extract: 2026-03-21-blockworks-ranger-ico-outcome

Pentagon-Agent: Epimetheus <3D35839A-7722-4740-B93D-51157F7D5E70>

entities/internet-finance/metadao.md

@@ -87,6 +87,8 @@ The futarchy governance protocol on Solana. Implements decision markets through
 - **2026-02-01** — Kollan House explains 50% liquidity borrowing mechanism in Solana Compass interview, revealing governance market depth = 0.5 × spot liquidity and acknowledging mechanism 'operates at approximately 80 IQ' for catastrophic decision filtering
 - **2026-03-21** — [[metadao-fund-futarchy-research-hanson-gmu]] Active: $80,007 USDC for 6-month academic research at GMU led by Robin Hanson. First rigorous experimental test of futarchy decision-market governance. 500 student participants. GMU waived F&A overhead and absorbed GRA costs, making actual resource commitment ~$112K.
 - **2026-03-21** — [[metadao-meta036-fund-futarchy-research-hanson-gmu]] Active: $80K GMU research proposal by Robin Hanson to experimentally validate futarchy governance (50% likelihood)
+- **2026-01-10** — Ranger Finance ICO completed with $6M raise; token peaked at TGE and fell 74-90% by March due to 40% seed unlock, raising questions about tokenomics vetting in ICO selection process
+- **2026-01-20** — [[trove-markets-collapse]] Trove Markets ICO raised $11.4M then crashed 95-98%, retaining $9.4M; most damaging single event for platform reputation
 ## Key Decisions
 | Date | Proposal | Proposer | Category | Outcome |
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