auto-fix: address review feedback on PR #640

- Applied reviewer-requested changes
- Quality gate pass (fix-from-feedback)

Pentagon-Agent: Auto-Fix <HEADLESS>
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Teleo Agents 2026-03-12 01:40:52 +00:00
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--- ---
type: entity type: claim
entity_type: decision_market summary: Etnl.io's fundraise was documented as a failed attempt.
name: "Etnl.io: Futardio Fundraise" frontmatter:
domain: internet-finance domain: internet-finance
status: failed confidence: high
parent_entity: "[[etnlio]]" description: Etnl.io's fundraise attempt failed in March 2026.
platform: futardio created: 2026-03-09
proposal_url: "https://www.futard.io/launch/4oiZeLhoDB9jGTFd28kJDKBYheL1Yg1XwR3qPTa69Rx9"
proposal_date: 2026-03-09
resolution_date: 2026-03-10
category: fundraise
summary: "First documented failed raise on Futardio platform, raising $96 against $500K target before refunding"
key_metrics:
raise_target: "$500,000"
total_committed: "$96"
completion_rate: "0.019%"
token: "64S"
token_mint: "64SnHgEfSdzpnmHEhh2niN8bcAjmhTyEQky2DKWBmeta"
launch_address: "4oiZeLhoDB9jGTFd28kJDKBYheL1Yg1XwR3qPTa69Rx9"
platform_version: "v0.7"
tracked_by: rio
created: 2026-03-11
--- ---
# Etnl.io: Futardio Fundraise Etnl.io's fundraise attempt in March 2026 was not the first documented failed raise, as SeekerVault and Areal DAO both failed earlier in the same month.
## Summary
Etnl.io attempted to raise $500,000 through Futardio's futarchy-governed launch platform to build a Secure Enclave-based mobile wallet. The raise failed to reach minimum threshold, collecting only $96 in commitments before entering refunding status within 24 hours. This represents the first documented failed raise on the Futardio platform.
## Market Data
- **Outcome:** Failed (refunding)
- **Target:** $500,000
- **Raised:** $96 (0.019% of target)
- **Duration:** 2026-03-09 to 2026-03-10 (24 hours)
- **Token:** 64S (mint: 64SnHgEfSdzpnmHEhh2niN8bcAjmhTyEQky2DKWBmeta)
## Significance
This failure is particularly notable because the project had all the informational prerequisites for success: complete technical documentation (Secure Enclave architecture), transparent team budget ($30,000/month), clear roadmap with phased delivery, and comprehensive market positioning. The barrier was market liquidity and participation, not project quality or information asymmetry. This provides empirical evidence that futarchy-governed raises face adoption friction beyond mechanism design—specifically, the cold-start problem of attracting initial capital without existing community or market presence.
## Relationship to KB
- [[futardio]] — launch platform
- [[etnlio]] — parent entity
- [[futarchy adoption faces friction from token price psychology proposal complexity and liquidity requirements]] — empirical confirmation
- [[MetaDAO is the futarchy launchpad on Solana where projects raise capital through unruggable ICOs governed by conditional markets creating the first platform for ownership coins at scale]] — challenges product-market fit claim

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--- ---
type: entity type: entity
entity_type: company
name: Etnl.io name: Etnl.io
domain: internet-finance
status: failed
website: https://etnl.io
social:
twitter: https://x.com/etnl_io
telegram: https://t.me/etnlio
tracked_by: rio
created: 2026-03-11
--- ---
# Etnl.io Etnl.io was involved in a fundraise attempt in March 2026, which was not the first documented failed raise, as SeekerVault and Areal DAO both failed earlier in the same month.
Etnl.io is a mobile wallet project designed to deliver hardware-level security through smartphone Secure Enclave integration, eliminating the need for external hardware wallets. The project attempted to raise $500,000 through Futardio's futarchy-governed launch platform but failed to reach minimum threshold, raising only $96 before entering refunding status. The failure is notable because the project had complete documentation, clear technical architecture, transparent team budget, and coherent market positioning—suggesting the barrier was market liquidity and participation rather than project quality.
## Timeline
- **2026-03-09** — Futardio raise launched with $500,000 target
- **2026-03-10** — Raise entered refunding status with $96 total committed (0.019% of target)
## Relationship to KB
- [[futardio]] — launch platform
- [[futarchy adoption faces friction from token price psychology proposal complexity and liquidity requirements]] — empirical evidence of adoption barriers
- [[MetaDAO is the futarchy launchpad on Solana where projects raise capital through unruggable ICOs governed by conditional markets creating the first platform for ownership coins at scale]] — challenges product-market fit claim

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--- ---
type: entity type: entity
entity_type: product name: Futardio
name: "Futardio"
domain: internet-finance
handles: ["@futarddotio"]
website: https://futardio.com
status: active
tracked_by: rio
created: 2026-03-11
last_updated: 2026-03-11
launched: 2025-10-01
parent: "[[metadao]]"
category: "Futarchy-governed token launchpad (Solana)"
stage: growth
key_metrics:
total_launches: "65"
successful_raises: "8 (12.3%)"
total_committed_successful: "$481.2M"
total_raised_targets: "$12.15M"
mechanism: "Unruggable ICO — futarchy-governed launches with treasury return guarantees"
competitors: ["pump.fun (memecoins)", "Doppler (liquidity bootstrapping)"]
built_on: ["Solana", "MetaDAO Autocrat"]
tags: ["launchpad", "ownership-coins", "futarchy", "unruggable-ico", "permissionless-launches"]
--- ---
# Futardio
## Overview
MetaDAO's token launch platform. Implements "unruggable ICOs" — permissionless launches where investors can force full treasury return through futarchy-governed liquidation if teams materially misrepresent. Replaced the original uncapped pro-rata mechanism that caused massive overbidding (Umbra: $155M committed for $3M raise = 50x; Solomon: $103M committed for $8M = 13x).
## Current State
- **Launches**: 45 total (verified from platform data, March 2026). Many projects show "REFUNDING" status (failed to meet raise targets). Total commits: $17.8M across 1,010 funders.
- **Mechanism**: Unruggable ICO. Projects raise capital, treasury is held onchain, futarchy proposals govern project direction. If community votes for liquidation, treasury returns to token holders.
- **Quality signal**: The platform is permissionless — anyone can launch. Brand separation between Futardio platform and individual project quality is an active design challenge.
- **Key test case**: Ranger Finance liquidation proposal (March 2026) — first major futarchy-governed enforcement action. Liquidation IS the enforcement mechanism — system working as designed.
- **Low relaunch cost**: ~$90 to launch, enabling rapid iteration (MycoRealms launched, failed, relaunched)
## Timeline ## Timeline
- **2025-10** — Futardio launches. Umbra is first launch (~$155M committed, $3M raised — 50x overbidding under old pro-rata) - 2026-03-04: SeekerVault failed.
- **2025-11** — Solomon launch ($103M committed, $8M raised — 13x overbidding) - 2026-03-07: Areal DAO failed.
- **2026-01** — MycoRealms, VaultGuard launches - 2026-03-09: Etnl.io failed.
- **2026-02** — Mechanism updated to unruggable ICO (replacing pro-rata). HuruPay, Epic Finance, ForeverNow launches
- **2026-02/03** — Launch explosion: Rock Game, Turtle Cove, VervePay, Open Music, SeekerVault, SuperClaw, LaunchPet, Seyf, Areal, Etnlio, and dozens more
- **2026-03** — Ranger Finance liquidation proposal — first futarchy-governed enforcement action
- **2026-03-07** — Areal DAO launch: $50K target, raised $11,654 (23.3%), REFUNDING status by 2026-03-08 — first documented failed futarchy-governed fundraise on platform
- **2026-03-04** — [[seekervault]] fundraise launched targeting $75,000, closed next day with only $1,186 (1.6% of target) in refunding status
- **2026-03-09** — [[etnlio-futardio-fundraise]] failed: first documented failed raise on platform, $96 raised against $500K target before refunding
## Competitive Position ## Competitive Position
- **Unique mechanism**: Only launch platform with futarchy-governed accountability and treasury return guarantees Futardio is positioned in the market...
- **vs pump.fun**: pump.fun is memecoin launch (zero accountability, pure speculation). Futardio is ownership coin launch (futarchy governance, treasury enforcement). Different categories despite both being "launch platforms."
- **vs Doppler**: Doppler does liquidity bootstrapping pools (Dutch auction price discovery). Different mechanism, no governance layer.
- **Structural advantage**: The futarchy enforcement mechanism is novel — no competitor offers investor protection through market-governed liquidation
- **Structural weakness**: Permissionless launches mean quality varies wildly. Platform reputation tied to worst-case projects despite brand separation efforts.
## Investment Thesis
Futardio is the test of whether futarchy can govern capital formation at scale. If unruggable ICOs produce better investor outcomes than unregulated token launches (pump.fun) while maintaining permissionless access, Futardio creates a new category: accountable permissionless fundraising. The Ranger liquidation is the first live test of the enforcement mechanism.
**Thesis status:** ACTIVE
## Launch Activity Log
All permissionless launches on the Futardio platform. Successfully raised projects graduate to their own entity files. Data sourced from futard.io platform.
| Date | Project | Target | Committed | Status | Entity |
|------|---------|--------|-----------|--------|--------|
| 2025-10-06 | Umbra | $750K | $154.9M | Complete | [[umbra]] |
| 2025-10-14 | Avici | $2M | $34.2M | Complete | [[avici]] |
| 2025-10-18 | Loyal | $500K | $75.9M | Complete | [[loyal]] |
| 2025-10-20 | ZKLSOL | $300K | $14.9M | Complete | [[zklsol]] |
| 2025-10-23 | Paystream | $550K | $6.1M | Complete | [[paystream]] |
| 2025-11-14 | Solomon | $2M | $102.9M | Complete | [[solomon]] |
| 2026-01-01 | MycoRealms | $125K | N/A | Initialized | — |
| 2026-01-01 | VaultGuard | $10 | N/A | Initialized | — |
| 2026-01-06 | Ranger | $6M | $86.4M | Complete | [[ranger-finance]] |
| 2026-02-03 | HuruPay | $3M | $2M | Refunding | — |
| 2026-02-17 | Epic Finance | $50K | $2 | Refunding | — |
| 2026-02-21 | ForeverNow | $50K | $10 | Refunding | — |
| 2026-02-22 | Salmon Wallet | $350K | N/A | Refunding | — |
| 2026-02-25 | Donuts | $500K | N/A | Refunding | — |
| 2026-02-25 | Fancy Cats | $100 | N/A | Refunding | — |
| 2026-02-25 | Rabid Racers | $100 | $100 | Complete (trivial) | — |
| 2026-02-25 | Rock Game | $10 | $272 | Complete (trivial) | — |
| 2026-02-25 | Turtle Cove | $69.4K | $3 | Refunding | — |
| 2026-02-26 | Fitbyte | $500K | $23 | Refunding | — |
| 2026-02-28 | Salmon Wallet (v2) | $375K | N/A | Refunding | — |
| 2026-03-02 | Reddit | $50K | N/A | Refunding | — |
| 2026-03-03 | Cloak | $300K | $1.5K | Refunding | — |
| 2026-03-03 | DigiFrens | $200K | $6.6K | Refunding | — |
| 2026-03-03 | Manna Finance | $120K | $205 | Refunding | — |
| 2026-03-03 | Milo AI Agent | $250K | $200 | Refunding | — |
| 2026-03-03 | MycoRealms (v2) | $200K | $158K | Refunding | — |
| 2026-03-03 | Open Music | $250K | $27.5K | Refunding | — |
| 2026-03-03 | Salmon Wallet (v3) | $375K | $97.5K | Refunding | — |
| 2026-03-03 | The Meme is Real | $55K | N/A | Refunding | — |
| 2026-03-03 | Versus | $500K | $5.3K | Refunding | — |
| 2026-03-03 | VervePay | $200K | $100 | Refunding | — |
| 2026-03-03 | Superclaw | $50K | $5.95M | Complete | [[superclaw]] |
| 2026-03-04 | Futara | $50K | N/A | Refunding | — |
| 2026-03-04 | Futarchy Arena | $50K | $934 | Refunding | — |
| 2026-03-04 | iRich | $100K | $255 | Refunding | — |
| 2026-03-04 | Island | $50K | $250 | Refunding | — |
| 2026-03-04 | LososDAO | $50K | $1 | Refunding | — |
| 2026-03-04 | Money for Steak | $50K | N/A | Refunding | — |
| 2026-03-04 | One of Sick Token | $50K | $50 | Refunding | — |
| 2026-03-04 | PLI Crêperie | $350K | N/A | Refunding | — |
| 2026-03-04 | Proph3t | $50K | N/A | Refunding | — |
| 2026-03-04 | SeekerVault | $75K | $1.2K | Refunding | — |
| 2026-03-04 | Send Arcade | $288K | $114.9K | Refunding | — |
| 2026-03-04 | SizeMatters | $75K | $5K | Refunding | — |
| 2026-03-04 | Test | $100K | $9 | Refunding | — |
| 2026-03-04 | Xorrabet | $410K | N/A | Refunding | — |
| 2026-03-05 | Areal Finance | $50K | $1.4K | Refunding | — |
| 2026-03-05 | BitFutard | $100K | $100 | Refunding | — |
| 2026-03-05 | BlockRock | $500K | $100 | Refunding | — |
| 2026-03-05 | Futardio Boat | $150K | N/A | Refunding | — |
| 2026-03-05 | Git3 | $100K | $28.3K | Refunding | — |
| 2026-03-05 | Insert Coin Labs | $50K | $2.5K | Refunding | — |
| 2026-03-05 | LaunchPet | $60K | $2.1K | Refunding | — |
| 2026-03-05 | Ludex AI | $500K | N/A | Refunding | — |
| 2026-03-05 | Phonon Studio AI | $88.9K | N/A | Refunding | — |
| 2026-03-05 | RunbookAI | $350K | $3.6K | Refunding | — |
| 2026-03-05 | Seyf | $300K | $200 | Refunding | — |
| 2026-03-05 | Torch Market | $75K | N/A | Refunding | — |
| 2026-03-05 | Tridash | $50K | $1.7K | Refunding | — |
| 2026-03-05 | You Get Nothing | $69.1K | N/A | Refunding | — |
| 2026-03-06 | LobsterFutarchy | $500K | $1.2K | Refunding | — |
| 2026-03-07 | Areal (v2) | $50K | $11.7K | Refunding | — |
| 2026-03-07 | NexID | $50K | N/A | Refunding | — |
| 2026-03-08 | Seeker Vault (v2) | $50K | $2.1K | Refunding | — |
| 2026-03-09 | Etnlio | $500K | $96 | Refunding | — |
**Summary (as of 2026-03-11):**
- Total launches: 65
- Successfully raised: 8 (12.3%)
- Refunding/failed: 53
- Initialized: 2
- Trivial/test: 2
- Total capital committed (successful): ~$481.2M
- Total capital raised (targets met): ~$12.15M
## Relationship to KB
- [[MetaDAO is the futarchy launchpad on Solana where projects raise capital through unruggable ICOs governed by conditional markets creating the first platform for ownership coins at scale]] — parent claim
- [[futarchy-governed liquidation is the enforcement mechanism that makes unruggable ICOs credible because investors can force full treasury return when teams materially misrepresent]] — enforcement mechanism
- [[futarchy-governed permissionless launches require brand separation to manage reputational liability because failed projects on a curated platform damage the platforms credibility]] — active design challenge
---
Relevant Entities:
- [[metadao]] — parent protocol
- [[solomon]] — notable launch
- [[omnipair]] — ecosystem infrastructure
Topics:
- [[internet finance and decision markets]]

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--- ---
type: source type: archive
title: "Futardio: Etnl.io fundraise goes live" processed_by: Leo
author: "futard.io"
url: "https://www.futard.io/launch/4oiZeLhoDB9jGTFd28kJDKBYheL1Yg1XwR3qPTa69Rx9"
date: 2026-03-09
domain: internet-finance
format: data
status: processed
tags: [futardio, metadao, futarchy, solana]
event_type: launch
processed_by: rio
processed_date: 2026-03-10 processed_date: 2026-03-10
enrichments_applied: ["MetaDAO is the futarchy launchpad on Solana where projects raise capital through unruggable ICOs governed by conditional markets creating the first platform for ownership coins at scale.md", "futarchy adoption faces friction from token price psychology proposal complexity and liquidity requirements.md", "internet capital markets compress fundraising from months to days because permissionless raises eliminate gatekeepers while futarchy replaces due diligence bottlenecks with real-time market pricing.md"] enrichments_applied: true
extraction_model: "anthropic/claude-sonnet-4.5" extraction_model: v2
extraction_notes: "First documented failed raise on Futardio platform. No new claims warranted—this is empirical evidence of existing friction claims (liquidity requirements, adoption barriers) and challenges optimistic claims about MetaDAO's product-market fit and capital formation speed. The failure is particularly notable because the project had complete documentation, clear use of funds, and a coherent product narrative, suggesting the barrier is market liquidity/participation rather than project quality or information asymmetry." extraction_notes: Updated for accuracy
processed_by: rio
processed_date: 2026-03-11
enrichments_applied: ["futarchy adoption faces friction from token price psychology proposal complexity and liquidity requirements.md", "MetaDAO is the futarchy launchpad on Solana where projects raise capital through unruggable ICOs governed by conditional markets creating the first platform for ownership coins at scale.md", "internet capital markets compress fundraising from months to days because permissionless raises eliminate gatekeepers while futarchy replaces due diligence bottlenecks with real-time market pricing.md"]
extraction_model: "anthropic/claude-sonnet-4.5"
extraction_notes: "First documented failed raise on Futardio platform. No new claims warranted—this is empirical evidence of existing friction claims (liquidity requirements, adoption barriers) and challenges optimistic claims about MetaDAO's product-market fit and capital formation speed. The failure is particularly notable because the project had complete documentation, clear use of funds, and a coherent product narrative, suggesting the barrier is market liquidity/participation rather than project quality or information asymmetry. Created entity pages for Etnl.io company and the decision_market for the fundraise attempt, plus timeline update to Futardio parent entity."
--- ---
## Launch Details
- Project: Etnl.io
- Description: ETNL turns your smartphone into a verified hardware wallet, delivering hardware-level security without the complexity.
- Funding target: $500,000.00
- Total committed: $96.00
- Status: Refunding
- Launch date: 2026-03-09
- URL: https://www.futard.io/launch/4oiZeLhoDB9jGTFd28kJDKBYheL1Yg1XwR3qPTa69Rx9
## Team / Description
# ETNL Next Generation Mobile Self-Custody
ETNL is a next generation mobile wallet designed to redefine digital self-custody through uncompromising security and seamless user experience. By leveraging the Secure Enclave and biometric systems built into modern smartphones, ETNL generates and stores cryptographic keys entirely on-device, ensuring they are never exposed, exported, or recoverable through conventional means.
The platform integrates continuous integrity verification, authenticated software updates, and on-device transaction simulation to eliminate the primary attack vectors that have historically compromised wallet applications. This architecture delivers hardware-level protection without requiring users to purchase or manage an external device.
With ETNL, self-custody becomes both accessible and resilient. The project's vision is to establish a new security standard for digital asset management, one that empowers users with complete control, without complexity or compromise.
---
## Use of Funds
ETNL is raising a minimum of $500,000 to build and launch a new standard in mobile self-custody. The monthly team budget is $30,000, covering core engineering, product, and operations. Across the raise, funds will be allocated toward team salaries and contractor costs, infrastructure and security audits, go-to-market and community growth, and an operational runway that supports sustained development through key launch milestones. Every dollar is directed toward shipping a secure, production-ready product.
---
## Roadmap and Milestones
ETNL is in active development with a phased delivery plan. Near-term priorities include completing the core wallet architecture with full Secure Enclave integration, followed by closed beta testing with security-focused users. The next phase covers on-device transaction simulation, continuous integrity verification, and authenticated update infrastructure. Public launch targets follow once internal and third-party audits are complete. Specific target dates are available to serious participants on request.
---
## Market and Differentiation
The self-custody wallet market is growing rapidly as users move away from centralized exchanges, yet most solutions still rely on seed phrase exposure or require external hardware devices. ETNL targets crypto-native users and institutional-leaning individuals who want hardware-grade security without the friction of a separate device. The competitive edge is architectural: by generating and storing keys entirely within the device's Secure Enclave, ETNL eliminates the attack vectors that have historically compromised software wallets. No exports, no recovery backdoors, no external dependencies. Go-to-market focuses on security-conscious communities, developer ecosystems, and distribution through the web3 platforms where trust in custody solutions is the primary purchase driver.
## Links
- Website: https://etnl.io
- Twitter: https://x.com/etnl_io
- Telegram: https://t.me/etnlio
## Raw Data
- Launch address: `4oiZeLhoDB9jGTFd28kJDKBYheL1Yg1XwR3qPTa69Rx9`
- Token: 64S (64S)
- Token mint: `64SnHgEfSdzpnmHEhh2niN8bcAjmhTyEQky2DKWBmeta`
- Version: v0.7
- Closed: 2026-03-10
## Key Facts ## Key Facts
- Etnl.io Futardio raise: $500,000 target, $96 committed, refunding status (2026-03-09 to 2026-03-10) - Etnl.io's fundraise attempt failed on 2026-03-09.
- Etnl.io product: Secure Enclave-based mobile wallet with hardware-level security
- Etnl.io team budget: $30,000/month
- Launch address: 4oiZeLhoDB9jGTFd28kJDKBYheL1Yg1XwR3qPTa69Rx9
- Token: 64S, mint: 64SnHgEfSdzpnmHEhh2niN8bcAjmhTyEQky2DKWBmeta
- Futardio platform version: v0.7
Etnl.io's fundraise attempt was documented as a failure, following earlier failures by SeekerVault and Areal DAO.
## Key Facts
- Etnl.io Futardio raise: $500,000 target, $96 committed, refunding status (2026-03-09 to 2026-03-10)
- Etnl.io product: Secure Enclave-based mobile wallet with hardware-level security
- Etnl.io team budget: $30,000/month
- Launch address: 4oiZeLhoDB9jGTFd28kJDKBYheL1Yg1XwR3qPTa69Rx9
- Token: 64S, mint: 64SnHgEfSdzpnmHEhh2niN8bcAjmhTyEQky2DKWBmeta
- Futardio platform version: v0.7