple)
- **2026-02-01** — Kollan House explains 50% spot liquidity borrowing mechanism in Solana Compass interview, revealing governance market depth scales with token market cap
- **2026-03-20** — GitHub repository shows v0.6.0 (November 2025) remains current release with 6 open PRs; 4+ month gap represents longest period without release; no protocol-level changes addressing FairScale vulnerability
- **2026-03-26** — metadao-p2p-me-ico Active: P2P.me ICO vote scheduled, testing futarchy governance on stretched valuation (182x GP multiple)
- **2026-02-01** — Kollan House explains 50% liquidity borrowing mechanism in Solana Compass interview, revealing governance market depth = 0.5 × spot liquidity and acknowledging mechanism 'operates at approximately 80 IQ' for catastrophic decision filtering
- **2026-03-21** — [[metadao-fund-futarchy-research-hanson-gmu]] Active: $80,007 USDC for 6-month academic research at GMU led by Robin Hanson. First rigorous experimental test of futarchy decision-market governance. 500 student participants. GMU waived F&A overhead and absorbed GRA costs, making actual resource commitment ~$112K.
- **2026-03-21** — [[metadao-meta036-fund-futarchy-research-hanson-gmu]] Active: $80K GMU research proposal by Robin Hanson to experimentally validate futarchy governance (50% likelihood)
- **2026-01-10** — Ranger Finance ICO completed with $6M raise; token peaked at TGE and fell 74-90% by March due to 40% seed unlock, raising questions about tokenomics vetting in ICO selection process
- **2026-01-20** — [[trove-markets-collapse]] Trove Markets ICO raised $11.4M then crashed 95-98%, retaining $9.4M; most damaging single event for platform reputation
- **2026-02-07** — First failed ICO: Hurupay raised $2M against $3M minimum, all capital refunded under unruggable ICO mechanics
- **2026-03-26** — [[metadao-p2p-me-ico]] Active: P2P.me ICO launched targeting $6M at $15.5M FDV, backed by Multicoin Capital and Coinbase Ventures (closes March 30)
- **2025-Q4** — Reached first operating profitability with $2.51M in fee revenue from Futarchy AMM and Meteora pools; expanded futarchy ecosystem from 2 to 8 protocols; total futarchy market cap reached $219M with non-META market cap of $69M; hosted 6 ICOs in quarter raising $18.7M; maintains 15+ quarters of runway
- **2026-03-21** — [[metadao-meta036-hanson-futarchy-research]] Active: Proposal to fund $80K academic research at GMU led by Robin Hanson, trading at 50% likelihood
- **2025-Q4** — Achieved first operating profitability with $2.51M in fee revenue from Futarchy AMM and Meteora pools; hosted 6 ICOs in quarter raising $18.7M; expanded futarchy ecosystem from 2 to 8 protocols; total equity grew from $4M to $16.5M
- **2026-03-23** — [[metadao-theia-research-meta-otc]] Active: Theia Research proposed $630,000 OTC deal to acquire 700 $META tokens
- **2026-03-23** — [[metadao-gmu-futarchy-research-funding-proposal]] Active: Six-month futarchy research funding at GMU led by Robin Hanson
- **2026-03-23** — [[metadao-gmu-futarchy-research-funding]] Active: Proposed six-month futarchy research funding at George Mason University led by Robin Hanson
- **2026-03-23** — Proposed six-month futarchy research engagement at George Mason University led by Robin Hanson
- **2026-03-23** — [[metadao-george-mason-futarchy-research-proposal]] Proposed: Six-month futarchy research engagement at George Mason University
- **2026-03-22** — [[metadao-umbra-privacy-proposal]] Active: Umbra Privacy proposal at 84% pass likelihood with $408K conditional market volume, resolution pending
- **2026-03-23** — Funded six-month futarchy research engagement at George Mason University led by Robin Hanson to rigorously study market-based governance
- **2026-03-23** — [[metadao-gmu-futarchy-research-funding]] Active: Proposal to fund futarchy research at GMU with Robin Hanson under discussion
- **2026-03-23** — [[metadao-george-mason-futarchy-research]] Proposed: Six-month futarchy research program at George Mason University led by Robin Hanson
- **2026-03-23** — MetaDAO proposed funding six months of futarchy research at George Mason University led by Robin Hanson through tradable governance proposal
- **2023-Q4** — [[metadao-marinade-vote-market]] Passed: Approved Marinade vote market development, later pivoted to Saber
- **2024-Q1** — [[metadao-multi-option-proposals]] Failed: Multi-modal proposal development rejected
- **2024-05-27** — Proposal 16 passed: Migrated Autocrat program to v0.2 with conditional token merging, rent reclamation, and reduced pass threshold from 5% to 3%
- **2024-05-27** — Proposal 18 passed (29.6% TWAP): Approved convex founder compensation for Proph3t and Nallok (2% per $1B market cap, max 10% at $5B, 4-year cliff)
- **2024-06-27** — Proposal 19 passed (12.9% TWAP): Authorized $1.5M fundraise by selling up to 4,000 META at minimum $375/token ($7.81M valuation)
- **2024-08-03** — Proposal 20 passed (52.4% TWAP): Approved Q3 roadmap focusing on market-based grants, team building in SF, and UI performance improvements
- **2024-08-14** — Proposal 21 failed (2.1% TWAP): Rejected Futardio memecoin launchpad development
- **2024-08-31** — Proposal 22 passed (20.8% TWAP): Entered services agreement with Organization Technology LLC for $1.378M annualized burn
- **2024-10-22** — Proposal 23 passed (14.1% TWAP): Hired Advaith Sekharan as founding engineer at $180k/year + 1% token allocation (237 META)
- **2024-10-30** — Proposal 24 failed (1.7% TWAP): Rejected $150k USDC swap into ISC inflation-resistant stablecurrency
- **2025-01-03** — Proposal 25 failed (0.2% TWAP): Rejected Theia's $700k OTC purchase of 609 META at $1,149.425/token (12.7% discount, 6-month lock)
- **2025-01-27** — Proposal 26 passed (14.3% TWAP): Approved Theia's $500k OTC purchase of 370.37 META at $1,350/token (14% premium, 12-month linear vest)
- **2025-01-28** — Proposal 27 failed (2.4% TWAP): Rejected 1:1000 token split and elastic supply migration
- **2025-02-10** — Proposal 28 passed (8% TWAP): Hired Robin Hanson as advisor for 0.1% supply (20.9 META) vested over 2 years
- **2025-02-26** — Proposal 29 passed (25.9% TWAP): Approved launchpad for futarchy DAOs with anti-rug treasury mechanics
- **2024** — [[metadao-proposal-1-lst-vote-market]] Passed: Approved development of LST bribe platform as first profit-generating product
- **2026-03-21** — [[metadao-meta036-hanson-futarchy-research]] Active: $80K proposal for GMU academic research on futarchy mechanisms, 50% market likelihood
- **2026-03-21** — [[metadao-meta036-hanson-futarchy-research]] Active: $80K GMU research proposal at 50% likelihood, first academic validation of futarchy mechanisms
- **2026-03-13** — [[metadao-ranger-finance-liquidation]] Passed: Second successful futarchy-governed liquidation, $5.04M USDC returned to RNGR holders following material misrepresentation
- **2026-03-13** — [[ranger-finance-liquidation]] Passed: Liquidated Ranger Finance, returning $5.047M USDC to token holders after material misrepresentation discovered (second successful futarchy-governed liquidation)
- **2024-03-31** — [[metadao-appoint-nallok-proph3t-benevolent-dictators]] Passed: Appointed Proph3t and Nallok as BDF3M to address execution bottlenecks, covering 7 months compensation (1015 META + 100k USDC)
- **2026-03-24** — [[metadao-appoint-nallok-proph3t-benevolent-dictators]] Passed: Appointed Nallok and Proph3t as interim leaders for three months to accelerate execution while improving futarchy mechanisms
- **2026-03-13** — [[ranger-finance-liquidation]] Passed: Ranger Finance liquidated via futarchy governance, $5.04M USDC returned to token holders following material misrepresentation during ICO
- **2026-03-13** — [[metadao-ranger-finance-liquidation]] Passed: Liquidated Ranger Finance following material misrepresentation, returning $5.04M USDC to token holders
- **2025-Q4** — Reached first operating profitability with $2.51M in fee revenue from Futarchy AMM and Meteora pools; expanded ecosystem from 2 to 8 futarchy-governed protocols; non-META futarchy market cap reached $69M; hosted 6 ICOs raising $18.7M; total equity grew from $4M to $16.5M (driven by $10M token sale, asset appreciation, operating income); maintains 15+ quarters of runway at current burn rate
- **2026-03-21** — [[metadao-meta036-hanson-futarchy-research]] Active: $80K academic research grant to Robin Hanson at GMU for futarchy information aggregation experiments, 50% likelihood
- **2026-03-21** — [[metadao-meta036-hanson-futarchy-research]] Active at 50% likelihood: $80K GMU research engagement with Robin Hanson to experimentally validate futarchy governance
- **2026-03** — [[metadao-gmu-futarchy-research-funding]] Active: Proposal to fund six-month futarchy research engagement with Robin Hanson at GMU
- **2024-06-30** — BDF3M term expired and was not renewed, with Futarchy-as-a-Service having launched in May 2024 addressing the underlying operational bottleneck
- **2026-03-22** — [[metadao-umbra-privacy-proposal-2026]] Active: Umbra Privacy proposal at 84% pass likelihood with $408K conditional market volume
- **2026-03-21** — [[metadao-meta036-hanson-futarchy-research]] Active at 50% likelihood: $80K academic research proposal for GMU futarchy validation study led by Robin Hanson
- **2026-03-21** — [[metadao-meta036-hanson-futarchy-research]] Active: $80K proposal to fund first rigorous experimental evidence on futarchy information aggregation at GMU, 50% likelihood
- **2026-03-13** — [[metadao-ranger-finance-liquidation]] Passed: Liquidated Ranger Finance following material misrepresentation, returned $5.047M USDC to token holders
- **2026-03-13** — [[ranger-finance-liquidation]] Passed: Second successful futarchy-governed liquidation, $5.04M USDC returned to RNGR holders following material misrepresentation discovery
- **2026-03-13** — [[metadao-ranger-finance-liquidation]] Passed: Second successful futarchy-governed liquidation, $5.04M USDC returned to RNGR holders following material misrepresentation discovery
- **2026-03-23** — [[metadao-gmu-futarchy-research]] Proposed: Six-month research engagement with Robin Hanson at George Mason University to study market-based governance
- **2026-03-23** — [[metadao-gmu-research-proposal]] Active: Six-month GMU research engagement proposed
- **2026-03-21** — [[metadao-meta036-hanson-futarchy-research]] Active: $80K research grant to Robin Hanson at GMU for experimental futarchy validation (50% likelihood, $42K volume)
- **2026-03-21** — [[metadao-meta036-hanson-futarchy-research]] Active: $80,007 proposal for GMU academic futarchy research led by Robin Hanson, 50% market likelihood, ~$42K volume
- **2026-03-21** — [[metadao-meta036-hanson-futarchy-research]] Active: $80,007 proposal for GMU academic futarchy research, 50% market likelihood
- **2026-03-23** — [[metadao-ranger-finance-liquidation]] Passed with 97% support: Liquidated Ranger Finance, returned ~5M USDC to holders at $0.78 book value
- **2026-03-23** — [[metadao-migration-proposal-march-2026]] Active: Migration proposal at 84% likelihood, $408K traded
- **2026-03-23** — [[metadao-ranger-finance-liquidation]] Passed with 97% support: Liquidated Ranger Finance, returned ~$5M USDC to token holders at $0.78 book value
- **2026-03-22** — [[metadao-umbra-privacy-proposal]] Active at 84% likelihood: Umbra Privacy proposal with $408K conditional market volume, resolution pending
- **2026-03-21** — [[metadao-meta036-hanson-futarchy-research]] Active: $80K GMU research proposal with Robin Hanson at 50% likelihood, $42K volume
- **2026-03-21** — [[metadao-meta036-hanson-futarchy-research]] Active: $80K GMU research proposal by Robin Hanson at 50% likelihood
- **2026-03-21** — [[metadao-meta036-hanson-futarchy-research]] Active: $80K academic research proposal by Robin Hanson at 50% likelihood, $42K volume
- **2026-03-21** — [[metadao-meta036-hanson-futarchy-research]] Active: $80K proposal to fund Robin Hanson's GMU futarchy research with 500 student participants, 50% likelihood
- **2026-03-21** — [[metadao-meta036-hanson-futarchy-research]] Proposed: $80K funding for Robin Hanson's GMU futarchy research (500 participants, 6 months). Decision market: 50% likelihood, $42.16K volume
- **2026-03-21** — [[metadao-meta036-hanson-futarchy-research]] Active: $80K GMU futarchy research proposal by Robin Hanson, 50% market likelihood
- **2026-03-23** — [[metadao-gmu-futarchy-research-funding]] Proposed: funding for futarchy research at George Mason University with Robin Hanson
- **2026-03-23** — [[metadao-george-mason-futarchy-research-funding]] Active: Proposal to fund six-month futarchy research program at George Mason University
- **2024-03-31** — [[metadao-appoint-nallok-proph3t-benevolent-dictators]] Passed: Appointed Proph3t and Nallok as BDF3M with 1015 META + 100,000 USDC compensation for 7 months to address execution bottlenecks
- **2024** — Proposal 1 (LST Vote Market) passed, establishing first product-building initiative under Meta-DAO umbrella to prove the futarchy model through profit-turning products
- **2024** — [[metadao-proposal-1-lst-vote-market]] Passed: First product-building initiative to prove futarchy model through LST bribe platform
- **2026-03-21** — [[metadao-meta036-hanson-futarchy-research]] Active (50%): $80K GMU research engagement with Robin Hanson to experimentally validate futarchy mechanisms
- **2026-03-21** — [[meta036-hanson-futarchy-research]] Active: $80K proposal for GMU academic research on futarchy information aggregation, 50% market likelihood
- **2026-03-21** — [[metadao-meta036-hanson-futarchy-research]] Active: $80K GMU research proposal at 50% likelihood, first rigorous experimental validation of futarchy information aggregation
- **2026-03-23** — [[metadao-gmu-futarchy-research-funding]] Proposed: Funding for futarchy research at George Mason University with Robin Hanson
- **2024-03-31** — [[metadao-appoint-nallok-proph3t-benevolent-dictators]] Passed: Appointed Proph3t and Nallok as Benevolent Dictators for 3 months (1015 META + 100k USDC) to overcome execution bottlenecks
- **2026-03-23** — [[metadao-proposal-1-lst-vote-market]] Passed: First product proposal to build LST bribe platform for legitimacy through profit-turning products
- **2026-03-23** — [[metadao-proposal-1-lst-vote-market]] Passed: Build LST bribe platform as first profit-turning product for legitimacy
## Key Decisions
| Date | Proposal | Proposer | Category | Outcome |
|------|----------|----------|----------|---------|
| 2024-03-03 | [[metadao-burn-993-percent-meta]] | doctor.sol & rar3 | Treasury | Passed |
| 2024-03-13 | [[metadao-develop-faas]] | 0xNallok | Strategy | Passed |
| 2024-03-28 | [[metadao-migrate-autocrat-v02]] | HenryE & Proph3t | Mechanism | Passed |
| 2024-05-27 | [[metadao-compensation-proph3t-nallok]] | Proph3t & Nallok | Hiring | Passed |
| 2024-06-26 | [[metadao-fundraise-2]] | Proph3t | Fundraise | Passed |
| 2024-11-21 | [[metadao-create-futardio]] | unknown | Strategy | Failed |
| 2025-01-28 | [[metadao-token-split-elastic-supply]] | @aradtski | Mechanism | Failed |
| 2025-02-10 | [[metadao-hire-robin-hanson]] | Proph3t | Hiring | Passed |
| 2026-03-21 | [[metadao-fund-futarchy-research-hanson-gmu]] | Proph3t & Kollan | Operations | Active |
| 2025-02-26 | [[metadao-release-launchpad]] | Proph3t & Kollan | Strategy | Passed |
| 2025-08-07 | [[metadao-migrate-meta-token]] | Proph3t & Kollan | Mechanism | Passed |

## Competitive Position
- **First mover** in futarchy-governed organizations at scale
- **No direct competitor** for conditional-market governance on Solana
- **Indirect competitors**: Snapshot (token voting, free, widely adopted), Tally (onchain governance, Ethereum-focused)
- **Structural advantage**: the Futarchic AMM is purpose-built; no existing AMM can replicate conditional token market settlement
- **Key vulnerability**: depends on ecosystem project quality. Failed launches (Ranger liquidation) damage platform credibility. Brand separation between MetaDAO platform and Futardio-launched projects is an active design challenge.

## Investment Thesis
MetaDAO is the platform bet on futarchy as a governance mechanism. If decision markets prove superior to token voting (evidence: Stani Kulechov's DAO critique, convergence toward hybrid governance models), MetaDAO is the infrastructure layer that captures value from every futarchy-governed organization. Current risk: ecosystem quality varies widely, and limited trading volume in uncontested decisions raises questions about mechanism utility.

**Thesis status:** ACTIVE

## Key Metrics to Track
- % of total futarchic market volume (market share of decision markets)
- Number of active projects with meaningful governance activity
- Futardio launch success rate (projects still active vs liquidated/abandoned)
- Committed-to-raised ratio on new launches (improving from 50x overbidding?)
- Ecosystem token aggregate market cap

## Relationship to KB
- [[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]] — core claim about MetaDAO
- [[MetaDAOs Autocrat program implements futarchy through conditional token markets where proposals create parallel pass and fail universes settled by time-weighted average price over a three-day window]] — mechanism description
- [[MetaDAOs futarchy implementation shows limited trading volume in uncontested decisions]] — known limitation
- [[futarchy-governed permissionless launches require brand separation to manage reputational liability because failed projects on a curated platform damage the platforms credibility]] — active design challenge
- DAO governance degenerates into political capture because proposal processes select for coalition-building skill over operational competence and the resulting bureaucracy creates structural speed disadvantages against focused competitors — the problem MetaDAO solves

---

Relevant Entities:
- [[omnipair]] — leverage infrastructure for ecosystem
- [[proph3t]] — founder
- [[solomon]] — ecosystem launch
- [[futardio]] — launch platform

Topics:
- [[internet finance and decision markets]]
