m3taversal
c3dfbf12a3
- What: Rewrote 10 existing decision records with full verbatim proposal text, Summary & Connections sections, correct v1.metadao.fi URLs, and on-chain metadata - Records rewritten: 1. Ben Hawkins $50K OTC (Proposal 6, failed) — canonical manipulation resistance evidence 2. Pantera Capital $50K OTC (Proposal 7, failed) — first institutional rejection 3. Colosseum $250K OTC (Proposal 13, passed) — first successful OTC, hackathon pipeline 4. Theia $500K OTC (Proposal 10, passed) — 14% premium, active governance commitment 5. Proph3t/Nallok Compensation (Proposal 2, passed) — convex payout with utility theory 6. Burn 99.3% META (Proposal 11, passed) — radical treasury restructuring, FDV fix 7. Develop AMM (Proposal 4, passed) — origin of Futarchy AMM core infrastructure 8. Develop FaaS (Proposal, passed) — platform expansion to multi-DAO, $96K budget 9. Benevolent Dictators (Proposal 14, passed) — emergency executive authority via futarchy 10. Fundraise #2 (Proposal 3, passed) — $1.5M raise, no discount, no lockup - Pattern: Full OTC sequence shows market rejects discount deals, accepts premium deals — consistent mechanism for distinguishing extractive vs aligned capital Pentagon-Agent: Rio <5551F5AF-0C5C-429F-8915-1FE74A00E019>
80 lines
5.1 KiB
Markdown
80 lines
5.1 KiB
Markdown
---
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type: decision
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entity_type: decision_market
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name: "MetaDAO: Approve Fundraise #2"
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domain: internet-finance
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status: passed
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parent_entity: "[[metadao]]"
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platform: metadao
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proposer: "Proph3t"
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proposal_url: "https://v1.metadao.fi/metadao/trade/9BMRY1HBe61MJoKEd9AAW5iNQyws2vGK6vuL49oR3AzX"
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proposal_date: 2024-06-26
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resolution_date: 2024-06-30
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category: fundraise
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summary: "Proposal 3 (Autocrat v0.3) — Raise $1.5M by selling up to 4,000 META to VCs and angels. No discount, no lockup. Minimum price $375 ($7.81M FDV floor). Proph3t and Nallok execute sale with discretion on terms."
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key_metrics:
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proposal_number: 3
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proposal_account: "9BMRY1HBe61MJoKEd9AAW5iNQyws2vGK6vuL49oR3AzX"
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autocrat_version: "0.3"
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raise_target: "$1,500,000"
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max_meta_sold: "4,000 META"
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min_price: "$375/META"
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implied_min_fdv: "$7,810,000"
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burn_rate: "$1,380,000/year"
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tags: [metadao, fundraise, vc, angels, capital-formation, passed]
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tracked_by: rio
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created: 2026-03-11
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last_updated: 2026-03-24
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---
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# MetaDAO: Approve Fundraise #2
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## Summary & Connections
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**Proposal 3 (Autocrat v0.3) — MetaDAO's second capital raise.** Sell up to 4,000 META to VCs and angels for $1.5M. No discount, no lockup. Minimum price $375/META ($7.81M FDV floor). Proph3t and Nallok execute with discretion on allocation, terms, and whether to raise more than $1.5M. Funds custodied in multisig, released at $100K/month.
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**Outcome:** Passed (2024-06-30).
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**Connections:**
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- Context: MetaDAO had just launched FaaS with Drift, Dean's List, and FutureDAO three weeks prior. The raise was to fund a team to scale this: 3 engineers ($190K each), audits ($300K), growth ($150K), office ($80K) + founders ($90K each) = $1.38M/year burn
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- "No discount and no lockup" — the exact opposite of the VC discount that the market would later reject ([[metadao-vc-discount-rejection]]). The founders chose to sell at market price to all participants. This set the precedent for MetaDAO's "no sweetheart VC deals" ethos.
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- $100K/month release to DAO treasury from multisig — the same drip mechanism later formalized as the monthly allowance in STAMP agreements for futardio launches
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- The $375 minimum price floor ($7.81M FDV) is conservative given the Colosseum deal valued META at $468 three months earlier. The floor protects against selling too cheap in a downturn.
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- "Everyone who participates in the raise will get similar terms" — equal access, no tiered pricing. This is the philosophical foundation of the "unruggable ICO" model.
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---
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## Full Proposal Text
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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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---
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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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## Relationship to KB
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- [[metadao]] — parent entity, second capital raise
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- [[MetaDAO is the futarchy launchpad on Solana where projects raise capital through unruggable ICOs governed by conditional markets creating the first platform for ownership coins at scale]] — the "no discount, no lockup, similar terms" ethos starts here
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- [[metadao-vc-discount-rejection]] — later rejection of a 30% VC discount, consistent with this proposal's equal-access philosophy
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- [[internet capital markets compress fundraising from months to days because permissionless raises eliminate gatekeepers while futarchy replaces due diligence bottlenecks with real-time market pricing]] — early evidence of futarchy-governed capital formation
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