m3taversal
afe6312299
- What: Rewrote all 27 existing MetaDAO governance decision records with full verbatim proposal text, correct URLs, Summary & Connections - Includes META-032 (DBA/Variant $6M OTC rejection) — previously had sparse summary, now has full proposal text + $879K volume data + pass/fail TWAP spread showing -64% pass vs +0.5% fail - Combined with batch 1 (5 new), all 32 MetaDAO governance proposals are now complete with full text Pentagon-Agent: Rio <5551F5AF-0C5C-429F-8915-1FE74A00E019>
103 lines
4.8 KiB
Markdown
103 lines
4.8 KiB
Markdown
---
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type: decision
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entity_type: decision_market
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name: "MetaDAO: Migrate META Token"
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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, Kollan"
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proposal_url: "https://v1.metadao.fi/metadao/trade/FMTAToken1111111111111111111111111111111111"
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proposal_date: 2025-08-07
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resolution_date: 2025-08-10
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category: mechanism
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summary: "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."
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key_metrics:
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proposal_account: "FMTAToken1111111111111111111111111111111111"
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autocrat_version: "0.3"
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split_ratio: "1:1000"
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old_supply: "~20,863 METAC"
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new_supply: "~20,863,129 META"
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old_price: "~$798.75"
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new_price: "~$0.80"
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tags: [metadao, token-migration, split, mintable, treasury, 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: Migrate META Token
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## Summary & Connections
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**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.
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**Outcome:** Passed (~2025-08-10).
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**Connections:**
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- 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.
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- 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
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- 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
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- "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
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- The 0.5% LP fee (down from 4%) was a temporary measure until FutarchyAMM went live
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---
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## Full Proposal Text
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### Type
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Operations Direct Action
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### Authors
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Proph3t, Kollan
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### Overview
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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.
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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).
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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.
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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.
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Work on the migration is already underway and should take up to 1 week. Migration will only proceed if this proposal passes.
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### Specifications
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| | New (META) | Existing (METAC) |
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|---|---|---|
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| Ticker | META | META |
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| Supply | 20,863,129.001238 | 20,863.129001238 |
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| Price | ~$0.79875 | ~$798.75 |
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| Protocol Owned Liquidity Fee | 0.5% | 4% |
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| Mintable | Yes | No |
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| Updateable | Yes | Yes |
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| Decimals | 6 | 9 |
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| Split Ratio | 1000 | – |
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### Process
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- Transfer instruction for new DAO to take custody of onchain assets (1.2M USDC)
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- Transfer remaining USDC to new Squads treasury
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- Notify LPs to withdraw from existing pools
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- Withdraw protocol-owned liquidity from Meteora
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- Migrate liquidity to new 0.5% fee AMM LP
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- Launch migration frontend upon passing
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- Update token info across CoinMarketCap, CoinGecko
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---
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## Raw Data
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- Proposal account: (from source data)
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- DAO account: `CNMZgxYsQpygk8CLN9Su1igwXX2kHtcawaNAGuBPv3G9`
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- Proposer: `proPaC9tVZEsmgDtNhx15e7nSpoojtPD3H9h4GqSqB2`
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- Autocrat version: 0.3
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- Completed: ~2025-08-10
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## Relationship to KB
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- [[metadao]] — parent entity, token architecture change
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- [[metadao-otc-trade-theia-3]] — treasury exhaustion that forced this migration
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- [[metadao-burn-993-percent-meta]] — started the path to treasury depletion
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- [[futarchy-daos-require-mintable-governance-tokens-because-fixed-supply-treasuries-exhaust-without-issuance-authority-forcing-disruptive-token-architecture-migrations]] — MetaDAO is the canonical case
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