65 lines
3.4 KiB
Markdown
65 lines
3.4 KiB
Markdown
---
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type: source
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title: "Futardio: Approve MetaDAO Fundraise #2?"
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author: "futard.io"
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url: "https://www.futard.io/proposal/9BMRY1HBe61MJoKEd9AAW5iNQyws2vGK6vuL49oR3AzX"
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date: 2024-06-26
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domain: internet-finance
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format: data
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status: entity-data
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tags: [futardio, metadao, futarchy, solana, governance]
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event_type: proposal
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---
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## Proposal Details
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- Project: MetaDAO
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- Proposal: Approve MetaDAO Fundraise #2?
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- Status: Passed
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- Created: 2024-06-26
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- URL: https://www.futard.io/proposal/9BMRY1HBe61MJoKEd9AAW5iNQyws2vGK6vuL49oR3AzX
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- Description: Our goal is to hire a small team. Between us ($90k/yr each), three engineers ($190k/yr each), audits ($300k), office space ($80k/yr), a growth person ($150k/yr), and other administrative expenses ($100k/yr), we’re looking at a $1.38M burn rate.
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## Summary
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### 🎯 Key Points
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MetaDAO aims to raise $1.5M through the sale of up to 4,000 META tokens to fund growth initiatives, including hiring a team and developing decision markets for Solana DAOs.
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### 📊 Impact Analysis
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#### 👥 Stakeholder Impact
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The proposal affects stakeholders by providing funding for growth initiatives that could enhance the ecosystem for Solana DAOs.
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#### 📈 Upside Potential
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Successful fundraising could accelerate MetaDAO's growth and expand its offerings, increasing its value in the market.
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#### 📉 Risk Factors
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There is a risk of mismanagement or failure to execute the fundraising effectively, which could jeopardize the DAO's financial stability.
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## Content
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### Overview
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Three weeks ago, MetaDAO launched the futarchy protocol with Drift, Dean’s List, and Future. Our goal is to onboard more Solana DAOs. To do that, Nallok and I have a few ideas for growth initiatives, including:
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- Social: seeing who’s trading in the markets
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- NFTs: allowing NFT communities to leverage decision markets
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- Special contracts: creating custom financial contracts that make it easier to make grants decisions through decision markets
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To accelerate this, our goal is to hire a small team. Between us (\$90k/yr each), three engineers (\$190k/yr each), audits (\$300k), office space (\$80k/yr), a growth person (\$150k/yr), and other administrative expenses (\$100k/yr), we’re looking at a \$1.38M burn rate.
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To fund this, I’m proposing that the DAO raise \$1.5M by selling META to a combination of venture capitalists and angels. Specifically, we would sell up to 4,000 META with no discount and no lockup.
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Nallok and I would execute this sale on behalf of the DAO. To minimize the risk of a DAO attack, the money raised would be custodied by us in a multisig and released to the DAO treasury at a rate of $100k / month.
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The exact terms of the sale would be left to our discretion. This includes details such as who is given allocation, whether to raise more than \$1.5M, how escrow is managed, et cetera. However, we would be bound to a minimum price: \$375. Given that there’d be 20,823.5 META in the hands of the public (which includes VCs + angels) after this raise, this means we would be unable to sell tokens at less than a \$7.81M valuation.
Everyone who participates in the raise will get similar terms. We will make public who’s participated after it’s complete.
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## Raw Data
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- Proposal account: `9BMRY1HBe61MJoKEd9AAW5iNQyws2vGK6vuL49oR3AzX`
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- Proposal number: 3
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- DAO account: `CNMZgxYsQpygk8CLN9Su1igwXX2kHtcawaNAGuBPv3G9`
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- Proposer: `HfFi634cyurmVVDr9frwu4MjGLJzz9XbAJz981HdVaNz`
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- Autocrat version: 0.3
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- Completed: 2024-06-30
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- Ended: 2024-06-30
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