ingestion: archive futardio proposal — 2025-08-07-futardio-proposal-migrate-meta-token.md

inbox/archive/2025-08-07-futardio-proposal-migrate-meta-token.md

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+---
+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.
+
+### 📊 Impact Analysis
+#### 👥 Stakeholder Impact
+Current METAC holders will be able to convert their tokens to the new META token through a migration process.
+
+#### 📈 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.
+
+#### 📉 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