---
type: decision
entity_type: decision_market
name: "Ranger: Liquidate Ranger Finance"
domain: internet-finance
status: passed
parent_entity: "[[ranger-protocol]]"
platform: "futardio"
proposer: "Group of RNGR tokenholders"
proposal_url: "https://www.metadao.fi/projects/ranger/proposal/DPATwR2HLcGZCBZCTffzagV4r7dp5FF2C9aJmiuCDUpS"
proposal_date: 2026-03-02
resolution_date: 2026-03-05
category: "liquidation"
summary: "Tokenholders voted to liquidate Ranger Finance citing material misrepresentations about revenue and product-market fit — treasury USDC returned to holders, IP returned to team"
tracked_by: rio
created: 2026-03-24
source_archive: "inbox/archive/2026-03-02-futardio-proposal-liquidate-ranger-finance.md"
related:
- FairScale
- "Ranger: RNGR $2M Buyback"
reweave_edges:
- FairScale|related|2026-04-18
- "Ranger: RNGR $2M Buyback|related|2026-04-19"
- "Ranger: Futardio ICO Launch|challenges|2026-04-19"
challenges:
- "Ranger: Futardio ICO Launch"
---

# Ranger: Liquidate Ranger Finance

## Summary
Group of RNGR tokenholders proposed full liquidation of Ranger Finance, alleging the team made material misrepresentations about business metrics to entice investment. Key allegations: co-founder stated "$5B volume → $2M revenue" for 2025, but on-chain analysis showed ~$2B volume and ~$500K revenue, with volume and revenue down 90%+ between ICO announcement (Nov 2025) and the presentation (Dec 2025). Activity dropped to near-zero post-ICO announcement, indicating users were points farmers not organic users. The proposal nullified the prior 90-day buyback cooldown.

## Market Data
- **Outcome:** Passed
- **Proposal Account:** DPATwR2HLcGZCBZCTffzagV4r7dp5FF2C9aJmiuCDUpS
- **Duration:** 2026-03-02 to ~2026-03-05
- **Treasury USDC:** ~$3.5M
- **Expected book value:** $0.75-$0.82 per RNGR
- **Eligible tokens:** ~5.8-6.4M RNGR (excludes locked team, out-of-range LP, buyback tokens)

## Liquidation Structure
1. Remove all RNGR/USDC liquidity from futarchyAMM
2. Snapshot vested token balances 1 week after voting ends
3. Calculate book value per token from treasury USDC + LP USDC
4. Open redemption for tokenholders at book value
5. Return all IP, trademarks, source code to Glint House PTE. LTD
6. Unclaimed USDC after 18 months at MetaDAO team's discretion

## Significance
Third futarchy-governed liquidation on MetaDAO (after mtnCapital and Hurupay), but the first contested liquidation where tokenholders allege material misrepresentation. This is the strongest test of futarchy-governed investor protection: the market mechanism allowed investors to force full treasury return when they believed the team broke trust. The proposal explicitly overrode the 90-day cooldown from the previous buyback proposal, demonstrating that futarchy can override its own prior decisions when new evidence emerges.

The detailed on-chain evidence (Dune queries, Discord screenshots, timeline analysis) presented in the proposal shows the level of due diligence possible when governance is transparent and data is on-chain.

## Relationship to KB
- [[ranger-protocol]] — parent entity, liquidation event
- [[futarchy-governed liquidation is the enforcement mechanism that makes unruggable ICOs credible because investors can force full treasury return when teams materially misrepresent]] — strongest evidence
- [[futarchy can override its own prior decisions when new evidence emerges because conditional markets re-evaluate proposals against current information not historical commitments]] — overrode 90-day cooldown
- [[ownership coins primary value proposition is investor protection not governance quality because anti-rug enforcement through market-governed liquidation creates credible exit guarantees that no amount of decision optimization can match]] — liquidation as investor protection

## Full Proposal Text

*Source: metadao.fi, tabled 2026-03-02. Authors: Group of RNGR tokenholders.*

Since the ICO concluded, it's become clear that: (1) the Ranger team made material misrepresentations about their business, and (2) the business was predicated on points farming, not organic activity.

Key evidence: In a presentation, Ranger co-founder FA2 stated "Current stats: we are close to doing $5 billion in volume this year and next year we are targeting to do $100 billion in volume" with a slide showing "2025: $5b volume → $2m revenue". On-chain analysis shows volume was ~$2B and revenue ~$500K, with volume/revenue down 90%+ between ICO announcement and presentation. Multiple team members repeated the $2M revenue figure without correction.

Activity across perps and spot declined to near-zero following the ICO announcement, indicating "users" were points farmers not organic users.

Proposed plan: remove LP, snapshot vested balances, calculate book value, open redemption. Treasury USDC: ~$3.5M. Expected book value: $0.75-$0.82. Return all IP to Glint House PTE. LTD.