---
type: decision
entity_type: decision_market
name: "MetaDAO: Migrate META Token"
domain: internet-finance
status: passed
parent_entity: "[[metadao]]"
platform: metadao
proposer: "Proph3t, Kollan"
proposal_url: "https://v1.metadao.fi/metadao/trade/FMTAToken1111111111111111111111111111111111"
proposal_date: 2025-08-07
resolution_date: 2025-08-10
category: mechanism
summary: "1:1000 token split + mint authority migration. METAC (unmintable, ~20K supply) → META (mintable, ~20M supply). Protocol liquidity from 4% → 0.5% fee pool. Treasury exhaustion forced this — the burn (Proposal 11) + Theia OTC (Proposal 14) depleted META holdings."
key_metrics:
  proposal_account: "FMTAToken1111111111111111111111111111111111"
  autocrat_version: "0.3"
  split_ratio: "1:1000"
  old_supply: "~20,863 METAC"
  new_supply: "~20,863,129 META"
  old_price: "~$798.75"
  new_price: "~$0.80"
tags: [metadao, token-migration, split, mintable, treasury, passed]
tracked_by: rio
created: 2026-03-11
last_updated: 2026-03-24
---

# MetaDAO: Migrate META Token

## Summary & Connections

**Token migration: METAC → META.** 1:1000 split, unmintable → mintable, ~20K → ~20M supply, ~$799/token → ~$0.80/token. Protocol liquidity moved from 4% to 0.5% fee pool. New DAO holds mint and update authority. Migration contract + frontend for METAC→META conversion at any time.

**Outcome:** Passed (~2025-08-10).

**Connections:**
- This was FORCED by the treasury exhaustion from [[metadao-otc-trade-theia-3]] — "this sale will exhaust the DAO treasury of META holdings. It is therefore critical that we plan for the eventual token migration." The Theia deal explicitly flagged this would happen.
- Validates [[futarchy-daos-require-mintable-governance-tokens-because-fixed-supply-treasuries-exhaust-without-issuance-authority-forcing-disruptive-token-architecture-migrations]] — MetaDAO lived through exactly this failure mode
- The [[metadao-burn-993-percent-meta]] (Proposal 11) started the path: burn 99.3% → thin treasury → OTC deals deplete remainder → forced migration to mintable token
- "Futarchy is market-driven decision making. To stay true to that principle, it also requires market-driven issuance" — Proph3t's framing makes mintability a philosophical commitment, not just a practical fix
- The 0.5% LP fee (down from 4%) was a temporary measure until FutarchyAMM went live

---

## Full Proposal Text

### Type
Operations Direct Action

### Authors
Proph3t, Kollan

### Overview

Futarchy is market-driven decision making. To stay true to that principle, it also requires market-driven issuance. A mintable token is essential to fund the organization, incentivize participation, and adapt to changing governance outcomes.

MetaDAO's token, META (METAC), is no longer fit for purpose: it's unmintable, the DAO's treasury is exhausted, and unit bias remains an issue. This proposal introduces a 1:1000 token split, re-establishes mint and update authority, and migrates the DAO to version 0.5 (Squads).

We're migrating METAC to a new token, META, expanding supply from ~20K to ~20M to align with peer futarchies. Protocol-owned liquidity will also shift from a restrictive 4% fee pool to a 0.50% pool, improving efficiency until FutarchyAMM is live.

The new META token will be governed by the new DAO, which holds mint and update authority. A migration contract and frontend will let METAC holders convert at any time.

Work on the migration is already underway and should take up to 1 week. Migration will only proceed if this proposal passes.

### Specifications

| | New (META) | Existing (METAC) |
|---|---|---|
| Ticker | META | META |
| Supply | 20,863,129.001238 | 20,863.129001238 |
| Price | ~$0.79875 | ~$798.75 |
| Protocol Owned Liquidity Fee | 0.5% | 4% |
| Mintable | Yes | No |
| Updateable | Yes | Yes |
| Decimals | 6 | 9 |
| Split Ratio | 1000 | – |

### Process

- Transfer instruction for new DAO to take custody of onchain assets (1.2M USDC)
- Transfer remaining USDC to new Squads treasury
- Notify LPs to withdraw from existing pools
- Withdraw protocol-owned liquidity from Meteora
- Migrate liquidity to new 0.5% fee AMM LP
- Launch migration frontend upon passing
- Update token info across CoinMarketCap, CoinGecko

---

## Raw Data

- Proposal account: (from source data)
- DAO account: `CNMZgxYsQpygk8CLN9Su1igwXX2kHtcawaNAGuBPv3G9`
- Proposer: `proPaC9tVZEsmgDtNhx15e7nSpoojtPD3H9h4GqSqB2`
- Autocrat version: 0.3
- Completed: ~2025-08-10

## Relationship to KB
- [[metadao]] — parent entity, token architecture change
- [[metadao-otc-trade-theia-3]] — treasury exhaustion that forced this migration
- [[metadao-burn-993-percent-meta]] — started the path to treasury depletion
- [[futarchy-daos-require-mintable-governance-tokens-because-fixed-supply-treasuries-exhaust-without-issuance-authority-forcing-disruptive-token-architecture-migrations]] — MetaDAO is the canonical case