---
type: source
source_type: x-tweet
title: "@metaproph3t — shared via Telegram by @m3taversal"
author: "@metaproph3t"
url: "https://x.com/metaproph3t/status/2039964279768743983?s=20"
date: 2026-04-03
domain: internet-finance
format: social-media
status: processed
processed_by: rio
processed_date: 2026-04-03
proposed_by: "@m3taversal"
contribution_type: source-submission
tags: ['telegram-shared', 'x-tweet', 'futarchy', 'ownership-coins', 'defi', 'governance', 'market-analysis']
extraction_model: "anthropic/claude-sonnet-4.5"
---

# @metaproph3t — Tweet/Thread

Shared by @m3taversal via Telegram.
Source URL: https://x.com/metaproph3t/status/2039964279768743983?s=20

## Content

Key Metrics
- $33M in treasury value secured
- $35M in launched project market capitalization
> Working to create a little bit of history isn’t supposed to be easy, and, well, we’re finding that things are as they’re supposed to be! 
Jeff Bezos, 1998 Letter to Amazon Shareholders
MetaDAO is building towards something awesome and hard – scaling decision markets to civilization via internet-native capital formation – and we expect to encounter speed bumps along the way.
We encountered a few speed bumps this month:
- Crypto markets continued to deteriorate, especially for ownership coins.
- There was considerable controversy around the recent P2P raise on MetaDAO. It caused some people to lost trust in MetaDAO. We will need to rebuild that trust.
- Most importantly, it doesn’t feel like our fundraising business has inflected like I would have hoped.
I’ll spend the last part of my update walking through what we’re doing to get back on track, but the TL;DR is smaller raises from B2C founders who haven’t raised money before.
First, I’ll go through what we did last month, which was:
- Shipped our permissionless platform, @futarddotio. So far, 2 $50K raises have happened on it
- Spent significant time getting liquid funds familiar with our model
-  Helped @P2Pdotme raise $6M
- Completed audits for some core protocol improvements that should make teams' lives better
- Facilitated the liquidation of Ranger Finance
- Continued negotiating with CEXes, which has taken much longer than I expected

## Permissionless went live

We shipped permissionless! With a stellar launch video, no less:
So far, we've had two $50K raises. One of these raises seems like a good fit for our model - vibe coded AI project, founder living in a country without a strong venture ecosystem. The other one was a memecoin (lol).
You may have noticed that the brand feels a big degenerate - we're planning to clean it up. I liked the idea of "what if MetaDAO met pump fun," but a cleaner aesthetic may help attract great founders. Notice that many VC websites are very clean and minimalist:

## Liquid funds started learning about ownership coins

I spent 3 weeks in NYC shilling our model to liquid funds.
This was high value for two reasons:
- It feels like we’re at a place where retail capital has ‘dried up’ - many people lost their money by bidding alts over the last 2 years, and those that still have money aren’t as active. Funds are still around and evaluating new opportunities.
- Professional capital allocated to ownership coins makes the product better for founders. If a founder knows that 50% of their circulating is held by a few funds that they have working relationships with, they know that they’ll keep at least 50% of their treasury as long as those funds continue to believe in them.
I am considering spending more time in NYC to have more face time with these capital allocators.

## P2P.me raised $6M

@P2Pdotme, a platform for on / off ramping for places with capital controls, raised $6M on our platform.
True to the previous section, this was was a fund-heavy raise: about 2/3rds of the capital ended up coming from funds.
To accommodate these funds, allocations worked a little differently. Instead of full pro rata, two funds negotiated guaranteed allocations beforehand (totaling $465k) and we allocated the rest pro rata.
This raise was extremely controversial because the P2P team placed a bet on Polymarket that their raise would fill. You can read our stance on that here, which is basically that (1) insider trading is bad, (2) this specific instance wasn't bad enough for us to block the raise, (3) in the future, we will block the raise if we find out about things like this.
In the spirit of protecting our users, we allowed anyone who committed money before this news came out to claim a full refund. Only about $200k was claimed in refunds.

## Audits of protocol improvements were completed

We have completed audits and are in the process of shipping to production the two systems I talked about in the previous update. Here's each system and what it unlocks:
- Optimistic Governance: will allow teams to create spends of 3x their spending limit that pass by default after a few days but can go to a full market if tokenholders contest it (e.g. in an attempted rug). This should make smart contract audits more frictionless for teams.
- Mint Governor: enables it so that performance packages don't mint new tokens until their price targets are met.

## Ranger got liquidated

Ranger Finance’s treasury was liquidated. All remaining cash was returned to tokenholders and the IP was transferred back to the team.
To me, this was neither a big win nor a big loss.
One one hand, some have argued that the system did its job. The proposal’s creators alleged that the business had made material misrepresentations, including overstating revenue by 4x. And if this is true, tokenholders getting money back makes sense and is unprecedented in crypto.
On the other hand, it made some people lose faith in our due diligence and curation process.

## CEX listings

This has taken longer than I expected. Some of it is out of our control. But know that we’re still moving forward here.

## Let’s talk about winning

Okay, so that’s what we got done this month.
But what are we going to focus on this month and future months - what is our strategy?

## 3 big things are working well today

When I think about our strategy, I think a lot about doubling down on what’s working well today:
* Several great founders have had very positive experiences raising on MetaDAO. And many serious investors continue to find ownership coins attractive, especially at these prices.
* Despite the recent PR blowup, I still think MetaDAO has the most straightforward path to winning investor trust out of our competitor set. For one, @metanallok and I have operated in crypto for years without doing anything shady. For two, we ourselves are long-term and fundamental-oriented investors, and I think it shows. And for three, some of the most serious investors in the industry are holders and supporters of MetaDAO.
* Though the recent P2P PR blowback damaged our hiring funnel somewhat, it feels like there are an increasing number of people who see the writing on the wall re: our industry and want to work on MetaDAO.

## We seem to fit a certain founder profile well

I’ve noticed some characteristics that are correlated with founders having a good experience:
- Increased distribution / relevancy as a result of having a token
- Founders who aren’t well-connected to VCs, for whom going the traditional path would have been a slog
- Projects that under-raise relative to the market’s expectations, and who as such have faced less a threat of buyback or liquidation
Take @omnipair, for example. They're building something really cool that no-one has successfully executed before - a permissionless borrow/lend. And I think they've benefitted a lot from our model:
- Unlike the vast majority of early-stage crypto projects, Omnipair has an organic community of people that care about it.
- The founder, @rakka_sol, had worked in crypto but on the dev side so I think it would have taken him a few months to develop the connections to close a round. He was able to raise $1.1M on MetaDAO in 4 days after a 3 week roadshow.

## So let's double down on what's working

Given all of this, I think it makes most sense for me to spend my time on three things:
* Doing small ($50k - $1M) B2C raises with founders outside the VC-adjacent network - whether via permissioned or permissionless
* Convincing liquid funds & prop traders that our model is great and that they should own ownership coins
* Hiring
Point #1 is the most important - we need to develop our deal flow. Some of our existing investors are going to help me on this, which should be helpful given deal flow is a core VC skill.

## Conclusion

We’ve hit some speed bumps. And I’m not going to pretend that we have all of the answers.
But some things are working really well. Our refundable / buyback-below-NAV model is proving itself both useful and necessary for internet capital formation, and fund participation is solving much of the founder friction around it. And even in a bear market, a project on MetaDAO can raise $6M.
Let’s go win. The ticker is {META, OMFG, UMBRA, AVICI, LOYAL, PAYS, ZKFG, SOLO, FUTARDIO, SUPER, P2P}.
