m3taversal
1d8f936726
Adds complete proposal text to all 28 MetaDAO governance records that previously had only hand-built summaries. This was the original batch from PR #1748 that was closed without merge due to rebase conflict. Records updated: - Proposals 1-15: LST vote market, Autocrat migrations (v01/v02), Saber vote market, spot market creation, AMM program, multi-option proposals, OTC trades (Ben Hawkins, Pantera, Colosseum), Dutch auction, burn 99.3% META, FaaS development, benevolent dictators, compensation - Proposals 16-36: Fundraise 2, Q3 roadmap, create Futardio, services agreement, hire Advaith, swap ISC, hire Robin Hanson, token split, release launchpad, OTC Theia, migrate META token, fund futarchy research Source: inbox/archive/internet-finance/ proposal archives from futard.io Pentagon-Agent: Rio <5551F5AF-0C5C-429F-8915-1FE74A00E019>
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3.8 KiB
Markdown
90 lines
No EOL
3.8 KiB
Markdown
---
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type: decision
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entity_type: decision_market
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name: "MetaDAO: Swap $150,000 into ISC?"
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domain: internet-finance
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status: failed
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parent_entity: "[[metadao]]"
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platform: "futardio"
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proposer: "@Richard_ISC"
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proposal_url: "https://v1.metadao.fi/metadao/trade/Gp3ANMRTdGLPNeMGFUrzVFaodouwJSEXHbg5rFUi9roJ"
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proposal_date: 2024-10-30
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resolution_date: 2024-11-03
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category: "treasury"
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summary: "Proposal to convert $150,000 USDC (6.8% of treasury) into ISC stablecoin to hedge against dollar devaluation"
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tracked_by: rio
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created: 2026-03-11
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---
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# MetaDAO: Swap $150,000 into ISC?
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## Summary
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MetaDAO proposed converting $150,000 USDC (approximately 6.8% of its $2.2M treasury) into ISC, a Solana-native inflation-resistant stablecoin. The proposal argued that holding USD exposes the DAO to devaluation risk (17.8% loss since 2020) and that ISC's basket-collateralized design (20% each: cash, commodities, treasuries, bonds, equities) provides better value preservation. The proposal failed.
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## Market Data
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- **Outcome:** Failed
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- **Proposer:** @Richard_ISC (ISC team member)
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- **Treasury Context:** MetaDAO held ~$2.2M USDC at proposal time
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- **Proposed Allocation:** 6.8% of treasury
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- **Execution Plan:** DCA order on Jupiter (10 orders over 10 hours, $15K each, price range $1.70-$1.90)
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## Significance
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This proposal represents an early test case for DAO treasury diversification into alternative stablecoins through futarchy governance. The failure suggests either:
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1. Market skepticism about ISC's value proposition relative to USDC
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2. Risk aversion to allocating treasury to a smaller, newer stablecoin
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3. Concerns about the proposer's conflict of interest (ISC team member)
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The proposal included a reciprocal governance commitment: ISC would use MetaDAO futarchy for its own governance decisions (removing freeze authority, basket composition changes), positioning this as a potential partnership rather than pure treasury management.
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## Relationship to KB
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- [[metadao]] - treasury management decision
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- [[MetaDAOs futarchy implementation shows limited trading volume in uncontested decisions]] - relevant to understanding market participation patterns
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## Full Proposal Text
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*Source: futard.io, tabled 2024-10-30*
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**Type**
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Operations Direct Action
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**Author(s)**
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@Richard_ISC
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**Overview**
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MetaDAO has approximately \$2.2M in USDC in its treasury.
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This poses a risk to the DAO given that the US Dollar has been losing value at an increasing rate. The dollar has lost 17.8% of its value since 2020. Due to the debt situation, we don't expect this to be resolved soon, if ever.
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\$ISC was built specifically to solve this issue. ISC is an inflation-resistant stable currency built on Solana. It was launched at the Solana Hacker House in HCMC on 2023-03-17 at a price of \$1.545. It is now trading at \$1.81.
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Not pegged to USD, ISC is collateralized by a basket of financial assets. This basket consists of 20% cash, 20% commodities, 20% treasuries, 20% bonds, and 20% equities.
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If the proposal passes, MetaDAO will swap 150,000 USDC of its treasury (~6.8%) for ISC.
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Details:
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MetaDAO would execute a DCA order on jup.ag using the following parameters:
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Amount: 150,000 USDC
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To buy: ISC
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Every: 1 hours
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Over: 10 orders
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Min price: 1.7
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Max Price: 1.9
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The ISC team would encourage other DAOs to use MetaDAO Futarchy for similar treasury swap proposals. This could easily turn into a win-win-win.
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Once the ISC DAO is set up, ISC would commit to use MetaDAO for part of its governance. Example proposals that we have in mind:
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- Remove Freeze authority
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- Changes in the basket
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Potential advantages:
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- MetaDAO maintains its treasury value over time
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- Promotes other new Solana-native projects
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- Showcase a simple Futarchy proposal for other DAOs to follow
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Potential pitfalls:
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- ISC is still small and early compared to USDC
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- ISC could lose value to the USD |