f70720aa78
- 131 sources → processed (matched to decisions/entities by proposal hash) - 72 sources → null-result (test/spam) - 109 sources → null-result (futardio unmatched, no KB output) - 91 sources kept unprocessed (genuine backlog: health, ai-alignment, space-dev, etc.) - 117 decisions get source_archive backlinks - 131 archive sources get derived_items forward links - Linking pattern: frontmatter only, file paths as identifiers (Ganymede Option A) Script: reconcile-sources.py (proposal hash matching + entity name matching) Co-Authored-By: Epimetheus <noreply@pentagon.ai>
4.6 KiB
| type | entity_type | name | domain | status | parent_entity | platform | proposer | proposal_url | proposal_date | resolution_date | category | summary | tracked_by | created | source_archive |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| decision | decision_market | Ranger: Liquidate Ranger Finance | internet-finance | passed | ranger-finance | futardio | Group of RNGR tokenholders | https://www.metadao.fi/projects/ranger/proposal/DPATwR2HLcGZCBZCTffzagV4r7dp5FF2C9aJmiuCDUpS | 2026-03-02 | 2026-03-05 | liquidation | Tokenholders voted to liquidate Ranger Finance citing material misrepresentations about revenue and product-market fit — treasury USDC returned to holders, IP returned to team | rio | 2026-03-24 | inbox/archive/2026-03-02-futardio-proposal-liquidate-ranger-finance.md |
Ranger: Liquidate Ranger Finance
Summary
Group of RNGR tokenholders proposed full liquidation of Ranger Finance, alleging the team made material misrepresentations about business metrics to entice investment. Key allegations: co-founder stated "$5B volume → $2M revenue" for 2025, but on-chain analysis showed ~$2B volume and ~$500K revenue, with volume and revenue down 90%+ between ICO announcement (Nov 2025) and the presentation (Dec 2025). Activity dropped to near-zero post-ICO announcement, indicating users were points farmers not organic users. The proposal nullified the prior 90-day buyback cooldown.
Market Data
- Outcome: Passed
- Proposal Account: DPATwR2HLcGZCBZCTffzagV4r7dp5FF2C9aJmiuCDUpS
- Duration: 2026-03-02 to ~2026-03-05
- Treasury USDC: ~$3.5M
- Expected book value: $0.75-$0.82 per RNGR
- Eligible tokens: ~5.8-6.4M RNGR (excludes locked team, out-of-range LP, buyback tokens)
Liquidation Structure
- Remove all RNGR/USDC liquidity from futarchyAMM
- Snapshot vested token balances 1 week after voting ends
- Calculate book value per token from treasury USDC + LP USDC
- Open redemption for tokenholders at book value
- Return all IP, trademarks, source code to Glint House PTE. LTD
- Unclaimed USDC after 18 months at MetaDAO team's discretion
Significance
Third futarchy-governed liquidation on MetaDAO (after mtnCapital and Hurupay), but the first contested liquidation where tokenholders allege material misrepresentation. This is the strongest test of futarchy-governed investor protection: the market mechanism allowed investors to force full treasury return when they believed the team broke trust. The proposal explicitly overrode the 90-day cooldown from the previous buyback proposal, demonstrating that futarchy can override its own prior decisions when new evidence emerges.
The detailed on-chain evidence (Dune queries, Discord screenshots, timeline analysis) presented in the proposal shows the level of due diligence possible when governance is transparent and data is on-chain.
Relationship to KB
- ranger-finance — parent entity, liquidation event
- futarchy-governed liquidation is the enforcement mechanism that makes unruggable ICOs credible because investors can force full treasury return when teams materially misrepresent — strongest evidence
- futarchy can override its own prior decisions when new evidence emerges because conditional markets re-evaluate proposals against current information not historical commitments — overrode 90-day cooldown
- ownership coins primary value proposition is investor protection not governance quality because anti-rug enforcement through market-governed liquidation creates credible exit guarantees that no amount of decision optimization can match — liquidation as investor protection
Full Proposal Text
Source: metadao.fi, tabled 2026-03-02. Authors: Group of RNGR tokenholders.
Since the ICO concluded, it's become clear that: (1) the Ranger team made material misrepresentations about their business, and (2) the business was predicated on points farming, not organic activity.
Key evidence: In a presentation, Ranger co-founder FA2 stated "Current stats: we are close to doing $5 billion in volume this year and next year we are targeting to do $100 billion in volume" with a slide showing "2025: $5b volume → $2m revenue". On-chain analysis shows volume was ~$2B and revenue ~$500K, with volume/revenue down 90%+ between ICO announcement and presentation. Multiple team members repeated the $2M revenue figure without correction.
Activity across perps and spot declined to near-zero following the ICO announcement, indicating "users" were points farmers not organic users.
Proposed plan: remove LP, snapshot vested balances, calculate book value, open redemption. Treasury USDC: ~$3.5M. Expected book value: $0.75-$0.82. Return all IP to Glint House PTE. LTD.