---
type: decision
entity_type: decision_market
name: "Ranger: Futardio ICO Launch"
domain: internet-finance
status: passed
parent_entity: "[[ranger-protocol]]"
platform: "futardio"
proposer: "Ranger Finance team"
proposal_url: "https://v1.metadao.fi/ranger/trade/8Nmd13rpULJjY7h6oxCfuTWy8WkZxcuDrDWiSdnViVuo"
proposal_date: 2026-01-06
resolution_date: 2026-01-10
category: "launch"
summary: "Ranger Finance raised via MetaDAO ICO — $86.4M committed against $6M minimum, first MetaDAO raise with existing investors and obligations"
tracked_by: rio
created: 2026-03-24
source_archive: "inbox/archive/2026-01-06-futardio-launch-ranger.md"
related:
- "Ranger: RNGR $2M Buyback"
reweave_edges:
- "Ranger: RNGR $2M Buyback|related|2026-04-19"
---

# Ranger: Futardio ICO Launch

## Summary
Ranger Finance, a perps aggregator and trading terminal on Solana, launched via MetaDAO's futarchy-governed ICO. First MetaDAO raise with existing investors and pre-ICO obligations. $86.4M committed against $6M minimum. Smart Order Router scans venues in real-time for best execution across Solana and Hyperliquid.

## Market Data
- **Outcome:** Complete
- **Total Committed:** $86,398,012
- **Minimum Raise:** $6,000,000
- **Duration:** 2026-01-06 to 2026-01-10
- **Monthly Allowance:** $250K

## Token Structure
- Total supply: 25,625,000 RNGR
- Existing investors: 4,356,250 (24mo linear vest)
- Team performance: 7,600,000 (18mo cliff, price-based unlocks at 2x/4x/8x/16x/32x ICO price, 3mo TWAP)
- Ambassadors/ecosystem: 768,750 (25% immediate, 75% 6mo vest)
- Liquidity: 20% of funds raised + 2M tokens in futarchyAMM + 900K in Meteora
- Bid program: excess funds above $6M minimum returnable at ICO price minus spend for 90 days

## Significance
First MetaDAO ICO with pre-existing investors and obligations, setting precedent for how legacy cap table structures integrate with futarchy governance. The bid program (excess capital returnable) addresses oversubscription concerns. Team performance package with price-based unlocks at specific multiples of ICO price demonstrates the milestone-vesting model.

## Relationship to KB
- [[ranger-protocol]] — parent entity
- [[metadao]] — ICO platform
- [[performance-unlocked-team-tokens-with-price-multiple-triggers-and-twap-settlement-create-long-term-alignment-without-initial-dilution]] — team package structure

## Full Proposal Text

*Source: futard.io, launched 2026-01-06*

**Project:** Ranger
**Description:** Unlocking the Potential of the Markets
**Funding target:** $6,000,000.00
**Total committed:** $86,398,012.12
**Status:** Complete
**Launch date:** 2026-01-06
**URL:** https://www.futard.io/launch/8Nmd13rpULJjY7h6oxCfuTWy8WkZxcuDrDWiSdnViVuo

### Team / Description

Crypto has a fragmentation problem rather than a liquidity problem.

Roughly $50B in daily derivatives volume now trades across Solana, Arbitrum, and Hyperliquid. Yet, outside of Ranger, most trading platforms still lock each order into a single venue. This fragments liquidity, worsens execution quality, and ultimately leads to a worse experience for traders.

Fragmented markets are a reality in TradFi, CeFi, and DeFi. Aggregation at the application layer delivers better execution and an industry-leading user experience. This is why we've built Ranger around two core pillars: aggregation and the application layer.

Ranger launched as a trading terminal with the first perps aggregator on Solana, quickly integrating all major venues on the chain. Since then, we've added support for Hyperliquid and spot trading via Titan Exchange.

Today, Ranger remains the only application where perp traders benefit from true multi-venue routing and improved execution at the order level.

At the core of Ranger is our Smart Order Router. It scans integrated venues in real time, evaluates liquidity depth, intelligently splits large orders, and executes at the best available global price.

The app is still early in its roadmap, and we're not yet at the end state we envision. We're confident we can deliver a best-in-class experience as we integrate new perp venues to improve execution further and ship new features and product lines that move Ranger toward its goal of becoming DeFi's command center.

This ICO is to expand the team's capacity and increase velocity as we build towards the long term vision. We see MetaDAO and the ownership token as the best way to maintain deep alignment between the token holders and the company.

**NOTE: Ranger is the first MetaDAO raise with existing investors and obligations. The terms are set out below.**

**ICO Structure:**

- $6M minimum raise
- $250k monthly allowance (spending limit)
- Ranger points hold a preference for capital committed to the ICO. This is represented pro-rata across all points holders and then excess is filled pro-rata by non-points commitments. [Additional details](https://x.com/ranger_finance/status/2007140827081089086) can be reviewed in the link.
- Bid program exists for any funds accepted in excess of the minimum goal ($6M). This program will accept tokens at ICO price minus any spend for a period of 90 days or until the excess is exhausted. The tokens exchanged will be burned.

**Token Supply:**

- Total token supply 25,625,000
- Existing investor allocation 4,356,250 (24mo linear vest)
- Team performance package 7,600,000 (18mo cliff with price based unlocks with 3mo TWAP at 2x, 4x, 8x, 16x and 32x ICO price)
- Ambassadors and ecosystem partners 768,750 (25% is immediately unlocked with a remaining 25% in a 6mo linear vest)
- The remaining supply is provided in liquidity provisioning with 20% of funds raised and 2M tokens placed in the FutarchyAMM and 900k tokens placed in single sided liquidity in Meteora.

**Ranger Socials:**

- [Website](https://www.app.ranger.finance/perps)
- [X](https://x.com/ranger_finance)
- [Telegram](http://t.me/rangerfinancehq)
- [Linkedin](https://www.linkedin.com/company/rangerfinance)
- [Docs](https://docs.ranger.finance/)

**Token:** [RNGRtJMbCveqCp7AC6U95KmrdKecFckaJZiWbPGmeta](https://jup.ag/tokens/RNGRtJMbCveqCp7AC6U95KmrdKecFckaJZiWbPGmeta)

**Entity Structure:** [Cayman SP Agreement](https://cybercorps.metalex.tech/metadao/formation-summary?hash=0xc91e9a91f0b62b167f3a5971e88c367edabd44e648b01af656094032593b8dbf&callbackUrl=https%3A%2F%2Fwww.metadao.fi%2Fprojects%2Fcreate%2Fb7505e45-5162-4954-b2a5-62f961a98e1c)

### Links

- Website: https://ranger.finance/
- Twitter: https://docs.ranger.finance/legal-and-compliance

### Raw Data

- Launch address: `8Nmd13rpULJjY7h6oxCfuTWy8WkZxcuDrDWiSdnViVuo`
- Token: Ranger (RNGR)
- Token mint: `RNGRtJMbCveqCp7AC6U95KmrdKecFckaJZiWbPGmeta`
- Version: v0.7
- Total approved: $8,000,000.00
- Closed: 2026-01-10
- Completed: 2026-01-10