---
name: "Ranger"
ticker: "$RNGR"
type: entity
subtype: ownership-coin
domain: internet-finance
status: liquidated
launch_platform: metadao-curated
launch_date: "2026-01"

raise:
  amount_raised_usd: 8000000
  amount_committed_usd: null
  oversubscription_ratio: null

chain:
  token_address: null
  network: solana
  market_cap_usd: null
  price_usd: null
  circulating_supply: null
  total_supply: null
  treasury_multisig_usd: null
  treasury_multisig_address: null
  lp_usdc_protocol_controlled_usd: null
  lp_pool_addresses: []
  equity_value_usd: null
  data_updated: null

holders: []

traction:
  revenue_monthly_usd: null
  customers: null
  key_metrics:
    - "Claimed: $5B volume, $2M revenue (2025)"
    - "Actual: ~$2B volume, ~$500K revenue (on-chain analysis)"

liquidation:
  date: "2026-03-12"
  return_per_dollar: 0.78
  reason: "Material misrepresentation of revenue and volume metrics. On-chain analysis showed ~$2B volume vs $5B claimed, ~$500K revenue vs $2M claimed. Activity flatlined after ICO announcement."

tracked_by: rio
---

# Ranger

Ranger was marketed as the "first perp aggregator on Solana" and raised $8M+ through MetaDAO's curated ICO in January 2026. Liquidated in March 2026 after tokenholder governance proved material misrepresentation — on-chain analysis showed volume and revenue were roughly 60-75% below what the team claimed pre-ICO. The liquidation returned 5.047M USDC to unlocked RNGR holders (~$0.78 per dollar of book value) with IP transferred back to the team (Glint House PTE). 97% market support for the liquidation proposal.

## Significance

Ranger's liquidation was the highest-profile test of the "unruggable ICO" thesis. It demonstrated three things: (1) futarchy governance can enforce investor protection by unwinding projects, (2) futarchy can override its own prior decisions (overrode a 90-day cooldown on buyback/liquidation proposals) when new evidence emerges, and (3) the mechanism returns meaningful capital (~78 cents on the dollar) rather than going to zero.

## Timeline

- **2025-11** — ICO announcement
- **2025-12** — Co-founder presentation claiming $5B volume and $2M revenue for 2025
- **2026-01** — Raised $8M+ via futarchy ICO on MetaDAO; token peaked at TGE, fell 74-90%
- **2026-03** — Liquidation proposal brought by RNGR holders; on-chain analysis showed ~$2B volume and ~$500K revenue
- **2026-03-12** — Liquidation snapshot; 5.047M USDC returned to unlocked holders (~$0.78 book value)
- **2026-03-17** — Liquidation portal launched; IP returned to Glint House PTE

---

Relevant Notes:
- [[metadao]] — launch platform
- [[mtncapital]] — first liquidation precedent

Topics:
- [[internet finance and decision markets]]