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+# Ranger (RNGR)
+
+**Type:** Protocol  
+**Domain:** internet-finance  
+**Status:** Liquidated (March 2026)
+
+## Overview
+
+Ranger was a protocol that raised $8M+ through a futarchy-governed ICO on MetaDAO in January 2026. It became the first project to be liquidated by its own tokenholders through futarchy governance after allegations of material misrepresentation.
+
+## Timeline
+
+- **November 2025** — ICO announcement
+- **December 2025** — Co-founder presentation claiming $5B volume and $2M revenue for 2025
+- **January 2026** — Raised $8M+ via futarchy ICO on MetaDAO
+- **Early March 2026** — Liquidation proposal brought by RNGR holders alleging material misrepresentations; on-chain analysis showed ~$2B volume and $500K revenue (both down 90%+ from claimed figures); activity flatlined after ICO announcement
+- **March 12, 2026** — Liquidation snapshot; holders received ~5.04 USDC per RNGR from treasury
+
+## Significance
+
+Ranger's liquidation was the first real-world test of the "unruggable ICO" thesis, demonstrating that futarchy governance can enforce investor protection by unwinding projects and returning capital when teams materially misrepresent. The liquidation also overrode a prior 90-day cooldown on buyback/liquidation proposals, showing futarchy can override its own prior decisions when new evidence emerges.