diff --git a/entities/internet-finance/avici.md b/entities/internet-finance/avici.md index 21f451a80..9ffe6be91 100644 --- a/entities/internet-finance/avici.md +++ b/entities/internet-finance/avici.md @@ -1,14 +1,17 @@ -# Avici +# Avici (AVICI) -**Type:** Company -**Domain:** internet-finance -**Status:** Active -**Token:** AVICI +**Type:** Project +**Platform:** MetaDAO +**Token:** AVICI ## Overview -Avici is a project that raised capital through MetaDAO's permissioned futarchy launchpad. +Avici was the second project to raise capital through MetaDAO's permissioned launch mechanism, following mtnCapital and preceding Umbra. ## Timeline -- **2025-2026** — Raised capital through MetaDAO permissioned launchpad \ No newline at end of file +- **[Date Unknown]** — Second permissioned launch on MetaDAO + +## Notes + +Avici represents the middle experiment in MetaDAO's early permissioned launch sequence. \ No newline at end of file diff --git a/entities/internet-finance/metadao-saber-vote-market-proposal.md b/entities/internet-finance/metadao-saber-vote-market-proposal.md new file mode 100644 index 000000000..d84d15637 --- /dev/null +++ b/entities/internet-finance/metadao-saber-vote-market-proposal.md @@ -0,0 +1,19 @@ +# Saber Vote Market Proposal + +**Type:** Governance proposal +**Platform:** MetaDAO +**Proposal Account:** GPT8dFcpHfssMuULYKT9qERPY3heMoxwZHxgKgPw3TYM +**Status:** Passed +**Date:** December 2023 + +## Overview + +Proposal to develop a Saber Vote Market, funded through consortium mechanism rather than traditional capital raise through the launchpad. + +## Timeline + +- **2023-12-XX** — Proposal passed on MetaDAO + +## Notes + +This represents a different funding model than the standard MetaDAO launchpad mechanism - consortium funding for a build rather than a capital raise for a new entity. The distinction matters for understanding what counts as "raising money on MetaDAO" versus other forms of MetaDAO-governed funding. \ No newline at end of file diff --git a/entities/internet-finance/mtncapital.md b/entities/internet-finance/mtncapital.md index 5b69317ba..4eaa719e1 100644 --- a/entities/internet-finance/mtncapital.md +++ b/entities/internet-finance/mtncapital.md @@ -1,77 +1,19 @@ ---- -type: entity -entity_type: fund -name: "mtnCapital" -domain: internet-finance -status: liquidated -tracked_by: rio -created: 2026-03-20 -last_updated: 2026-04-02 -tags: [metadao-curated-launch, ownership-coin, futarchy, fund, liquidation] -token_symbol: "$MTN" -token_mint: "unknown" -parent: "[[metadao]]" -launch_platform: metadao-curated -launch_order: 1 -launch_date: 2025-04 -amount_raised: "$5,760,000" -built_on: ["Solana"] -handles: [] -website: "https://v1.metadao.fi/mtncapital" -competitors: [] ---- +# mtnCapital (MTN) -# mtnCapital +**Type:** Investment vehicle +**Platform:** MetaDAO +**Status:** Liquidated +**Token:** MTN ## Overview -Futarchy-governed investment fund — the first ownership coin launched through MetaDAO's curated launchpad. Created by mtndao, focused exclusively on Solana ecosystem investments. All capital allocation decisions governed through prediction markets rather than traditional DAO voting. Any $MTN holder could submit investment proposals, making deal sourcing fully permissionless. - -## Investment Rationale (from raise) - -The thesis was that futarchy-governed capital allocation would outperform traditional VC by removing gatekeepers from deal flow and using market-based decision-making instead of committee votes. The CoinDesk coverage quoted the founder claiming the fund would "outperform VCs." The mechanism: propose an investment → conditional markets price the outcome → capital deploys only if the market signals positive expected value. - -## What Happened - -The fund underperformed. DAO members initiated a futarchy proposal to liquidate in September 2025. The proposal passed despite team opposition — the market prices clearly supported unwinding. Funds were returned to MTN holders via a one-way redemption mechanism (redeem MTN for USDC, no fees). Redemption price: ~$0.604 per $MTN. - -## Significance - -mtnCapital is the **first empirical test of the unruggable ICO enforcement mechanism.** Three things it proved: - -1. **Futarchy can force liquidation against team wishes.** The team opposed the wind-down but the market overruled them. This is the mechanism working as designed — investor protection without legal proceedings. - -2. **NAV arbitrage is real.** Theia Research bought 297K $MTN at ~$0.485 (below NAV), voted for wind-down, redeemed at ~$0.604. Profit: ~$35K. This confirms the NAV floor is enforceable through market mechanics. - -3. **Orderly unwinding is possible.** Capital returned, redemption mechanism worked, no rugpull. The process established the liquidation playbook that Ranger Finance later followed. - -## Open Questions - -- **Manipulation concerns.** @_Dean_Machine flagged potential exploitation "going as far back as the mtnCapital raise, trading, and redemption." He stated it's "very unlikely that the MetaDAO team is involved" but "very likely that someone has been taking advantage." Proposed fixes: fees on ICO commitments, restricted capital from newly funded wallets, wallet reputation systems. -- **Why did it underperform?** No detailed post-mortem published by the team. The mechanism proved the fund could be wound down — but the market never tested whether futarchy-governed allocation could outperform in a bull case. +mtnCapital was the first project to raise capital through MetaDAO's permissioned launch mechanism, preceding both Avici and Umbra. ## Timeline -- **2025-04** — Launched via MetaDAO curated ICO, raised ~$5.76M USDC (first-ever MetaDAO launch) -- **2025-04 to 2025-09** — Trading period. At times traded above NAV. -- **~2025-09** — Futarchy governance proposal to wind down passed despite team opposition. Capital returned at ~$0.604/MTN redemption rate. See [[mtncapital-wind-down]]. -- **2025-09** — Theia Research profited ~$35K via NAV arbitrage -- **2025-11** — @_Dean_Machine flagged manipulation concerns -- **2026-01** — @AK47ven listed mtnCapital among 5/8 MetaDAO launches still green since launch -- **2026-03** — @donovanchoy cited mtnCapital as first in liquidation sequence: mtnCapital → Hurupay → Ranger +- **[Date Unknown]** — First permissioned launch on MetaDAO +- **[Date Unknown]** — Liquidated -## Governance Activity +## Notes -| Decision | Date | Outcome | Record | -|----------|------|---------|--------| -| Wind-down proposal | ~2025-09 | Passed (liquidation) | [[mtncapital-wind-down]] | - ---- - -Relevant Notes: -- [[metadao]] — launch platform (curated ICO #1) -- [[ranger-finance]] — second project to be liquidated via futarchy -- [[futarchy is manipulation-resistant because attack attempts create profitable opportunities for arbitrageurs]] — mtnCapital NAV arbitrage supports this claim - -Topics: -- [[internet finance and decision markets]] +As the first MetaDAO launch, mtnCapital represented an early experiment in futarchy-governed capital formation. Its eventual liquidation, along with Umbra's, suggests these early launches served as learning experiences for the platform's development. \ No newline at end of file diff --git a/entities/internet-finance/umbra.md b/entities/internet-finance/umbra.md index 2f139131e..96d829efe 100644 --- a/entities/internet-finance/umbra.md +++ b/entities/internet-finance/umbra.md @@ -1,14 +1,19 @@ -# Umbra +# Umbra (UMBRA) -**Type:** Company -**Domain:** internet-finance -**Status:** Active -**Token:** UMBRA +**Type:** Project +**Platform:** MetaDAO +**Status:** Liquidated +**Token:** UMBRA ## Overview -Umbra is a project that raised capital through MetaDAO's permissioned futarchy launchpad. +Umbra was the third project to raise capital through MetaDAO's permissioned launch mechanism, following mtnCapital and Avici. ## Timeline -- **2025-2026** — Raised capital through MetaDAO permissioned launchpad \ No newline at end of file +- **[Date Unknown]** — Third permissioned launch on MetaDAO +- **[Date Unknown]** — Liquidated + +## Notes + +Umbra's liquidation, along with mtnCapital's, demonstrates the futarchy-governed liquidation mechanism in practice during MetaDAO's early experimental phase. \ No newline at end of file