m3taversal
b0c8f84524
- What: Entity profile for mtnCapital ($MTN), ICO decision record (~$5.76M raised), 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), confirmed via X research. Theia profited ~$35K via NAV arbitrage. Establishes the liquidation sequence: mtnCapital → Hurupay → Ranger across three different failure modes. - Source: X research (@jimistgeil, @arihantbansal, @donovanchoy, @TheiaResearch, @nonstopTheo, @Tiendientu_com, @_Dean_Machine, @cryptof4ck) Pentagon-Agent: Rio <5551F5AF-0C5C-429F-8915-1FE74A00E019>
72 lines
4.4 KiB
Markdown
72 lines
4.4 KiB
Markdown
---
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type: entity
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entity_type: fund
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name: "mtnCapital"
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domain: internet-finance
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status: liquidated
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tracked_by: rio
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created: 2026-03-20
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last_updated: 2026-03-20
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tags: [metadao, futarchy, ico, liquidation, fund]
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token_symbol: "$MTN"
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parent: "[[metadao]]"
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launch_date: 2025-08
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resolution_date: 2025-09
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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, making it the **first MetaDAO project to be liquidated** — predating the Ranger Finance liquidation. Token holders redeemed $MTN at approximately $0.604 per token.
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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
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- **Raise:** ~$5.76M USDC (all locked in DAO treasury)
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- **Launch FDV:** Uncertain — one source (@cryptof4ck) cites $3.3M, but this would imply ~57% discount to NAV at launch which is implausible unless significant token allocation sat outside treasury (team/LP). Needs verification.
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- **Redemption price:** ~$0.604 per $MTN
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- **Post-liquidation:** Token still trades with minimal volume (~$79/day as of Nov 2025)
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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. Launched at ~$3.3M FDV. At one point trading above NAV.
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- **~2025-09** — Futarchy governance proposal to wind down operations passed. Capital returned to token holders at ~$0.604/token redemption rate.
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- **2025-09** — Theia Research bought $MTN at avg $0.485, redeemed at $0.604, profiting ~$35K via NAV arbitrage
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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 (likely referring to pre-liquidation returns)
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- **2026-03** — @donovanchoy cited mtnCapital as first in the 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 predates the Ranger Finance liquidation and establishes that:
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1. **Futarchy-governed liquidation works in practice** — the 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 from the liquidation vote, confirming the arbitrage mechanism described in [[decision markets make majority theft unprofitable through conditional token arbitrage]]
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3. **The sequence matters** — mtnCapital (orderly) → Hurupay (refund, didn't reach minimum) → Ranger (contested liquidation with misrepresentation allegations) shows the enforcement mechanism 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 on what went wrong are sparse.
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- @_Dean_Machine's manipulation concerns — was there exploitative trading around the raise/redemption cycle? If so, this is relevant to the mechanism's robustness.
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- Was this a Cayman SPC SegCo or Marshall Islands path?
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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 the first 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]] — launch #3 or #4 in the sequence
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---
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Relevant Entities:
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- [[metadao]] — platform
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- [[theia-research]] — 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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