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- What: Entity profile for mtnCapital ($MTN) with ICO details, wind-down decision record (first futarchy liquidation), enrichments to conditional token arbitrage and unruggable ICO enforcement claims - Why: mtnCapital is the FIRST MetaDAO liquidation (pre-Ranger ~6 months). Theia profited ~$35K via NAV arbitrage. Establishes liquidation sequence: mtnCapital → Hurupay → Ranger across three failure modes. - Changes from v1: ICO details folded into entity (not a separate decision record — fundraises aren't decision markets), fixed broken wiki links, FDV flagged as uncertain per Cory's review - Source: X research (@jimistgeil, @arihantbansal, @donovanchoy, @TheiaResearch, @nonstopTheo, @Tiendientu_com) Pentagon-Agent: Rio <5551F5AF-0C5C-429F-8915-1FE74A00E019>
75 lines
4.3 KiB
Markdown
75 lines
4.3 KiB
Markdown
---
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type: entity
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entity_type: fund
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name: "mtnCapital"
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domain: internet-finance
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status: liquidated
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tracked_by: rio
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created: 2026-03-20
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last_updated: 2026-03-20
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tags: [metadao, futarchy, ico, liquidation, fund]
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token_symbol: "$MTN"
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parent: "[[metadao]]"
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launch_date: 2025-08
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amount_raised: "$5,760,000"
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built_on: ["Solana"]
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---
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# mtnCapital
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## Overview
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mtnCapital was a futarchy-governed investment fund launched through MetaDAO's permissioned launchpad. It raised approximately $5.76M USDC, all locked in the DAO treasury. The fund was subsequently wound down via futarchy governance vote (~Sep 2025), making it the **first MetaDAO project to be liquidated** — predating the Ranger Finance liquidation by approximately 6 months.
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## Current State
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- **Status:** Liquidated (wind-down completed via futarchy vote, ~September 2025)
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- **Token:** $MTN (token_mint unknown)
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- **Raise:** ~$5.76M USDC (all locked in DAO treasury)
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- **Launch FDV:** Unknown — one source (@cryptof4ck) cites $3.3M but this is unverified and would imply a substantial discount to NAV at launch
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- **Redemption price:** ~$0.604 per $MTN
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- **Post-liquidation:** Token still traded with minimal volume (~$79/day as of Nov 2025)
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## ICO Details
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Launched via MetaDAO's permissioned launchpad (~August 2025). All $5.76M raised was locked in the DAO treasury under futarchy governance. Token allocation details unknown. This was one of the earlier MetaDAO permissioned launches alongside Avici, Omnipair, Umbra, and Solomon Labs.
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## Timeline
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- **~2025-08** — Launched via MetaDAO permissioned ICO, raised ~$5.76M USDC
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- **2025-08 to 2025-09** — Trading period. At times traded above NAV.
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- **~2025-09** — Futarchy governance proposal to wind down operations passed. Capital returned to token holders at ~$0.604/MTN redemption rate. See [[mtncapital-wind-down]] for decision record.
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- **2025-09** — Theia Research profited ~$35K via NAV arbitrage (bought at avg $0.485, redeemed at $0.604)
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- **2025-11** — @_Dean_Machine flagged potential manipulation concerns "going as far back as the mtnCapital raise, trading, and redemption"
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- **2026-01** — @AK47ven listed mtnCapital among 5/8 MetaDAO launches still green since launch
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- **2026-03** — @donovanchoy cited mtnCapital as first in liquidation sequence: "mtnCapital was liquidated and returned capital, then Hurupay, now (possibly) Ranger"
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## Significance
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mtnCapital is the **first empirical test of the unruggable ICO enforcement mechanism**. The futarchy governance system approved a wind-down, capital was returned to investors, and the process was orderly. This establishes that:
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1. **Futarchy-governed liquidation works in practice** — mechanism moved from theoretical to empirically validated
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2. **NAV arbitrage creates a price floor** — Theia bought below redemption value and profited, confirming the arbitrage mechanism
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3. **The liquidation sequence matters** — mtnCapital (orderly wind-down) → Hurupay (refund, didn't reach minimum) → Ranger (contested liquidation with misrepresentation) shows enforcement operating across different failure modes
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## Open Questions
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- What specifically triggered the wind-down? The fund raised $5.76M but apparently failed to deploy capital successfully. Details sparse.
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- @_Dean_Machine's manipulation concerns — was there exploitative trading around the raise/redemption cycle?
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- Token allocation structure unknown — what % was ICO vs team vs LP? This affects the FDV/NAV relationship.
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## Relationship to KB
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- [[metadao]] — parent entity, permissioned launchpad
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- [[decision markets make majority theft unprofitable through conditional token arbitrage]] — mtnCapital liquidation is empirical confirmation of the NAV arbitrage mechanism
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- [[futarchy-governed liquidation is the enforcement mechanism that makes unruggable ICOs credible because investors can force full treasury return when teams materially misrepresent]] — first live test of this enforcement mechanism
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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]] — one of the earlier permissioned launches
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---
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Relevant Entities:
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- [[metadao]] — platform
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- [[theia-research]] — NAV arbitrage participant
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- [[ranger-finance]] — second liquidation case (different failure mode)
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Topics:
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- [[internet finance and decision markets]]
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