diff --git a/inbox/archive/2025-08-07-futardio-proposal-migrate-meta-token.md b/inbox/archive/2025-08-07-futardio-proposal-migrate-meta-token.md new file mode 100644 index 00000000..eda12ca1 --- /dev/null +++ b/inbox/archive/2025-08-07-futardio-proposal-migrate-meta-token.md @@ -0,0 +1,122 @@ +--- +type: source +title: "Futardio: Migrate META Token" +author: "futard.io" +url: "https://www.futard.io/proposal/4grb3pea8ZSqE3ghx76Fn43Q97mAh64XjgwL9AXaB3Pe" +date: 2025-08-07 +domain: internet-finance +format: data +status: unprocessed +tags: [futardio, metadao, futarchy, solana, governance] +event_type: proposal +--- + +## Proposal Details +- Project: MetaDAO +- Proposal: Migrate META Token +- Status: Passed +- Created: 2025-08-07 +- URL: https://www.futard.io/proposal/4grb3pea8ZSqE3ghx76Fn43Q97mAh64XjgwL9AXaB3Pe +- Description: This proposal recommends migrating META to a mintable, redenominated token. +- Discussion: https://discord.gg/yueMhZWwuX + +## Summary + +### 🎯 Key Points +The proposal aims to migrate the META token by implementing a 1:1000 token split, re-establishing mint and update authority, and transitioning to a new DAO version (0.5) to facilitate market-driven token issuance and governance. + +### πŸ“Š Impact Analysis +#### πŸ‘₯ Stakeholder Impact +Current METAC holders will be able to convert their tokens to the new META token through a migration process. + +#### πŸ“ˆ Upside Potential +The proposed changes aim to improve liquidity and efficiency by reducing protocol-owned liquidity fees from 4% to 0.5% and expanding the token supply to better align with peer organizations. + +#### πŸ“‰ Risk Factors +There is a risk of confusion or loss of trust among existing token holders during the migration process, particularly if communication and execution are not effectively managed. + +## Content + +**Type:** Operations Direct Action + +**Authors:** Proph3t, Kollan + + +## **Overview** + +Futarchy is market-driven decision making. To stay true to that principle, it also requires market-driven issuance. A mintable token is essential to fund the organization, incentivize participation, and adapt to changing governance outcomes. + +MetaDAO's token, META (METAC), is no longer fit for purpose: it's unmintable, the DAO’s treasury is exhausted, and unit bias remains an issue. This proposal introduces a 1:1000 token split, re-establishes mint and update authority, and migrates the DAO to version 0.5 (Squads). + +We’re migrating METAC to a new token, META, expanding supply from \~20K to \~20M to align with peer futarchies. Protocol-owned liquidity will also shift from a restrictive 4% fee pool to a 0.50% pool, improving efficiency until FutarchyAMM is live. + +The new META token will be governed by the new DAO, which holds mint and update authority. A migration contract and frontend will let METAC holders convert at any time. + +Work on the migration is already underway and should take up to 1 week. Migration will only proceed if this proposal passes. + + +## **Specifications** + +| | New (META) | Existing (METAC) | +| ----- | ----- | ----- | +| Ticker | META | META | +| Supply | 20,863,129.001238 | 20,863.129001238 | +| Price | \~$0.79875 | \~$798.75 | +| Protocol Owned Liquidity Fee | 0.5% | 4% | +| Mintable | Yes | No | +| Updateable | Yes | Yes | +| Decimals | 6 | 9 | +| Split Ratio | 1000 | – | + + +## **Process** + +* This proposal includes a transfer instruction for the new DAO to take custody of onchain assets, including: + * 1.2M USDC from account `C6DaJNGP1Xsd1seePqn8BPfQWMxsbBoUSf6Kbagmta2T` to account `BxgkvRwqzYFWuDbRjfTYfgTtb41NaFw1aQ3129F79eBT` +* Transfer the remaining USDC (minus funds used for proposal creation) from `6awyHMshBGVjJ3ozdSJdyyDE1CTAXUwrpNMaRGMsb4sf` to the new Squads treasury +* Notify LPs to withdraw liquidity from the existing pools +* Withdraw protocol-owned liquidity from Meteora +* Migrate liquidity to a new AMM LP with: + * 0.5% fee tier + * Initial price set at time of liquidity removal +* Launch the migration frontend upon passing + * Supports frontend and script-based interactions +* Update token information across: + * CoinMarketCap + * CoinGecko + * Blockworks +* Update internal systems (UI, SDKs, tools) +* Notify tokenholders and custodians with clear instructions +* Announce each milestone publicly as it's completed + + +## **References** + +* New META token with 20,865,160.717538 supply `METAwkXcqyXKy1AtsSgJ8JiUHwGCafnZL38n3vYmeta` +* Launch a new v0.5 DAO using META as its `base_token` + * `Bc3pKPnSbSX8W2hTXbsFsybh1GeRtu3Qqpfu9ZLxg6Km` + * Reduced passing threshold to 1.5% + * Established a 120k USDC spending limit monthly + * Expected burn is \~$80k, with max previously $120k +* Transferred mint and update authority for META to the new DAO controlled Squads vault + * `BxgkvRwqzYFWuDbRjfTYfgTtb41NaFw1aQ3129F79eBT` +* Deploy a permanent migration contract that accepts METAC and releases META 1:1000 + * Program `gr8tqq2ripsM6N46gLWpSDXtdrH6J9jaXoyya1ELC9t` + * Deployment `4viadAyxnRpHyW2g2NEzjLwGGgLTQK2QBmniJJqXWpXN` + +* [Meteora Protocol Owned Liquidity](https://www.meteora.ag/pools/6t2CdBC26q9tj6jBwPzzFZogtjX8mtmVHUmAFmjAhMSn) +* [Current MetaDAO Treasury (Solana Explorer)](https://explorer.solana.com/address/C6DaJNGP1Xsd1seePqn8BPfQWMxsbBoUSf6Kbagmta2T/tokens) +* [METAC Token on Solscan](https://solscan.io/token/METADDFL6wWMWEoKTFJwcThTbUmtarRJZjRpzUvkxhr) +* [META Token on Solscan](https://solscan.io/token/METAwkXcqyXKy1AtsSgJ8JiUHwGCafnZL38n3vYmeta) +* [MetaDAO on CoinMarketCap](https://coinmarketcap.com/currencies/meta-dao/) +* [MetaDAO on CoinGecko](https://www.coingecko.com/en/coins/meta-2) + +## Raw Data + +- Proposal account: `4grb3pea8ZSqE3ghx76Fn43Q97mAh64XjgwL9AXaB3Pe` +- Proposal number: 15 +- DAO account: `CNMZgxYsQpygk8CLN9Su1igwXX2kHtcawaNAGuBPv3G9` +- Proposer: `proPaC9tVZEsmgDtNhx15e7nSpoojtPD3H9h4GqSqB2` +- Autocrat version: 0.3 +- Completed: 2025-08-10 +- Ended: 2025-08-10