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teleo-codex/entities/internet-finance/metadao.md
Teleo Agents 2d10505528 rio: extract from 2026-00-00-crypto-trends-lessons-2026-ownership-coins.md 
- Source: inbox/archive/2026-00-00-crypto-trends-lessons-2026-ownership-coins.md
- Domain: internet-finance
- Extracted by: headless extraction cron (worker 3)

Pentagon-Agent: Rio <HEADLESS>
2026-03-12 08:26:23 +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 LP cannot be withdrawn during active markets.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

  • 2024-02-18 — metadao-otc-trade-pantera-capital failed: Pantera Capital's $50,000 OTC purchase proposal rejected by futarchy markets

  • 2026-00-00 — Multiple crypto research outlets (KuCoin, TechFlow, Bitget, Followin) identified MetaDAO as major 2026 investment thesis, citing 100% above-ICO survival rate vs Pump.fun's <0.5% as evidence of futarchy curation quality. Galaxy Digital framed ownership coins as combining 'economic, legal, and governance rights in one asset' with MetaDAO positioned as leading platform.

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

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