---
type: entity
entity_type: decision_market
name: "MetaDAO: Create Spot Market for META?"
domain: internet-finance
status: passed
parent_entity: "[[metadao]]"
platform: "futardio"
proposer: "HfFi634cyurmVVDr9frwu4MjGLJzz9XbAJz981HdVaNz"
proposal_url: "https://www.futard.io/proposal/9ABv3Phb44BNF4VFteSi9qcWEyABdnRqkorNuNtzdh2b"
proposal_date: 2024-01-12
resolution_date: 2024-01-18
category: "treasury"
summary: "Proposal to create public spot market for $META tokens through token sale at TWAP-based pricing with $75K hard cap and liquidity pool creation"
key_metrics:
  hard_cap: "$75,000"
  lp_allocation: "~$35,000"
  sale_price_mechanism: "TWAP of passing proposal"
  autocrat_version: "0.1"
tracked_by: rio
created: 2026-03-11
---

# MetaDAO: Create Spot Market for META?

## Summary
Proposal #3 sought to establish the first public spot market for $META tokens, enabling broader token access and liquidity. The sale structure used futarchy's own pricing mechanism: tokens would be sold at the TWAP of the passing proposal itself, creating a self-referential market pricing system. Approximately $35,000 of proceeds would seed a liquidity pool, with remaining funds allocated to operational reserves in $SOL.

## Market Data
- **Outcome:** Passed
- **Proposer:** HfFi634cyurmVVDr9frwu4MjGLJzz9XbAJz981HdVaNz
- **Proposal Account:** 9ABv3Phb44BNF4VFteSi9qcWEyABdnRqkorNuNtzdh2b
- **DAO Account:** 7J5yieabpMoiN3LrdfJnRjQiXHgi7f47UuMnyMyR78yy
- **Autocrat Version:** 0.1
- **Timeline:** Created 2024-01-12, Completed 2024-01-18

## Significance
This proposal demonstrates futarchy governing its own capital formation infrastructure. The TWAP-based pricing mechanism creates a recursive market structure where the decision market's output directly determines the token sale price. The proposal also encoded operational constraints: failure would have prevented public fundraising until March 12, 2024, showing how futarchy can handle time-sensitive treasury decisions with explicit contingency planning.

The $75K hard cap and structured LP allocation reveal that futarchy selects among pre-designed financial architectures rather than generating treasury structures from scratch—market mechanisms choose between options, but traditional financial planning still defines those options.

## Relationship to KB
- [[metadao]] - treasury governance decision
- [[MetaDAOs Autocrat program implements futarchy through conditional token markets where proposals create parallel pass and fail universes settled by time-weighted average price over a three-day window]] - TWAP pricing mechanism in practice
- [[futarchy-governed DAOs converge on traditional corporate governance scaffolding for treasury operations because market mechanisms alone cannot provide operational security and legal compliance]] - treasury structure design