m3taversal
0a95c028cc
New decision records with full proposal text for projects that previously had zero governance documentation in the KB. Omnipair (4): - OMFG-001: Increase Allowance to $50K/mo (Passed, 2025-10-03) - OMFG-002: Fund Security Audits $64K (Passed, 2025-10-31) - OMFG-003: Migrate to V0.6 (Passed, 2026-02-16) - OMFG-004: Strategic Ecosystem Investment $20K (Passed, 2026-03-12) Ranger (3): - ICO Launch: $86.4M committed, $6M min (Complete, 2026-01-06) - $2M Buyback at NAV (Passed, 2026-01-12) - Liquidation: contested, citing misrepresentation (Passed, 2026-03-02) Solomon (3): - ICO Launch: $102.9M committed, $8M raised (Complete, 2025-11-14) - DP-00001: Treasury Subcommittee + $150K Legal (Passed, 2026-03-05) - DP-00002: SOLO Acquisition + Incentives Reserve (Passed, 2026-03-13) Loyal (3): - ICO Launch: $75.9M committed (Complete, 2025-10-18) - $1.5M Buyback at NAV (Passed, 2025-11-26) - Liquidity Adjustment: burn 810K tokens (Passed, 2025-12-23) ZKLSOL (4): - ICO Launch: $969K raised (Complete, 2025-10-20) - Burn Team Performance Package (Passed, 2025-11-22) - $200K Buyback (Passed, 2026-01-16) - Restructuring Proposal (Passed, 2026-02-07) Umbra (3): - ICO Launch: $154.9M committed, $3M raised (Complete, 2025-10-06) - UMBRA-001: Fund Security Audits $105K (Passed, 2025-11-12) - Road to Mainnet operational expansion (Passed, 2026-01-13) Futardio cult (3): - ICO Launch: $11.4M committed (Complete, 2026-03-03) - FUTARDIO-001: Omnibus — 90% token burn + $50/mo spend (Passed, 2026-03-04) - $10K Meteora DLMM Liquidity Pool (Passed, 2026-03-17) Kyros (1): - Burn 4.42M unclaimed airdrop tokens (Passed, 2026-01-13) Jito DAO (1): - JTO Vault / TipRouter NCN per JIP-10 (Passed, 2025-01-13) Marinade (1): - SAM Bid Routing to MNDE Stakers per MIP.5 (Passed, 2025-02-04) Pentagon-Agent: Rio <5551F5AF-0C5C-429F-8915-1FE74A00E019>
76 lines
4 KiB
Markdown
76 lines
4 KiB
Markdown
---
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type: decision
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entity_type: decision_market
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name: "mtnCapital: Wind Down Operations"
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domain: internet-finance
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status: passed
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parent_entity: "[[mtncapital]]"
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platform: metadao
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proposal_date: 2025-09
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resolution_date: 2025-09
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category: liquidation
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summary: "First MetaDAO futarchy-governed liquidation — community voted to wind down operations and return capital at ~$0.604/MTN redemption rate"
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tracked_by: rio
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created: 2026-03-20
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---
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# mtnCapital: Wind Down Operations
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## Summary
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The mtnCapital community voted via futarchy to wind down the fund's operations and return treasury capital to token holders. This was the **first futarchy-governed liquidation** on MetaDAO, preceding the Ranger Finance liquidation by approximately 6 months.
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## Market Data
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- **Outcome:** Passed (wind-down approved)
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- **Redemption rate:** ~$0.604 per $MTN
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- **Duration:** ~September 2025
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## Evidence: NAV Arbitrage in Practice
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Theia Research executed the textbook NAV arbitrage strategy:
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- Bought 297K $MTN at average price of ~$0.485 (below redemption value)
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- Voted for wind-down via futarchy
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- Redeemed at ~$0.604 per token
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- Profit: ~$35K
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This demonstrates the mechanism described in [[decision markets make majority theft unprofitable through conditional token arbitrage]] working in reverse — the same arbitrage dynamics that prevent value extraction ALSO create a price floor at NAV. When token price < redemption value, rational actors buy and vote to liquidate, guaranteeing profit and enforcing the floor.
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@arihantbansal confirmed the mechanism works at small scale too: traded $100 in the pass market of the wind-down proposal, redeemed for $101 — "only possible with futarchy."
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## Manipulation Concerns
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@_Dean_Machine (Nov 2025) flagged potential exploitation: "someone has been taking advantage, going as far back as the mtnCapital raise, trading, and redemption." Whether this constitutes manipulation or informed arbitrage correcting a mispricing depends on whether participants had material non-public information about the wind-down timing.
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## Significance
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1. **Orderly liquidation is possible.** Capital returned through futarchy mechanism without legal proceedings or team absconding.
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2. **NAV floor is real.** The arbitrage opportunity (buy below NAV → vote to liquidate → redeem at NAV) was executed profitably.
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3. **Liquidation sequence.** mtnCapital (orderly wind-down, ~Sep 2025) → Hurupay (failed minimum, Feb 2026) → Ranger Finance (contested liquidation, Mar 2026) — three different failure modes, all handled through the futarchy mechanism.
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## Relationship to KB
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- [[mtncapital]] — parent entity
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- [[decision markets make majority theft unprofitable through conditional token arbitrage]] — NAV arbitrage is empirical confirmation
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- [[futarchy-governed liquidation is the enforcement mechanism that makes unruggable ICOs credible because investors can force full treasury return when teams materially misrepresent]] — first live test
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- [[futarchy is manipulation-resistant because attack attempts create profitable opportunities for defenders]] — manipulation concerns test this claim
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## Full Proposal Text
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*Source: on-chain governance records, ~September 2025*
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First futarchy-governed liquidation on MetaDAO. Community voted to wind down mtnCapital operations and return treasury capital to token holders.
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**Redemption Rate:** ~$0.604 per $MTN token.
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**NAV Arbitrage Evidence:**
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- Theia Research purchased 297K $MTN at ~$0.485 (below redemption value)
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- Voted for wind-down via futarchy
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- Redeemed at ~$0.604
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- Profit: ~$35K on the arbitrage
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**Small-scale confirmation:** @arihantbansal traded $100 in pass market, redeemed for $101.
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**Manipulation concerns:** @_Dean_Machine flagged potential exploitation (Nov 2025), noting "someone has been taking advantage, going as far back as the mtnCapital raise, trading, and redemption."
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**Three-part liquidation sequence on MetaDAO:**
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1. mtnCapital (orderly wind-down, ~Sep 2025)
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2. Hurupay (failed minimum, Feb 2026)
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3. Ranger Finance (contested liquidation, Mar 2026)
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