---
type: source
title: "Futardio: Approve MetaDAO Fundraise #2?"
author: "futard.io"
url: "https://www.futard.io/proposal/9BMRY1HBe61MJoKEd9AAW5iNQyws2vGK6vuL49oR3AzX"
date: 2024-06-26
domain: internet-finance
format: data
status: processed
tags: [futardio, metadao, futarchy, solana, governance]
event_type: proposal
derived_items:
  - "decisions/internet-finance/metadao-fundraise-2.md"
---

## Proposal Details
- Project: MetaDAO
- Proposal: Approve MetaDAO Fundraise #2?
- Status: Passed
- Created: 2024-06-26
- URL: https://www.futard.io/proposal/9BMRY1HBe61MJoKEd9AAW5iNQyws2vGK6vuL49oR3AzX
- Description: Our goal is to hire a small team. Between us ($90k/yr each), three engineers ($190k/yr each), audits ($300k), office space ($80k/yr), a growth person ($150k/yr), and other administrative expenses ($100k/yr), we’re looking at a $1.38M burn rate.

## Summary

### 🎯 Key Points  
MetaDAO aims to raise $1.5M through the sale of up to 4,000 META tokens to fund growth initiatives, including hiring a team and developing decision markets for Solana DAOs.

### 📊 Impact Analysis  
#### 👥 Stakeholder Impact  
The proposal affects stakeholders by providing funding for growth initiatives that could enhance the ecosystem for Solana DAOs.

#### 📈 Upside Potential  
Successful fundraising could accelerate MetaDAO's growth and expand its offerings, increasing its value in the market.

#### 📉 Risk Factors  
There is a risk of mismanagement or failure to execute the fundraising effectively, which could jeopardize the DAO's financial stability.

## Content

### Overview

Three weeks ago, MetaDAO launched the futarchy protocol with Drift, Dean’s List, and Future. Our goal is to onboard more Solana DAOs. To do that, Nallok and I have a few ideas for growth initiatives, including:

- Social: seeing who’s trading in the markets

- NFTs: allowing NFT communities to leverage decision markets

- Special contracts: creating custom financial contracts that make it easier to make grants decisions through decision markets
  
To accelerate this, our goal is to hire a small team. Between us (\$90k/yr each), three engineers (\$190k/yr each), audits (\$300k), office space (\$80k/yr), a growth person (\$150k/yr), and other administrative expenses (\$100k/yr), we’re looking at a \$1.38M burn rate.

To fund this, I’m proposing that the DAO raise \$1.5M by selling META to a combination of venture capitalists and angels. Specifically, we would sell up to 4,000 META with no discount and no lockup.

Nallok and I would execute this sale on behalf of the DAO. To minimize the risk of a DAO attack, the money raised would be custodied by us in a multisig and released to the DAO treasury at a rate of $100k / month.

The exact terms of the sale would be left to our discretion. This includes details such as who is given allocation, whether to raise more than \$1.5M, how escrow is managed, et cetera. However, we would be bound to a minimum price: \$375. Given that there’d be 20,823.5 META in the hands of the public (which includes VCs + angels) after this raise, this means we would be unable to sell tokens at less than a \$7.81M valuation.  Everyone who participates in the raise will get similar terms. We will make public who’s participated after it’s complete.

## Raw Data

- Proposal account: `9BMRY1HBe61MJoKEd9AAW5iNQyws2vGK6vuL49oR3AzX`
- Proposal number: 3
- DAO account: `CNMZgxYsQpygk8CLN9Su1igwXX2kHtcawaNAGuBPv3G9`
- Proposer: `HfFi634cyurmVVDr9frwu4MjGLJzz9XbAJz981HdVaNz`
- Autocrat version: 0.3
- Completed: 2024-06-30
- Ended: 2024-06-30
