diff --git a/entities/internet-finance/metadao-develop-saber-vote-market.md b/entities/internet-finance/metadao-develop-saber-vote-market.md new file mode 100644 index 00000000..771398ba --- /dev/null +++ b/entities/internet-finance/metadao-develop-saber-vote-market.md @@ -0,0 +1,64 @@ +--- +type: entity +entity_type: decision_market +name: "MetaDAO: Develop a Saber Vote Market?" +domain: internet-finance +status: passed +parent_entity: "[[metadao]]" +platform: "futardio" +proposer: "Proph3t" +proposal_url: "https://www.futard.io/proposal/GPT8dFcpHfssMuULYKT9qERPY3heMoxwZHxgKgPw3TYM" +proposal_date: 2023-12-16 +resolution_date: 2023-12-22 +category: "mechanism" +summary: "Proposal to build a Saber vote market funded by $150K from ecosystem partners, enabling veSBR holders to earn yield and projects to access liquidity" +key_metrics: + budget: "$62,000" + consortium_funding: "$150,000" + estimated_tvl_ratio: "$1 vote volume per $50 TVL" + take_rate: "15%" + metadao_ownership: "65%" +tracked_by: rio +created: 2026-03-11 +--- + +# MetaDAO: Develop a Saber Vote Market? + +## Summary +Proposal to build a vote market for Saber (similar to Curve's Votium/Convex model) where veSBR holders can sell their governance votes to projects seeking liquidity. The platform would be funded by $150K from ecosystem partners (UXD, BlazeStake, LP Finance, Saber), with MetaDAO owning 65% and taking a 15% fee on vote trades. Development budget of $62K with 10-week timeline targeting February 2024 launch. + +## Market Data +- **Outcome:** Passed +- **Proposer:** Proph3t (metaproph3t) +- **Completed:** 2023-12-22 +- **Budget:** $62,000 development cost, $150,000 total consortium funding +- **Timeline:** 10 weeks (Dec 18, 2023 - Feb 19, 2024) + +## Mechanism Design +The proposal models vote market economics on Curve/Convex data: +- Estimated $1 in yearly vote trade volume per $50 of Saber TVL (based on Curve at $1/$67, pre-depeg Curve at $1/$48, Aura at $1/$56) +- 15% take rate (compared to Convex 7-10%, Votium ~3%, Hidden Hand ~10%) +- At $20M Saber TVL baseline: $400K annual vote volume → $60K annual revenue to MetaDAO +- Revenue scales with TVL growth scenarios ($40M TVL = $120K/year, $100M TVL = $300K/year) + +## Team and Execution +- Marie (UI/UX): $12,000 +- Matt/fzzyyti (smart contracts): $24,000 +- Durden (platform design & tokenomics): $7,000 +- Proph3t (program management): $7,000 +- Joe + r0bre (audit): $10,000 combined +- Deployment/misc: $2,000 + +## Significance +This represents MetaDAO's second attempt at building vote market infrastructure after pivoting from Marinade (which built internal solution). The proposal demonstrates: +1. **Partnership strategy** - Ecosystem consortium funding model where beneficiaries co-fund infrastructure +2. **Revenue model validation** - First detailed financial projections for MetaDAO revenue beyond token appreciation +3. **Legitimacy building** - Partnering with established Solana protocols (Saber, UXD) to gain credibility +4. **Futarchy application** - Using conditional markets to decide whether to pursue this business opportunity + +The financial modeling is notably sophisticated, benchmarking against Ethereum vote market comparables (Votium, Hidden Hand, Convex) and projecting revenue scenarios across different TVL levels. + +## Relationship to KB +- [[metadao]] - governance decision on product development +- [[futarchy-governed entities are structurally not securities because prediction market participation replaces the concentrated promoter effort that the Howey test requires]] - vote market as futarchy application +- [[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 diff --git a/entities/internet-finance/metadao.md b/entities/internet-finance/metadao.md index 9f0ae560..646e16b5 100644 --- a/entities/internet-finance/metadao.md +++ b/entities/internet-finance/metadao.md @@ -54,6 +54,8 @@ The futarchy governance protocol on Solana. Implements decision markets through - **2026-03** — Pine Analytics Q4 2025 quarterly report published - **2024-02-18** — [[metadao-otc-trade-pantera-capital]] failed: Pantera Capital's $50,000 OTC purchase proposal rejected by futarchy markets +- **2023-12-16** — [[metadao-develop-saber-vote-market]] proposed: Build Saber vote market with $150K consortium funding from UXD, BlazeStake, LP Finance, and Saber; 65% MetaDAO ownership with 15% take rate on vote trades +- **2023-12-22** — [[metadao-develop-saber-vote-market]] passed: Approved development of Saber vote market with $62K budget and 10-week timeline targeting February 2024 launch ## Key Decisions | Date | Proposal | Proposer | Category | Outcome | |------|----------|----------|----------|---------| diff --git a/inbox/archive/2023-12-16-futardio-proposal-develop-a-saber-vote-market.md b/inbox/archive/2023-12-16-futardio-proposal-develop-a-saber-vote-market.md index 1bcf9ed2..23c4290f 100644 --- a/inbox/archive/2023-12-16-futardio-proposal-develop-a-saber-vote-market.md +++ b/inbox/archive/2023-12-16-futardio-proposal-develop-a-saber-vote-market.md @@ -6,9 +6,13 @@ url: "https://www.futard.io/proposal/GPT8dFcpHfssMuULYKT9qERPY3heMoxwZHxgKgPw3TY date: 2023-12-16 domain: internet-finance format: data -status: unprocessed +status: processed tags: [futardio, metadao, futarchy, solana, governance] event_type: proposal +processed_by: rio +processed_date: 2026-03-11 +extraction_model: "anthropic/claude-sonnet-4.5" +extraction_notes: "Proposal entity extraction. This is a governance decision with detailed financial modeling but no novel mechanism claims - the vote market concept itself is established (Curve/Convex model). The significance is in MetaDAO's application and partnership structure, not in the underlying mechanism. Financial projections are self-reported estimates, not verified outcomes. No new claims warranted as the vote market mechanism and futarchy governance are already covered in existing KB claims." --- ## Proposal Details @@ -201,3 +205,11 @@ For those who are more familiar with bribe terminology, which I prefer not to us - Autocrat version: 0.1 - Completed: 2023-12-22 - Ended: 2023-12-22 + + +## Key Facts +- Saber TVL was $20M as of December 2023 +- Curve TVL was $2B with $1.25M biweekly vote incentives (December 2023) +- Pre-Luna depeg, Curve had $20B TVL with $15-20M biweekly vote volume +- Aura had $600M TVL with $900K biweekly vote volume (May 2023) +- Convex take rate: 7-10%, Votium: ~3%, Hidden Hand: ~10%