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>
105 lines
5.8 KiB
Markdown
105 lines
5.8 KiB
Markdown
---
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type: decision
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entity_type: decision_market
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name: "MetaDAO: Engage in $6M OTC with DBA and Variant?"
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domain: internet-finance
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status: failed
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parent_entity: "[[metadao]]"
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platform: metadao
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proposer: "Proph3t"
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proposal_url: "https://www.metadao.fi/projects/metadao/proposal/HmAuSUjYzuEdkGvBe19JxK3pUYKNf4JPCkWY2nCFNYNB"
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proposal_date: 2025-10-10
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resolution_date: 2025-10-13
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category: treasury
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summary: "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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key_metrics:
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proposal_number: 32
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proposal_account: "HmAuSUjYzuEdkGvBe19JxK3pUYKNf4JPCkWY2nCFNYNB"
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offer_amount: "$6,000,000 USDC"
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meta_to_mint: "1,470,768 META"
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price_per_meta: "$4.0795"
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implied_mcap: "~$85M"
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spot_price: "$6.27"
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discount_to_spot: "~35%"
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volume: "$879,770"
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pass_price: "$2.2380 (-64.31%)"
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fail_price: "$6.3022 (+0.52%)"
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tags: [metadao, otc, dba, variant, vc-discount, rejected, manipulation-resistance]
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tracked_by: rio
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created: 2026-03-18
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last_updated: 2026-03-24
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---
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# MetaDAO: Engage in $6M OTC with DBA and Variant?
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## Summary & Connections
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**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.
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**Outcome:** Failed (Oct 2025). Pass TWAP: $2.2380. Fail TWAP: $6.3022.
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**Connections:**
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- **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.
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- 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.**
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- "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.
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- 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.
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- 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.
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- The 5/6 multisig (Kollan, Proph3t, 2 DBA, 2 Variant) shows the same operational scaffolding pattern as earlier OTC deals
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- [[decision markets make majority theft unprofitable through conditional token arbitrage]] — this is now the primary evidence case, surpassing the Ben Hawkins example
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---
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## Full Proposal Text
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If passed, this proposal would sell $6m of META to DBA and Variant at $4.0795 per META, equivalent to a ~$85MM market cap.
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### Motivation
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MetaDAO currently has ~$1.8m in cash, which equates to ~24 months of runway.
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We have a pretty small team right now - it's me and Kollan, our founding engineer, a part-time designer, and a twitter intern.
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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.
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### Logistics
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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.
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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.
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Tokens would be fully unlocked - we don't believe in locking up non-team supply.
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If for some reason one or both parties don't send their end, we would attempt to burn the relevant tokens.
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---
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## Market Data
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| Metric | Value |
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|--------|-------|
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| Total Volume | $879,770 |
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| Status | Failed |
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| Pass Price | $2.2380 (-64.31% vs spot) |
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| Spot Price | $6.2698 |
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| Fail Price | $6.3022 (+0.52% vs spot) |
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| Created | 2025-10-10 |
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| Resolved | ~2025-10-13 |
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## Raw Data
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- Proposal account: `HmAuSUjYzuEdkGvBe19JxK3pUYKNf4JPCkWY2nCFNYNB`
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- Proposal number: META-032
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- Multisig: `6mYWxA7Jrvxqbj2yrcueupuQAgT1WsFwyLTZB382rdFc` (5/6)
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- Multisig members: Kollan, Proph3t (MetaDAO), Michael Charbonneau, Jon Charbonneau (DBA), 2 addresses from Jesse Walden (Variant)
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- META to mint: 1,470,768
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- Price per META: $4.0795
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- Post-migration URL format (metadao.fi/projects/)
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## Relationship to KB
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- [[metadao]] — parent entity, most decisive proposal rejection
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- [[decision markets make majority theft unprofitable through conditional token arbitrage]] — the strongest empirical evidence: pass price -64%, fail price +0.5%, 66-point spread
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- [[metadao-otc-trade-ben-hawkins]] — earlier discount rejection (smaller scale)
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- [[metadao-otc-trade-pantera-capital]] — earlier institutional rejection
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- [[metadao-otc-trade-theia-1]] — earlier discount rejection (Theia later succeeded at premium)
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- [[metadao-otc-trade-theia-2]] — Theia accepted at +14% premium (contrast)
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- [[metadao-otc-trade-theia-3]] — Theia accepted at +38% premium (contrast)
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