teleo-codex/decisions/internet-finance/metadao-migrate-meta-token.md

type	entity_type	name	domain	status	tracked_by	created	last_updated	parent_entity	platform	proposer	proposal_url	proposal_date	resolution_date	category	summary	tags
decision	decision_market	MetaDAO: Migrate META Token	internet-finance	passed	rio	2026-03-11	2026-03-11	metadao	futardio	Proph3t & Kollan	https://v1.metadao.fi/metadao/trade/4grb3pea8ZSqE3ghx76Fn43Q97mAh64XjgwL9AXaB3Pe	2025-08-07	2025-08-10	mechanism	1:1000 token split, mintable supply, new DAO v0.5 (Squads), LP fee reduction from 4% to 0.5%	futarchy token-migration elastic-supply squads meta-token

MetaDAO: Migrate META Token

Summary

Migration from METAC (unmintable, ~20K supply) to new META token (mintable, ~20.86M supply via 1:1000 split). Mint and update authority transferred to new DAO governed via Squads vault (v0.5). Protocol-owned liquidity fee reduced from 4% to 0.5%. New DAO passing threshold reduced to 1.5%, monthly spending limit set at $120K. Migration contract deployed as permanent one-way conversion. New META token: METAwkXcqyXKy1AtsSgJ8JiUHwGCafnZL38n3vYmeta. New DAO: Bc3pKPnSbSX8W2hTXbsFsybh1GeRtu3Qqpfu9ZLxg6Km.

Market Data

• Outcome: Passed (2025-08-10)
• Autocrat version: 0.3
• Key participants: Proph3t (co-author), Kollan (co-author)

Significance

This is the resolution of the mintable-token saga that began with the 99.3% burn (metadao-burn-993-percent-meta), continued through the failed community proposal (metadao-token-split-elastic-supply), and culminated here. The DAO's treasury was exhausted (as the burn had predicted), forcing the migration to mintable tokens.

Key architectural decisions: (1) mint authority to DAO governance, not any multisig — "market-driven issuance" as extension of market-driven decision-making; (2) Squads integration for operational security; (3) LP fee reduction from 4% to 0.5% anticipating the custom Futarchic AMM; (4) permanent migration contract with unlimited conversion window, avoiding forced timelines.

The proposal explicitly frames mintable supply as philosophically consistent with futarchy: "Futarchy is market-driven decision making. To stay true to that principle, it also requires market-driven issuance." This is the strongest empirical evidence for the claim that futarchy DAOs require mintable governance tokens — the fixed-supply model broke in practice.

Relationship to KB

• metadao — token architecture migration
• metadao-burn-993-percent-meta — the burn that created the need for this migration
• metadao-token-split-elastic-supply — the earlier failed community version
• futarchy-daos-require-mintable-governance-tokens-because-fixed-supply-treasuries-exhaust-without-issuance-authority-forcing-disruptive-token-architecture-migrations — primary evidence for this claim
• futarchy adoption faces friction from token price psychology proposal complexity and liquidity requirements — 1:1000 split addresses unit bias

---

Relevant Entities:

• metadao — parent organization
• proph3t — co-author

Topics:

• internet finance and decision markets

Full Proposal Text

Source: futard.io, tabled 2025-08-07

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

• This proposal includes a transfer instruction for the new DAO to take custody of onchain assets, including:
  • 1.2M USDC from account C6DaJNGP1Xsd1seePqn8BPfQWMxsbBoUSf6Kbagmta2T to account BxgkvRwqzYFWuDbRjfTYfgTtb41NaFw1aQ3129F79eBT
• Transfer the remaining USDC (minus funds used for proposal creation) from 6awyHMshBGVjJ3ozdSJdyyDE1CTAXUwrpNMaRGMsb4sf to the new Squads treasury
• Notify LPs to withdraw liquidity from the existing pools
• Withdraw protocol-owned liquidity from Meteora
• Migrate liquidity to a new AMM LP with:
  • 0.5% fee tier
  • Initial price set at time of liquidity removal
• Launch the migration frontend upon passing
  • Supports frontend and script-based interactions
• Update token information across:
  • CoinMarketCap
  • CoinGecko
  • Blockworks
• Update internal systems (UI, SDKs, tools)
• Notify tokenholders and custodians with clear instructions
• Announce each milestone publicly as it's completed

References

• New META token with 20,865,160.717538 supply METAwkXcqyXKy1AtsSgJ8JiUHwGCafnZL38n3vYmeta

• Launch a new v0.5 DAO using META as its base_token

  • Bc3pKPnSbSX8W2hTXbsFsybh1GeRtu3Qqpfu9ZLxg6Km
  • Reduced passing threshold to 1.5%
  • Established a 120k USDC spending limit monthly
    • Expected burn is ~$80k, with max previously $120k

• Transferred mint and update authority for META to the new DAO controlled Squads vault

  • BxgkvRwqzYFWuDbRjfTYfgTtb41NaFw1aQ3129F79eBT

• Deploy a permanent migration contract that accepts METAC and releases META 1:1000

  • Program gr8tqq2ripsM6N46gLWpSDXtdrH6J9jaXoyya1ELC9t
  • Deployment 4viadAyxnRpHyW2g2NEzjLwGGgLTQK2QBmniJJqXWpXN

• Meteora Protocol Owned Liquidity

• Current MetaDAO Treasury (Solana Explorer)

• METAC Token on Solscan

• META Token on Solscan

• MetaDAO on CoinMarketCap

• MetaDAO on CoinGecko