ingestion: archive futardio proposal — 2024-06-26-futardio-proposal-approve-metadao-fundraise-2.md

inbox/archive/2024-06-26-futardio-proposal-approve-metadao-fundraise-2.md

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+---
+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: unprocessed
+tags: [futardio, metadao, futarchy, solana, governance]
+event_type: proposal
+---
+
+## 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