---
type: decision
entity_type: decision_market
name: "MetaDAO: Create Spot Market for META?"
domain: internet-finance
status: passed
parent_entity: "[[metadao]]"
platform: "futardio"
proposer: "HfFi634cyurmVVDr9frwu4MjGLJzz9XbAJz981HdVaNz"
proposal_url: "https://v1.metadao.fi/metadao/trade/9ABv3Phb44BNF4VFteSi9qcWEyABdnRqkorNuNtzdh2b"
proposal_date: 2024-01-12
resolution_date: 2024-01-18
category: "fundraise"
summary: "Proposal to create a spot market for $META tokens through a public token sale with $75K hard cap and $35K liquidity pool allocation"
tracked_by: rio
created: 2026-03-11
source_archive: "inbox/archive/2024-01-12-futardio-proposal-create-spot-market-for-meta.md"
supports:
- "metadao-execute-creation-of-spot-market-for-meta"
- "metadao-execute-creation-of-spot-market-for-meta"
related:
- "drift-prioritize-listing-meta"
- "drift-prioritize-listing-meta"
reweave_edges:
- "drift-prioritize-listing-meta|related|2026-04-18'}"
- "metadao-execute-creation-of-spot-market-for-meta|supports|2026-04-18'}"
- "Drift: Prioritize Listing META?|related|2026-04-19"
- "MetaDAO: Execute Creation of Spot Market for META?|supports|2026-04-19"
---

# MetaDAO: Create Spot Market for META?

## Summary
This proposal initiated the creation of a spot market for $META tokens by conducting a public token sale with a $75,000 hard cap, pricing tokens at the TWAP of the passing proposal, and allocating approximately $35,000 to establish a liquidity pool. The proposal passed and enabled MetaDAO to raise funds from public markets for the first time.

## Market Data
- **Outcome:** Passed
- **Proposer:** HfFi634cyurmVVDr9frwu4MjGLJzz9XbAJz981HdVaNz
- **Proposal Number:** 3
- **Created:** 2024-01-12
- **Completed:** 2024-01-18
- **Hard Cap:** $75,000
- **LP Allocation:** ~$35,000
- **Sale Price:** TWAP of passing proposal
- **Sale Quantity:** Hard cap / Sale Price

## Significance
This was MetaDAO's first public fundraising mechanism through futarchy governance, establishing the precedent for token sales governed by conditional markets. The proposal included a critical constraint: if it failed, MetaDAO would be unable to raise funds until March 12, 2024, creating meaningful stakes for the decision. The structure separated the token sale from liquidity provision, with excess funds reserved for operational funding in $SOL.

## Relationship to KB
- [[metadao]] - first public fundraising proposal
- [[futardio]] - platform hosting the decision market
- [[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 used for this decision

## Full Proposal Text

*Source: futard.io, tabled 2024-01-12*

### **Overview**

The purpose of this proposal is to initiate the creation of a spot market for \$META tokens, allowing broader public access to the token and establishing liquidity. The proposed market will be funded through the sale of \$META tokens, and the pricing structure will be determined based on the Time-Weighted Average Price (TWAP) of the proposal that passes. The funds raised will be utilized to support the Meta-DAO's ongoing initiatives and operations.

### **Key Components**

#### **Token Sale Structure:**
- The initial token sale will involve the Meta-DAO selling \$META tokens to the public. Anyone can participate.
- The sale price per \$META token will be set at the TWAP of the last passing proposal.
- In case of this proposal failing, the sale will not proceed and Meta-DAO can't raise from public markets till 12 March 2024.
#### **Liquidity Pool Creation:**
- A liquidity pool (LP) will be established to support the spot market.
- Funding for the LP will come from the token sale, with approximately $35,000 allocated for this purpose.
#### **Token Sale Details:**
- Hard cap: 75,000usd
- Sale Price: TWAP of this passing proposal
- Sale Quantity: Hard cap / Sale Price
- Spot Market Opening Price: To be determined, potentially higher than the initial public sale price.
#### **Liquidity Pool Allocation:**
- LP Token Pairing: \$META tokens from treasury paired with approximately \$35,000usd.
- Any additional funds raised beyond the LP allocation will be reserved for operational funding in \$SOL tokens.

### **Next Steps**
1. If approved, initiate the token sale using the most convenient methodology to maximize the event. Proceed with the creation of the SMETA spot market.
2. In case of failure, Meta-DAO will be unable to raise funds until March 12, 2024.

### **Conclusion**
This proposal aims to enhance the Meta-DAO ecosystem experience by introducing a spot market for \$META tokens.
The proposal invites futards to actively participate in shaping the future of the \$META token.