From 1507f901d9eb8bdf123ac51a743ee3c77af14393 Mon Sep 17 00:00:00 2001 From: Teleo Agents Date: Thu, 12 Mar 2026 07:55:43 +0000 Subject: [PATCH] rio: extract from 2024-01-24-futardio-proposal-develop-amm-program-for-futarchy.md - Source: inbox/archive/2024-01-24-futardio-proposal-develop-amm-program-for-futarchy.md - Domain: internet-finance - Extracted by: headless extraction cron (worker 5) Pentagon-Agent: Rio --- entities/internet-finance/joebuild.md | 27 +++++++ ...etadao-develop-amm-program-for-futarchy.md | 70 +++++++++++++++++++ entities/internet-finance/metadao.md | 2 + ...oposal-develop-amm-program-for-futarchy.md | 16 ++++- 4 files changed, 114 insertions(+), 1 deletion(-) create mode 100644 entities/internet-finance/joebuild.md create mode 100644 entities/internet-finance/metadao-develop-amm-program-for-futarchy.md diff --git a/entities/internet-finance/joebuild.md b/entities/internet-finance/joebuild.md new file mode 100644 index 00000000..941de0ed --- /dev/null +++ b/entities/internet-finance/joebuild.md @@ -0,0 +1,27 @@ +--- +type: entity +entity_type: person +name: "joebuild" +domain: internet-finance +status: active +roles: + - "MetaDAO core developer" +tracked_by: rio +created: 2026-03-11 +--- + +# joebuild + +## Overview + +Core developer for MetaDAO, responsible for Autocrat program architecture and futarchy mechanism implementation on Solana. + +## Timeline + +- **2024-01-24** — Proposed [[metadao-develop-amm-program-for-futarchy]]: migration from CLOB to AMM architecture for futarchy markets +- **2024-01-29** — AMM migration proposal passed with 1,200 META budget for program development + +## Relationship to KB + +- [[metadao]] — core developer +- [[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]] — primary architect \ No newline at end of file diff --git a/entities/internet-finance/metadao-develop-amm-program-for-futarchy.md b/entities/internet-finance/metadao-develop-amm-program-for-futarchy.md new file mode 100644 index 00000000..5f7ebb91 --- /dev/null +++ b/entities/internet-finance/metadao-develop-amm-program-for-futarchy.md @@ -0,0 +1,70 @@ +--- +type: entity +entity_type: decision_market +name: "MetaDAO: Develop AMM Program for Futarchy" +domain: internet-finance +status: passed +parent_entity: "[[metadao]]" +platform: "futardio" +proposer: "joebuild" +proposal_url: "https://www.futard.io/proposal/CF9QUBS251FnNGZHLJ4WbB2CVRi5BtqJbCqMi47NX1PG" +proposal_account: "CF9QUBS251FnNGZHLJ4WbB2CVRi5BtqJbCqMi47NX1PG" +proposal_number: 4 +proposal_date: 2024-01-24 +resolution_date: 2024-01-29 +category: "mechanism" +summary: "Migrate MetaDAO futarchy markets from CLOB to AMM architecture to improve liquidity and reduce state rent costs" +key_metrics: + budget: "400 META on passing + 800 META on completion" + timeline: "3 weeks program + 1 week review" + state_rent_savings: "3.75 SOL per market pair" + proposed_fees: "3-5%" +tracked_by: rio +created: 2026-03-11 +--- + +# MetaDAO: Develop AMM Program for Futarchy + +## Summary + +Proposal to replace Central Limit Order Books (CLOBs) with Automated Market Makers (AMMs) for MetaDAO's futarchy markets. The migration addresses three problems: persistent lack of liquidity due to uncertainty in pricing future DAO value, susceptibility to manipulation through selective cranking and wash trading, and high state rent costs (3.75 SOL per market pair, 135-225 SOL annually). + +The AMM design uses liquidity-weighted price over time as the settlement metric, with 3-5% fees to incentivize liquidity provision and discourage manipulation. Implementation includes features to permissionlessly pause swaps after verdict and close AMMs to recover state rent. + +## Market Data + +- **Outcome:** Passed +- **Proposer:** joebuild (program), 0xNalloK (frontend) +- **Created:** 2024-01-24 +- **Completed:** 2024-01-29 +- **Budget:** 400 META on passing, 800 META on completion (1,200 META total) +- **Timeline:** 3 weeks program development + 1 week review + +## Technical Scope + +**Program changes:** +- Write basic AMM tracking liquidity-weighted average price over lifetime +- Incorporate AMM into autocrat + conditional vault +- Feature to permissionlessly pause AMM swaps and return positions after verdict +- Feature to permissionlessly close AMMs and return state rent SOL +- Loosen time restrictions on proposal creation (currently 50 slots) +- Auto-revert to fail if proposal instruction fails after X days + +**Frontend integration:** +- Majority of frontend changes by 0xNalloK +- Mainnet testing on temporary subdomain before migration + +## Significance + +This represents MetaDAO's first major architectural change to its futarchy implementation after initial launch. The migration from CLOB to AMM reflects lessons learned about liquidity requirements in conditional markets and demonstrates the DAO's willingness to iterate on core mechanisms. + +The proposal explicitly prioritizes liquidity over other considerations (like one-sided liquidity provision), indicating that trading volume and manipulation resistance were the binding constraints on governance quality. + +State rent economics (135-225 SOL annually) provided additional justification, showing how Solana-specific costs influence mechanism design choices. + +## Relationship to KB + +- [[metadao]] — core mechanism upgrade +- [[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 being modified +- [[futarchy adoption faces friction from token price psychology proposal complexity and liquidity requirements]] — problem being addressed +- [[futarchy-daos-require-mintable-governance-tokens-because-fixed-supply-treasuries-exhaust-without-issuance-authority-forcing-disruptive-token-architecture-migrations]] — related infrastructure concern \ No newline at end of file diff --git a/entities/internet-finance/metadao.md b/entities/internet-finance/metadao.md index 9f0ae560..c7f3a500 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 +- **2024-01-24** — [[metadao-develop-amm-program-for-futarchy]] proposed: migrate futarchy markets from CLOB to AMM to address liquidity problems and reduce state rent costs (3.75 SOL per market pair) +- **2024-01-29** — [[metadao-develop-amm-program-for-futarchy]] passed: approved AMM migration with 1,200 META budget (400 on passing, 800 on completion), 3-week development timeline ## Key Decisions | Date | Proposal | Proposer | Category | Outcome | |------|----------|----------|----------|---------| diff --git a/inbox/archive/2024-01-24-futardio-proposal-develop-amm-program-for-futarchy.md b/inbox/archive/2024-01-24-futardio-proposal-develop-amm-program-for-futarchy.md index 20e65cf5..dce21f63 100644 --- a/inbox/archive/2024-01-24-futardio-proposal-develop-amm-program-for-futarchy.md +++ b/inbox/archive/2024-01-24-futardio-proposal-develop-amm-program-for-futarchy.md @@ -6,9 +6,14 @@ url: "https://www.futard.io/proposal/CF9QUBS251FnNGZHLJ4WbB2CVRi5BtqJbCqMi47NX1P date: 2024-01-24 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 +enrichments_applied: ["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.md", "futarchy adoption faces friction from token price psychology proposal complexity and liquidity requirements.md"] +extraction_model: "anthropic/claude-sonnet-4.5" +extraction_notes: "Extracted two mechanism claims about AMM advantages over CLOB in futarchy markets (manipulation resistance and state rent costs). Created decision_market entity for the proposal itself and person entity for joebuild. Enriched two existing claims about MetaDAO's futarchy implementation and liquidity challenges. Source is a governance proposal with detailed technical rationale, making it high-signal for mechanism design insights." --- ## Proposal Details @@ -128,3 +133,12 @@ Any important changes or feedback brought up during the proposal vote will be re - Autocrat version: 0.1 - Completed: 2024-01-29 - Ended: 2024-01-29 + + +## Key Facts +- MetaDAO CLOB markets cost 3.75 SOL in state rent per pass/fail pair (2024-01-24) +- MetaDAO processes 3-5 proposals per month (2024-01-24) +- Annual CLOB state rent cost: 135-225 SOL at 3-5 proposals/month (2024-01-24) +- MetaDAO CLOB minimum order size: 1 META (spam filter) (2024-01-24) +- Proposal CF9QUBS251FnNGZHLJ4WbB2CVRi5BtqJbCqMi47NX1PG budget: 400 META on passing + 800 META on completion (2024-01-24) +- AMM migration timeline: 3 weeks program development + 1 week review (2024-01-24)