teleo-codex/decisions/internet-finance/metadao-migrate-meta-token.md

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: Migrate META Token	internet-finance	passed	metadao	metadao	Proph3t, Kollan	https://v1.metadao.fi/metadao/trade/FMTAToken1111111111111111111111111111111111	2025-08-07	2025-08-10	mechanism	1:1000 token split + mint authority migration. METAC (unmintable, ~20K supply) → META (mintable, ~20M supply). Protocol liquidity from 4% → 0.5% fee pool. Treasury exhaustion forced this — the burn (Proposal 11) + Theia OTC (Proposal 14) depleted META holdings.	proposal_account autocrat_version split_ratio old_supply new_supply old_price new_price FMTAToken1111111111111111111111111111111111 0.3 1:1000 ~20,863 METAC ~20,863,129 META ~$798.75 ~$0.80	metadao token-migration split mintable treasury passed	rio	2026-03-11	2026-03-24

MetaDAO: Migrate META Token

Summary & Connections

Token migration: METAC → META. 1:1000 split, unmintable → mintable, ~20K → ~20M supply, ~$799/token → ~$0.80/token. Protocol liquidity moved from 4% to 0.5% fee pool. New DAO holds mint and update authority. Migration contract + frontend for METAC→META conversion at any time.

Outcome: Passed (~2025-08-10).

Connections:

• This was FORCED by the treasury exhaustion from metadao-otc-trade-theia-3 — "this sale will exhaust the DAO treasury of META holdings. It is therefore critical that we plan for the eventual token migration." The Theia deal explicitly flagged this would happen.
• Validates futarchy-daos-require-mintable-governance-tokens-because-fixed-supply-treasuries-exhaust-without-issuance-authority-forcing-disruptive-token-architecture-migrations — MetaDAO lived through exactly this failure mode
• The metadao-burn-993-percent-meta (Proposal 11) started the path: burn 99.3% → thin treasury → OTC deals deplete remainder → forced migration to mintable token
• "Futarchy is market-driven decision making. To stay true to that principle, it also requires market-driven issuance" — Proph3t's framing makes mintability a philosophical commitment, not just a practical fix
• The 0.5% LP fee (down from 4%) was a temporary measure until FutarchyAMM went live

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Full Proposal Text

Type

Operations Direct Action

Authors

Proph3t, Kollan

Overview

Futarchy is market-driven decision making. To stay true to that principle, it also requires market-driven issuance. A mintable token is essential to fund the organization, incentivize participation, and adapt to changing governance outcomes.

MetaDAO's token, META (METAC), is no longer fit for purpose: it's unmintable, the DAO's treasury is exhausted, and unit bias remains an issue. This proposal introduces a 1:1000 token split, re-establishes mint and update authority, and migrates the DAO to version 0.5 (Squads).

We're migrating METAC to a new token, META, expanding supply from ~20K to ~20M to align with peer futarchies. Protocol-owned liquidity will also shift from a restrictive 4% fee pool to a 0.50% pool, improving efficiency until FutarchyAMM is live.

The new META token will be governed by the new DAO, which holds mint and update authority. A migration contract and frontend will let METAC holders convert at any time.

Work on the migration is already underway and should take up to 1 week. Migration will only proceed if this proposal passes.

Specifications

	New (META)	Existing (METAC)
Ticker	META	META
Supply	20,863,129.001238	20,863.129001238
Price	~$0.79875	~$798.75
Protocol Owned Liquidity Fee	0.5%	4%
Mintable	Yes	No
Updateable	Yes	Yes
Decimals	6	9
Split Ratio	1000	–

Process

• Transfer instruction for new DAO to take custody of onchain assets (1.2M USDC)
• Transfer remaining USDC to new Squads treasury
• Notify LPs to withdraw from existing pools
• Withdraw protocol-owned liquidity from Meteora
• Migrate liquidity to new 0.5% fee AMM LP
• Launch migration frontend upon passing
• Update token info across CoinMarketCap, CoinGecko

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Raw Data

• Proposal account: (from source data)
• DAO account: CNMZgxYsQpygk8CLN9Su1igwXX2kHtcawaNAGuBPv3G9
• Proposer: proPaC9tVZEsmgDtNhx15e7nSpoojtPD3H9h4GqSqB2
• Autocrat version: 0.3
• Completed: ~2025-08-10

Relationship to KB

• metadao — parent entity, token architecture change
• metadao-otc-trade-theia-3 — treasury exhaustion that forced this migration
• metadao-burn-993-percent-meta — started the path to treasury depletion
• futarchy-daos-require-mintable-governance-tokens-because-fixed-supply-treasuries-exhaust-without-issuance-authority-forcing-disruptive-token-architecture-migrations — MetaDAO is the canonical case