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type entity_type name domain status parent_entity platform proposer proposal_url proposal_date resolution_date category summary key_metrics tags tracked_by created last_updated
decision decision_market MetaDAO: Engage in $50,000 OTC Trade with Pantera Capital? internet-finance failed metadao metadao Pantera Capital, 0xNallok, 7Layer, Proph3t https://v1.metadao.fi/metadao/trade/H59VHchVsy8UVLotZLs7YaFv2FqTH5HAeXc4Y48kxieY 2024-02-18 2024-02-23 treasury Proposal 7 — Pantera Capital $50K OTC. Price = min((twapPass + twapFail)/2, $100). 20/80 vesting. Failed. First major institutional capital proposal rejected by futarchy.
proposal_number proposal_account autocrat_version offer_amount meta_spot_price circulating_supply
7 H59VHchVsy8UVLotZLs7YaFv2FqTH5HAeXc4Y48kxieY 0.1 $50,000 USDC $96.93 (2024-02-17) 14,530 META
metadao
otc
pantera
institutional
failed
rio 2026-03-11 2026-03-24

MetaDAO: Engage in $50,000 OTC Trade with Pantera Capital?

Summary & Connections

Proposal 7 — Pantera Capital's OTC attempt, failed. $50K USDC for META at min((twapPass + twapFail)/2, $100). 20% immediate, 80% linear vest 12 months. META spot was $96.93, so the $100 cap meant Pantera could buy near or below spot. The market said no.

Outcome: Failed (2024-02-23). Concurrent with Ben Hawkins $100K (Proposal 8, also failed). Three deals rejected in one week.

Connections:

  • First major institutional name (Pantera Capital) to propose a MetaDAO OTC — rejection shows futarchy treats all capital equally regardless of brand
  • The pricing formula min((twapPass + twapFail)/2, $100) averages pass and fail TWAPs with a $100 cap — more conservative than Hawkins's max(TWAP, $200) formula
  • Three concurrent rejections (this + Hawkins x2) suggest broad anti-dilution sentiment, not deal-specific objections
  • Compare with later Colosseum deal (Proposal 13, at-market, passed) and Theia deals (premium, passed) — the market consistently rejects at-or-below-market deals and accepts premium deals

Full Proposal Text

Drafted with support from: Pantera Capital, 0xNallok, 7Layer, and Proph3t

Overview

  • Pantera Capital wishes to acquire {tbd} META (METADDFL6wWMWEoKTFJwcThTbUmtarRJZjRpzUvkxhr) from The Meta-DAO (ADCCEAbH8eixGj5t73vb4sKecSKo7ndgDSuWGvER4Loy)

  • The price per META shall be determined upon passing of the proposal and the lesser of the average TWAP price of the pass / fail market and $100

    ppM = min((twapPass + twapFail) / 2, 100)

  • A total of $50,000 USDC (EPjFWdd5AufqSSqeM2qN1xzybapC8G4wEGGkZwyTDt1v) will be committed by Pantera Capital

  • The Meta-DAO will transfer 20% of the final allocation of META to the Pantera wallet immediately and place 80% of the final allocation of META into a 12 month, linear vest Streamflow program

Rationale

Pantera views this investment as a strategic partnership and an opportunity to show support for The Meta-DAO, which is spearheading innovation in decentralized governance. Pantera has invested in the blockchain and crypto ecosystem heavily and looks forward to its long term promise. It views its acquisition of META as an opportunity to test futarchy's potential as an improved system for decentralized governance and provide meaningful feedback for accelerating its development and adoption across the crypto ecosystem.

There is a specific interest in Solana as a proving ground for innovative products and services for blockchain technology, and Pantera desires more direct exposure to the Solana ecosystem.

With respect to the investment, Pantera holds the perspective that The Meta-DAO may be an ideal community within Solana for soliciting additional deal flow. It also highlights support for innovation in the space of governance, support for Solana projects, and a belief that fundamentally, futarchy has a reasonable chance of success.

Execution

The proposal contains the instruction for a transfer 1,000 META into a multisignature wallet BtNPTBX1XkFCwazDJ6ZkK3hcUsomm1RPcfmtUrP6wd2K with a 5/7 threshold of which the following parties will be members:

  • Pantera Capital (6S5LQhggSTjm6gGWrTBiQkQbz3F7JB5CtJZZLMZp2XNE)
  • Pantera Capital (4kjRZzWWRZGBto2iKB6V7dYdWuMRtSFYbiUnE2VfppXw)
  • 0xNallok (4LpE9Lxqb4jYYh8jA8oDhsGDKPNBNkcoXobbAJTa3pWw)
  • MetaProph3t (65U66fcYuNfqN12vzateJhZ4bgDuxFWN9gMwraeQKByg)
  • Dodecahedr0x (UuGEwN9aeh676ufphbavfssWVxH7BJCqacq1RYhco8e)
  • Durden (91NjPFfJxQw2FRJvyuQUQsdh9mBGPeGPuNavt7nMLTQj)
  • Blockchainfixesthis (HKcXZAkT4ec2VBzGNxazWhpV7BTk3frQpSufpaNoho3D)

The multisig members instructions are as follows:

  • Accept receipt of META into the multisig as defined by on chain instruction
  • Accept the full USDC amount of $50,000 from Pantera Capital into the multisig
  • Determine and publish the price per META according to the definition above
  • Confirmation from two parties within The Meta-DAO that the balances exist and are in full
  • Take $50,000 / calculated per META and determine final allocation quantity of META
  • Transfer 20% of the final allocation of META to Pantera's address FLzqFMQo2KmsenkMP4Y82kYVnKTJJfahTJUWUDSp2ZX5
  • Configure a 12 month Streamflow vesting program with a linear vest
  • Transfer 80% of the final allocation of META into the Streamflow program
  • Return any remaining META to the DAO treasury

ROI to META

The proposal evaluates a net increase in value to META by bringing on a strategic partner such as Pantera which would boost visibility and afford some cash holdings. This proposal speculates a ~25% increase in META value due to the high profile of Pantera and their offering of strategic resources to the project.

Details
META Spot Price 2024-02-17 15:58 UTC $96.93
META Circulating Supply 2024-02-17 15:58 UTC 14,530
Offer Price ${TBD}
Offer META {TBD}
Offer USDC $50,000

Pre-money valuations at different prices:

  • $50: $726,000
  • $60: $871,800
  • $70: $1,017,000
  • $80: $1,162,400
  • $90: $1,307,700
  • $100: $1,453,000

Raw Data

  • Proposal account: H59VHchVsy8UVLotZLs7YaFv2FqTH5HAeXc4Y48kxieY
  • Proposal number: 7
  • DAO account: 7J5yieabpMoiN3LrdfJnRjQiXHgi7f47UuMnyMyR78yy
  • Proposer: HfFi634cyurmVVDr9frwu4MjGLJzz9XbAJz981HdVaNz
  • Autocrat version: 0.1
  • Completed: 2024-02-23

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