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teleo-codex/entities/internet-finance/metadao.md
m3taversal 57f805602a rio: update metadao entity with Key Decisions table + mark 8 source archives processed 
- What: Added Key Decisions table to metadao.md linking all 10 decision_market entities. Updated 8 unprocessed source archives to status: processed. Added entity enrichment notes to 2 already-processed sources.
- Why: Closes the extraction loop — every source has clear provenance of what was produced from it.

Pentagon-Agent: Rio <760F7FE7-5D50-4C2E-8B7C-9F1A8FEE8A46>
2026-03-11 21:10:41 +00:00

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type entity_type name domain handles website status tracked_by created last_updated founded founders category stage key_metrics competitors built_on tags
entity company MetaDAO internet-finance
@MetaDAOProject
https://metadao.fi active rio 2026-03-11 2026-03-11 2023-01-01
proph3t
Futarchy governance protocol + ownership coin launchpad (Solana) growth
meta_price market_cap ecosystem_market_cap total_revenue total_equity runway icos_facilitated ecosystem_launches futarchic_amm_lp_share proposal_volume
~$3.78 (March 2026) ~$85.7M $219M total ($69M non-META) $3.1M+ (Q4 2025: $2.51M — 54% Futarchy AMM, 46% Meteora LP) $16.5M (up from $4M in Q3 2025) 15+ quarters at ~$783K/quarter burn 8 on MetaDAO proper (through Dec 2025), raising $25.6M total 45 (via Futardio) ~20% of each project's token supply $3.6M Q4 2025 (up from $205K in Q3)
snapshot
tally
Solana
futarchy
decision-markets
ownership-coins
governance
launchpad

MetaDAO

Overview

The futarchy governance protocol on Solana. Implements decision markets through Autocrat — a system where proposals create parallel pass/fail token universes settled by time-weighted average price over a three-day window. Also operates as a launchpad for ownership coins through Futardio (unruggable ICOs). The first platform for futarchy-governed organizations at scale.

Current State

  • Autocrat: Conditional token markets for governance decisions. Proposals create pass/fail universes; TWAP settlement over 3 days.
  • Futardio: Unruggable ICO launch platform. Projects raise capital through the MetaDAO ecosystem with futarchy-governed accountability. Replaced the original uncapped pro-rata mechanism that caused massive overbidding (Umbra: $155M committed for $3M raise = 50x oversubscription; Solomon: $103M committed for $8M = 13x).
  • Futarchic AMM: Custom-built AMM for decision market trading. No fees for external LPs — all fees go to the protocol. ~20% of each project's token supply is in the Futarchic AMM LP. LP cannot be withdrawn during active markets.
  • Financial: $85.7M market cap, $219M ecosystem market cap ($69M non-META). Total revenue $3.1M+ (Q4 2025 alone: $2.51M). Total equity $16.5M, 15+ quarters runway.
  • Ecosystem: 8 curated ICOs raising $25.6M total (through Dec 2025) + 45 permissionless Futardio launches
  • Treasury: Active management via subcommittee proposals (see Solomon DP-00001). Omnibus proposal migrated ~90% of META liquidity into Futarchy AMM and burned ~60K META.
  • Known limitation: Limited trading volume in uncontested decisions — when community consensus is obvious, conditional markets add little information

Timeline

  • 2023 — MetaDAO founded by Proph3t
  • 2024 — Autocrat deployed; early governance proposals
  • 2025-10 — Futardio launches (Umbra is first launch, ~$155M committed)
  • 2025-11 — Solomon launches via Futardio ($103M committed for $8M raise)
  • 2026-02 — Futardio mechanism updated (unruggable ICO replacing pro-rata)
  • 2026-02/03 — Multiple new Futardio launches: Rock Game, Turtle Cove, VervePay, Open Music, SeekerVault, SuperClaw, LaunchPet, Seyf, Areal, Etnlio
  • 2026-03 — Ranger liquidation proposal; treasury subcommittee formation
  • 2026-03 — Pine Analytics Q4 2025 quarterly report published

Key Decisions

Date Proposal Proposer Category Outcome
2024-03-03 metadao-burn-993-percent-meta doctor.sol & rar3 Treasury Passed
2024-03-13 metadao-develop-faas 0xNallok Strategy Passed
2024-03-28 metadao-migrate-autocrat-v02 HenryE & Proph3t Mechanism Passed
2024-05-27 metadao-compensation-proph3t-nallok Proph3t & Nallok Hiring Passed
2024-06-26 metadao-fundraise-2 Proph3t Fundraise Passed
2024-11-21 metadao-create-futardio unknown Strategy Failed
2025-01-28 metadao-token-split-elastic-supply @aradtski Mechanism Failed
2025-02-10 metadao-hire-robin-hanson Proph3t Hiring Passed
2025-02-26 metadao-release-launchpad Proph3t & Kollan Strategy Passed
2025-08-07 metadao-migrate-meta-token Proph3t & Kollan Mechanism Passed

Competitive Position

  • First mover in futarchy-governed organizations at scale
  • No direct competitor for conditional-market governance on Solana
  • Indirect competitors: Snapshot (token voting, free, widely adopted), Tally (onchain governance, Ethereum-focused)
  • Structural advantage: the Futarchic AMM is purpose-built; no existing AMM can replicate conditional token market settlement
  • Key vulnerability: depends on ecosystem project quality. Failed launches (Ranger liquidation) damage platform credibility. Brand separation between MetaDAO platform and Futardio-launched projects is an active design challenge.

Investment Thesis

MetaDAO is the platform bet on futarchy as a governance mechanism. If decision markets prove superior to token voting (evidence: Stani Kulechov's DAO critique, convergence toward hybrid governance models), MetaDAO is the infrastructure layer that captures value from every futarchy-governed organization. Current risk: ecosystem quality varies widely, and limited trading volume in uncontested decisions raises questions about mechanism utility.

Thesis status: ACTIVE

Key Metrics to Track

  • % of total futarchic market volume (market share of decision markets)
  • Number of active projects with meaningful governance activity
  • Futardio launch success rate (projects still active vs liquidated/abandoned)
  • Committed-to-raised ratio on new launches (improving from 50x overbidding?)
  • Ecosystem token aggregate market cap

Relationship to KB

Relevant Entities:

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