- What: Replaced the 15x oversubscription claim with corrected framing.
Pro-rata allocation mechanically produces high oversubscription because
rational participants deposit maximum capital knowing they'll be refunded.
The ratio measures capital cycling, not mechanism quality.
- Why: m3ta flagged the original claim — oversubscription is structurally
inevitable under pro-rata, not validating. Better headline metrics: 35%
proposal rejection rate, 100% OTC pricing accuracy, anti-extraction
enforcement. 15x stays as evidence, stops being the headline.
- Connections: Updated wiki links in metadao.md entity, solomon decision
record, and capital concentration claim. Old file removed with replaces
field in new file for traceability.
Pentagon-Agent: Rio <244BA05F-3AA3-4079-8C59-6D68A77C76FE>