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>
5.8 KiB
| 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 $6M OTC with DBA and Variant? | internet-finance | failed | metadao | metadao | Proph3t | https://www.metadao.fi/projects/metadao/proposal/HmAuSUjYzuEdkGvBe19JxK3pUYKNf4JPCkWY2nCFNYNB | 2025-10-10 | 2025-10-13 | treasury | META-032 — $6M OTC to DBA and Variant at $4.08/META (~35% discount to $6.27 spot). Would mint 1.47M new META tokens. $879K volume. Decisively rejected: pass TWAP $2.24 vs fail TWAP $6.30. 16% META price surge on rejection. |
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rio | 2026-03-18 | 2026-03-24 |
MetaDAO: Engage in $6M OTC with DBA and Variant?
Summary & Connections
META-032 — the definitive VC discount rejection. $6M OTC to DBA and Variant at $4.08/META (~35% discount to $6.27 spot). Would mint 1,470,768 new META. The market crushed it: pass price collapsed to $2.24 (-64%), fail price held at $6.30 (+0.5%). $879K volume — the most decisive rejection in MetaDAO's history. META surged 16% after rejection.
Outcome: Failed (Oct 2025). Pass TWAP: $2.2380. Fail TWAP: $6.3022.
Connections:
- The strongest empirical evidence for futarchy anti-extraction. The pass price (-64%) tells you exactly how the market valued dilution at discount: devastating. The fail price (+0.5%) says "we're fine without this deal." The 66-point spread is the market screaming.
- This is the capstone of the OTC pricing sequence: Ben Hawkins at $33/META rejected (metadao-otc-trade-ben-hawkins), Pantera at ≤$100 rejected (metadao-otc-trade-pantera-capital), Theia at -12.7% rejected (metadao-otc-trade-theia-1) — but Theia at +14% premium passed (metadao-otc-trade-theia-2), Theia at +38% premium passed (metadao-otc-trade-theia-3). The market consistently, across 2 years and 7 deals, accepts premium capital and rejects discount capital.
- "We don't believe in locking up non-team supply" — fully unlocked tokens at a 35% discount. This is the most extractive deal structure proposed on MetaDAO. The market responded accordingly.
- DBA (Digital Business Analytics?) and Variant (Jesse Walden's fund) are institutional names — the market rejected institutional capital from named VCs, consistent with the Pantera rejection pattern. Brand name does not override unfavorable terms.
- Proph3t proposed this himself — the market rejected the co-founder's own deal, proving futarchy's independence from proposer identity. The mechanism treats all capital equally.
- The 5/6 multisig (Kollan, Proph3t, 2 DBA, 2 Variant) shows the same operational scaffolding pattern as earlier OTC deals
- decision markets make majority theft unprofitable through conditional token arbitrage — this is now the primary evidence case, surpassing the Ben Hawkins example
Full Proposal Text
If passed, this proposal would sell $6m of META to DBA and Variant at $4.0795 per META, equivalent to a ~$85MM market cap.
Motivation
MetaDAO currently has ~$1.8m in cash, which equates to ~24 months of runway.
We have a pretty small team right now - it's me and Kollan, our founding engineer, a part-time designer, and a twitter intern.
We like keeping our team lean - many times, bigger teams actually go slower than small teams - but we think we could go faster if we expanded (hired full-time designer + another 1-2 engineer(s)) and it'd also be nice to have more runway.
Logistics
If passed, this proposal would mint 1,470,768 META to this 5/6 multisig (6mYWxA7Jrvxqbj2yrcueupuQAgT1WsFwyLTZB382rdFc), containing Kollan and Proph3t from MetaDAO, Michael and Jon Charbonneau from DBA, and two addresses from Jesse Walden at Variant.
DBA and Variant agree to each send 3,000,000 USDC to that multisig, which would then send them each 735,384 META and then the USDC to MetaDAO's treasury.
Tokens would be fully unlocked - we don't believe in locking up non-team supply.
If for some reason one or both parties don't send their end, we would attempt to burn the relevant tokens.
Market Data
| Metric | Value |
|---|---|
| Total Volume | $879,770 |
| Status | Failed |
| Pass Price | $2.2380 (-64.31% vs spot) |
| Spot Price | $6.2698 |
| Fail Price | $6.3022 (+0.52% vs spot) |
| Created | 2025-10-10 |
| Resolved | ~2025-10-13 |
Raw Data
- Proposal account:
HmAuSUjYzuEdkGvBe19JxK3pUYKNf4JPCkWY2nCFNYNB - Proposal number: META-032
- Multisig:
6mYWxA7Jrvxqbj2yrcueupuQAgT1WsFwyLTZB382rdFc(5/6) - Multisig members: Kollan, Proph3t (MetaDAO), Michael Charbonneau, Jon Charbonneau (DBA), 2 addresses from Jesse Walden (Variant)
- META to mint: 1,470,768
- Price per META: $4.0795
- Post-migration URL format (metadao.fi/projects/)
Relationship to KB
- metadao — parent entity, most decisive proposal rejection
- decision markets make majority theft unprofitable through conditional token arbitrage — the strongest empirical evidence: pass price -64%, fail price +0.5%, 66-point spread
- metadao-otc-trade-ben-hawkins — earlier discount rejection (smaller scale)
- metadao-otc-trade-pantera-capital — earlier institutional rejection
- metadao-otc-trade-theia-1 — earlier discount rejection (Theia later succeeded at premium)
- metadao-otc-trade-theia-2 — Theia accepted at +14% premium (contrast)
- metadao-otc-trade-theia-3 — Theia accepted at +38% premium (contrast)