---
type: entity
entity_type: protocol
name: Ranger Protocol
domain: internet-finance
status: liquidated
---

# Ranger Protocol

**Type:** Perpetual aggregator protocol  
**Chain:** Solana  
**Status:** Liquidated via futarchy governance (2026)  
**Fundraise:** $8M+ raised on MetaDAO platform  

## Overview

Ranger was marketed as the "first perp aggregator on Solana" and raised over $8 million through MetaDAO's futarchy-governed ICO platform.

## Timeline

- **2024-2025** — Raised $8M+ on MetaDAO as perpetual aggregator protocol
- **2026-03** — MetaDAO governance voted to shut down project and return funds
- **2026-03** — Liquidation executed: 5.047M USDC returned to unlocked RNGR holders (~$0.78 book value), IP returned to team

- **2026-03** — [[metadao-ranger-liquidation-2026-03]] Passed: Liquidation executed, 5.047M USDC returned to holders at ~$0.78 book value
## Significance

Ranger represents the first documented case of futarchy-governed liquidation executing as designed. The MetaDAO community voted to shut down the project and return remaining treasury funds to token holders, demonstrating the "unruggable ICO" mechanism in practice. The liquidation returned approximately $0.78 per dollar of book value to unlocked token holders.

## Sources

- @BetQuant: "Ranger — the 'first perp aggregator on Solana' that raised $8M+ on MetaDAO? Now MetaDAO is considering shutting the project down and returning f[unds]"
- @defiprime: "Result: liquidity pulled, 5.047M USDC returned to unlocked RNGR holders (~$0.78 book value), IP returned to the team. On-chain governance delivering capital return."