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rio: META-033, 034, 035 — 3 missing MetaDAO governance proposals

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- META-033: Sell up to 2M META at market or premium (Oct 2025, Passed)
- META-034: Omnibus Proposal - Migrate and Update (Jan 2026, Passed)
- META-035: Fund META Market Making (Jan 2026, Passed)
- Source: PR #1687 archive files + metadao.fi screenshots
- Completes all 36 MetaDAO governance proposals (META-000 through META-036)

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---
type: decision
entity_type: decision_market
name: "MetaDAO: Fund META Market Making"
domain: internet-finance
status: passed
parent_entity: "[[metadao]]"
platform: metadao
proposer: "Kollan House, Arad"
proposal_url: "https://www.metadao.fi/projects/metadao/proposal/8PHuBBwqsL9EzNT1PXSs5ZEnTVDCQ6UcvUC4iCgCMynx"
proposal_date: 2026-01-22
resolution_date: 2026-01-25
category: operations
summary: "META-035 — $1M USDC + 600K newly minted META (~2.8% of supply) for market making. Engage Humidifi, Flowdesk, potentially one more. Covers 12 months. Includes CEX listing fees. 2/3 multisig (Proph3t, Kollan, Jure/Pileks). $14.6K volume, 17 trades."
key_metrics:
proposal_number: 35
proposal_account: "8PHuBBwqsL9EzNT1PXSs5ZEnTVDCQ6UcvUC4iCgCMynx"
autocrat_version: "0.6"
usdc_budget: "$1,000,000"
meta_minted: "600,000 META (~2.8% of supply)"
retainer_cost: "$50,000-$80,000/month"
volume: "$14,600"
trades: 17
pass_price: "$6.03"
fail_price: "$5.90"
tags: [metadao, market-making, liquidity, cex-listing, passed]
tracked_by: rio
created: 2026-03-24
---
# MetaDAO: Fund META Market Making
## Summary & Connections
**META-035 — market making budget.** $1M USDC + 600K newly minted META (~2.8% of supply) for engaging market makers (Humidifi, Flowdesk, +1 TBD). Most META expected as loans (returned after 12 months). Covers retainers ($50-80K/month), USDC loans ($500K), META loans (300K), and CEX listing fees (up to 300K META). KPIs: >95% uptime, ~40% loan utilization depth at ±2%, <0.3% spread. 2/3 multisig: Proph3t, Kollan, Jure (Pileks). $14.6K volume, only 17 trades — the lowest engagement of any MetaDAO proposal.
**Outcome:** Passed (~Jan 2026).
**Connections:**
- 17 trades / $14.6K volume is by far the lowest engagement on any MetaDAO proposal. The market barely traded this. Low engagement on operational proposals validates [[MetaDAOs futarchy implementation shows limited trading volume in uncontested decisions]] — when there's no controversy, the market provides a thin rubber stamp.
- "Liquidity begets liquidity. Deeper books attract more participants" — the same liquidity constraint that motivated the Dutch auction ([[metadao-increase-meta-liquidity-dutch-auction]]) in 2024, now addressed through professional market makers
- "We plan to strategically work with exchanges: we are aware that once you get one T1 exchange, the dominos start to fall more easily" — CEX listing strategy
- "At the end of 12 months, unless contradicted via future proposal, all META would be burned and all USDC would be returned to the treasury" — the loan structure means this is temporary dilution, not permanent
---
## Full Proposal Text
**Type:** Operations Direct Action
**Author(s):** Kollan House, Arad
### Summary
We are requesting $1M and 600,000 newly minted META (~2.8% of supply) to engage market makers for the META token. Most of this is expected to be issued as loans rather than as a direct expense. This would cover at least the next 12 months.
At the end of 12 months, unless contradicted via future proposal, all META would be burned and all USDC would be returned to the treasury.
We plan to engage Humidifi, Flowdesk, and potentially one more market maker for the META/USDC pair.
This supply also allows for CEX listing fees, although we would negotiate those terms aggressively to ensure best utilization. How much is given to each exchange and market maker is at our discretion.
### Background
Liquidity begets liquidity. Deeper books attract more participants, and META requires additional liquidity to allow more participants to trade it. For larger investors, liquidity depth is a mandatory requirement for trading. Thin markets drive up slippage at scale.
Market makers can jumpstart this flywheel and is a key component of listing.
### Specifications
As stated in the overview, we reserve the right to negotiate deals as we see fit. That being said, we expect to pay $50k to $80k a month to retain market makers and give up to $500k in USDC and 300,000 META in loans to market makers. We could see spending up to 300,000 META to get listed on exchanges. KPIs for these market makers at a minimum would include:
- Uptime: >95%
- Depth (±) <=2.00%: ~40% Loan utilization
- Bid/Ask Spread: <0.3%
- Monthly reporting
We plan to stick to the retainer model.
We also plan on strategically working with exchanges: we are aware that once you get one T1 exchange, the dominos start to fall more easily.
The USDC and META tokens will be transferred to a multisig `3fKDKt85rxfwT3A1BHjcxZ27yKb1vYutxoZek7H2rEVE` for the purposes outlined above. It is a 2/3 multisig with the following members:
- Proph3t
- Kollan House
- Jure (Pileks)
---
## Market Data
| Metric | Value |
|--------|-------|
| Volume | $14,600 |
| Trades | 17 |
| Pass Price | $6.03 |
| Fail Price | $5.90 |
## Raw Data
- Proposal account: `8PHuBBwqsL9EzNT1PXSs5ZEnTVDCQ6UcvUC4iCgCMynx`
- Proposal number: META-035 (onchain #1 on new DAO)
- DAO account: `CUPoiqkK4hxyCiJcLC4yE9AtJP1MoV1vFV2vx3jqwWeS`
- Proposer: `tSTp6B6kE9o6ZaTmHm2ZwnJBBtgd3x112tapxFhmBEQ`
- Autocrat version: 0.6
## Relationship to KB
- [[metadao]] — parent entity, liquidity infrastructure
- [[MetaDAOs futarchy implementation shows limited trading volume in uncontested decisions]] — 17 trades is the empirical extreme
- [[metadao-increase-meta-liquidity-dutch-auction]] — earlier liquidity solution (manual Dutch auction vs professional market makers)
- [[futarchy adoption faces friction from token price psychology proposal complexity and liquidity requirements]] — market making addresses the liquidity friction

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---
type: decision
entity_type: decision_market
name: "MetaDAO: Omnibus Proposal - Migrate and Update"
domain: internet-finance
status: passed
parent_entity: "[[metadao]]"
platform: metadao
proposer: "Kollan, Proph3t"
proposal_url: "https://www.metadao.fi/projects/metadao/proposal/Bzoap95gjbokTaiEqwknccktfNSvkPe4ZbAdcJF1yiEK"
proposal_date: 2026-01-02
resolution_date: 2026-01-05
category: mechanism
summary: "META-034 — The big migration. New DAO program v0.6.1 with FutarchyAMM. Transfer $11.2M USDC. Migrate 90% liquidity from Meteora to FutarchyAMM. Burn 60K META. Amend Marshall Islands DAO Operating Agreement + Master Services Agreement. New settings: 300bps pass, -300bps team, $240K/mo spending, 200K META stake."
key_metrics:
proposal_number: 34
proposal_account: "Bzoap95gjbokTaiEqwknccktfNSvkPe4ZbAdcJF1yiEK"
autocrat_version: "0.5"
usdc_transferred: "$11,223,550.91"
meta_burned: "60,000"
spending_limit: "$240,000/month"
stake_required: "200,000 META"
pass_threshold: "300 bps"
team_pass_threshold: "-300 bps"
volume: "$1,100,000"
trades: 6400
pass_price: "$9.51"
fail_price: "$9.16"
tags: [metadao, migration, omnibus, futarchy-amm, legal, v0.6.1, passed]
tracked_by: rio
created: 2026-03-24
---
# MetaDAO: Omnibus Proposal - Migrate and Update
## Summary & Connections
**META-034 — the omnibus migration that created the current MetaDAO.** Five actions in one proposal: (1) sign amended Marshall Islands DAO Operating Agreement, (2) update Master Services Agreement with Organization Technology LLC, (3) migrate $11.2M USDC + authorities to new program v0.6.1, (4) move 90% of Meteora liquidity to FutarchyAMM, (5) burn 60K META. New DAO settings: 300bps pass threshold, -300bps team threshold, $240K/mo spending limit, 200K META stake required. $1.1M volume, 6.4K trades. Passed.
**Outcome:** Passed (~Jan 5, 2026).
**Connections:**
- This is the URL format transition point: everything before this uses `v1.metadao.fi/metadao/trade/{id}`, everything after uses `metadao.fi/projects/metadao/proposal/{id}`
- The -300bps team pass threshold is new and significant: team-sponsored proposals pass more easily than community proposals. "While futarchy currently favors investors, these new changes relieve some of the friction currently felt" by founders. This is a calibration of the mechanism's bias.
- $11.2M USDC in treasury at migration time — the Q4 2025 revenue ($2.51M) plus the META-033 fundraise results
- FutarchyAMM replaces Meteora as the primary liquidity venue — protocol now controls its own AMM infrastructure
- The legal updates (Marshall Islands DAO Operating Agreement + MSA) align MetaDAO's legal structure with the newer ownership coin structures used by launched projects
- 60K META burned — continuing the pattern from [[metadao-burn-993-percent-meta]], the DAO burns surplus supply rather than holding it
---
## Full Proposal Text
**Author:** Kollan and Proph3t
**Category:** Operations Direct Action
### Summary
A new onchain DAO with the following settings:
- Pass threshold 300 bps
- Team pass threshold -300 bps
- Spending limit $240k/mo
- Stake Required 200k META
Transfer 11,223,550.91146 USDC
Migrating liquidity from Meteora to FutarchyAMM
Amending the Marshall Islands DAO Operating Agreement
Modifying the existing Master Services Agreement between the Marshall Islands DAO and the Wyoming LLC
Burn 60k META tokens which were kept in trust for proposal creation and left over from the last fundraise.
The following will be executed upon passing of this proposal:
1. Sign the Amended Operating Agreement
2. Sign the updated Master Services Agreement
3. Migrate Balances and Authorities to New Program (and DAO)
4. Provide Liquidity to New FutarchyAMM
5. Burn 60k META tokens (left over from liquidity provisioning and the raise)
### Background
**Legal Structure**
When setting up the DAO LLC in early 2024, we did so with information on hand. As we have evolved, we have developed and adopted a more agile structure that better conforms with legal requirements and better supports futarchy. This is represented by the number of businesses launching using MetaDAO. MetaDAO must adopt these changes and this proposal accomplishes that.
Additionally, we are updating the existing Operating Agreement of the Marshall Islands DAO LLC (MetaDAO LLC) to align it with the existing operating agreements of the newest organizations created on MetaDAO.
We are also updating the Master Services Agreement between MetaDAO LLC and Organization Technology LLC. This updates the contracted services and agreement terms and conditions to reflect the more mature state of the DAO post revenue and to ensure arms length is maintained.
**Program And Settings**
We have updated our program to v0.6.1. This includes the FutarchyAMM and changes to proposal raising. To align MetaDAO with the existing Ownership Coins this proposal will cause the DAO to migrate to the new program and onchain account.
This proposal adopts the team based proposal threshold of -3%. This is completely configurable for future proposals and we believe that spearheading this new development is paramount to demonstrate to founders that, while futarchy currently favors investors, these new changes relieve some of the friction currently felt.
In parallel, the new DAO is configured with an increased spending limit. We will continue to operate with a small team and maintain a conservative spend, but front loaded legal cost, audits and integration fees mandate an increased flexible spend. This has been set at $240k per month, but the expected consistent expenditure is less. Unspent funds do not roll over.
By moving to the new program raising proposals will be less capital constrained, have better liquidity for conditional markets and bring MetaDAO into the next chapter of ownership coins.
**Authorities**
This proposal sets the update and mint authority to the new DAO within its instructions.
**Assets**
This proposal transfers the ~11M USDC to the new DAO within its instructions.
**Liquidity**
Upon passing, we'll remove 90% of liquidity from Meteora DAMM v1 and reestablish a majority of the liquidity under FutarchyAMM (under the control of the DAO).
**Supply**
We had a previous supply used to create proposals and an additional amount left over from the fundraise which was kept to ensure proposal creation. Given the new FutarchyAMM this 60k META supply is no longer needed and will be burned.
### Specifications
- Existing DAO: `Bc3pKPnSbSX8W2hTXbsFsybh1GeRtu3Qqpfu9ZLxg6Km`
- Existing Squads: `BxgkvRwqzYFWuDbRjfTYfgTtb41NaFw1aQ3129F79eBT`
- Meteora LP: `AUvYM8tdeY8TDJ9SMjRntDuYUuTG3S1TfqurZ9dqW4NM` (475,621.94309) ~$2.9M
- Passing Threshold: 150 bps
- Spending Limit: $120k
- New DAO: `CUPoiqkK4hxyCiJcLC4yE9AtJP1MoV1vFV2vx3jqwWeS`
- New Squads: `BfzJzFUeE54zv6Q2QdAZR4yx7UXuYRsfkeeirrRcxDvk`
- Team Address: `6awyHMshBGVjJ3ozdSJdyyDE1CTAXUwrpNMaRGMsb4sf` (Squads Multisig)
- New Pass Threshold: 300 bps
- New Team Pass Threshold: -300 bps
- New Spending Limit: $240k
- FutarchyAMM LP: TBD but 90% of the above LP
---
## Market Data
| Metric | Value |
|--------|-------|
| Volume | $1,100,000 |
| Trades | 6,400 |
| Pass Price | $9.51 |
| Fail Price | $9.16 |
## Raw Data
- Proposal account: `Bzoap95gjbokTaiEqwknccktfNSvkPe4ZbAdcJF1yiEK`
- Proposal number: META-034 (onchain #4)
- DAO account: `Bc3pKPnSbSX8W2hTXbsFsybh1GeRtu3Qqpfu9ZLxg6Km`
- Proposer: `proPaC9tVZEsmgDtNhx15e7nSpoojtPD3H9h4GqSqB2`
- Autocrat version: 0.5
## Relationship to KB
- [[metadao]] — parent entity, major infrastructure migration
- [[metadao-burn-993-percent-meta]] — continuing burn pattern (60K this time)
- [[metadao-services-agreement-organization-technology]] — MSA updated in this proposal
- [[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 upgraded to v0.6.1 with FutarchyAMM

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---
type: decision
entity_type: decision_market
name: "MetaDAO: Sell up to 2M META at market price or premium?"
domain: internet-finance
status: passed
parent_entity: "[[metadao]]"
platform: metadao
proposer: "Proph3t"
proposal_url: "https://www.metadao.fi/projects/metadao/proposal/GfJhLniJENRzYTrYA9x75JaMc3DcEvoLKijtynx3yRSQ"
proposal_date: 2025-10-15
resolution_date: 2025-10-18
category: fundraise
summary: "META-033 — Sell up to 2M newly minted META at market or premium. Proph3t executes with 30 days, unsold burned. Floor: max(24hr TWAP, $4.80). Max proceeds $10M. Up to $400K/day ATM sales. Response to failed DBA/Variant $6M OTC."
key_metrics:
proposal_number: 33
proposal_account: "GfJhLniJENRzYTrYA9x75JaMc3DcEvoLKijtynx3yRSQ"
autocrat_version: "0.5"
max_meta_minted: "2,000,000 META"
max_proceeds: "$10,000,000"
price_floor: "$4.80 (~$100M market cap)"
atm_daily_limit: "$400,000"
volume: "$1,100,000"
trades: 4400
pass_price: "$6.25"
fail_price: "$5.92"
tags: [metadao, fundraise, otc, market-sale, passed]
tracked_by: rio
created: 2026-03-24
---
# MetaDAO: Sell up to 2M META at market price or premium?
## Summary & Connections
**META-033 — the fundraise that worked after the DBA/Variant deal failed.** Sell up to 2M newly minted META at market price or premium. Proph3t executes OTC sales with 30-day window. All USDC → treasury. Unsold META burned. Floor price: max(24hr TWAP, $4.80 = ~$100M mcap). Up to $400K/day in ATM (open market) sales, capped at $2M total ATM. Max total proceeds: $10M. All sales publicly broadcast within 24 hours. $1.1M volume, 4.4K trades. Passed.
**Outcome:** Passed (~Oct 2025).
**Connections:**
- Direct response to [[metadao-vc-discount-rejection]] (META-032): "A previous proposal by DBA and Variant to OTC $6,000,000 of META failed, with the main feedback being that offering OTCs at a large discount is -EV for MetaDAO." The market rejected the discount deal and approved the at-market deal — consistent pattern.
- "I would have ultimate discretion over any lockup and/or vesting terms" — Proph3t retained flexibility, unlike the rigid structures of earlier OTC deals. The market trusted the founder to negotiate case-by-case.
- The $4.80 floor ($100M mcap) is a hard line: even if market crashes, no dilution below $100M. This protects existing holders against downside while allowing upside capture.
- "All sales would be publicly broadcast within 24 hours" — transparency commitment. Every counterparty, size, and price disclosed. This is the open research model applied to capital formation.
- This raise funded the Q4 2025 expansion that produced $2.51M in fee revenue — the capital was deployed effectively.
---
## Full Proposal Text
**Author:** Proph3t
A previous proposal by DBA and Variant to OTC $6,000,000 of META failed, with the main feedback being that offering OTCs at a large discount is -EV for MetaDAO.
We still need to raise money, and we've seen some demand from funds since this proposal, so I'm proposing that I (Proph3t) sell up to 2,000,000 META on behalf of MetaDAO at the market price or at a premium.
### Execution
The 2,000,000 META would be newly-minted.
I would have 30 days to sell this META. All USDC from sales would be deposited back into MetaDAO's treasury. Any unsold META would be burned.
I would source OTC counterparties for sales.
All sales would be publicly broadcast within 24 hours, including the counterparty, the size, and the price of the sale.
I would also have the option to sell up to $400,000 per day of META in ATM sales (into the open market, either with market or limit orders), up to a total of $2,000,000.
The maximum amount of total proceeds would be $10,000,000.
### Pricing
The minimum price of these OTCs would be the higher of:
- the market price, calculated as a 24-hour TWAP at the time of the agreement
- a price of $4.80, equivalent to a ~$100M market capitalization
That is, even if the market price dips below $100M, no OTC sales could occur below $100M. We may also execute at a price above these terms if there is sufficient demand.
### Lockups / vesting
I would have ultimate discretion over any lockup and/or vesting terms.
---
## Market Data
| Metric | Value |
|--------|-------|
| Volume | $1,100,000 |
| Trades | 4,400 |
| Pass Price | $6.25 |
| Fail Price | $5.92 |
## Raw Data
- Proposal account: `GfJhLniJENRzYTrYA9x75JaMc3DcEvoLKijtynx3yRSQ`
- Proposal number: META-033 (onchain #3)
- DAO account: `Bc3pKPnSbSX8W2hTXbsFsybh1GeRtu3Qqpfu9ZLxg6Km`
- Proposer: `proPaC9tVZEsmgDtNhx15e7nSpoojtPD3H9h4GqSqB2`
- Autocrat version: 0.5
## Relationship to KB
- [[metadao]] — parent entity, capital raise
- [[metadao-vc-discount-rejection]] — the failed deal this replaces
- [[metadao-otc-trade-theia-2]] — Theia was likely one of the OTC counterparties (they had accumulated position)