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teleo-codex/entities/internet-finance/metadao.md
Teleo Agents c347070240 entity-batch: update 2 entities 
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Pentagon-Agent: Epimetheus <968B2991-E2DF-4006-B962-F5B0A0CC8ACA>
2026-03-19 22:32:39 +00:00

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type entity_type name domain handles website status tracked_by created last_updated founded founders category stage key_metrics competitors built_on tags
entity company MetaDAO internet-finance
@MetaDAOProject
https://metadao.fi active rio 2026-03-11 2026-03-11 2023-01-01
proph3t
Futarchy governance protocol + ownership coin launchpad (Solana) growth
meta_price market_cap ecosystem_market_cap total_revenue total_equity runway icos_facilitated ecosystem_launches futarchic_amm_lp_share proposal_volume
~$3.78 (March 2026) ~$85.7M $219M total ($69M non-META) $3.1M+ (Q4 2025: $2.51M — 54% Futarchy AMM, 46% Meteora LP) $16.5M (up from $4M in Q3 2025) 15+ quarters at ~$783K/quarter burn 8 on MetaDAO proper (through Dec 2025), raising $25.6M total 45 (via Futardio) ~20% of each project's token supply $3.6M Q4 2025 (up from $205K in Q3)
snapshot
tally
Solana
futarchy
decision-markets
ownership-coins
governance
launchpad

MetaDAO

Overview

The futarchy governance protocol on Solana. Implements decision markets through Autocrat — a system where proposals create parallel pass/fail token universes settled by time-weighted average price over a three-day window. Also operates as a launchpad for ownership coins through Futardio (unruggable ICOs). The first platform for futarchy-governed organizations at scale.

Current State

  • Autocrat: Conditional token markets for governance decisions. Proposals create pass/fail universes; TWAP settlement over 3 days.
  • Futardio: Unruggable ICO launch platform. Projects raise capital through the MetaDAO ecosystem with futarchy-governed accountability. Replaced the original uncapped pro-rata mechanism that caused massive overbidding (Umbra: $155M committed for $3M raise = 50x oversubscription; Solomon: $103M committed for $8M = 13x).
  • Futarchic AMM: Custom-built AMM for decision market trading. No fees for external LPs — all fees go to the protocol. ~20% of each project's token supply is in the Futarchic AMM LP. LP cannot be withdrawn during active markets.
  • Financial: $85.7M market cap, $219M ecosystem market cap ($69M non-META). Total revenue $3.1M+ (Q4 2025 alone: $2.51M). Total equity $16.5M, 15+ quarters runway.
  • Ecosystem: 8 curated ICOs raising $25.6M total (through Dec 2025) + 45 permissionless Futardio launches
  • Treasury: Active management via subcommittee proposals (see Solomon DP-00001). Omnibus proposal migrated ~90% of META liquidity into Futarchy AMM and burned ~60K META.
  • Known limitation: Limited trading volume in uncontested decisions — when community consensus is obvious, conditional markets add little information

Timeline

  • 2023 — MetaDAO founded by Proph3t

  • 2024 — Autocrat deployed; early governance proposals

  • 2025-10 — Futardio launches (Umbra is first launch, ~$155M committed)

  • 2025-11 — Solomon launches via Futardio ($103M committed for $8M raise)

  • 2026-02 — Futardio mechanism updated (unruggable ICO replacing pro-rata)

  • 2026-02/03 — Multiple new Futardio launches: Rock Game, Turtle Cove, VervePay, Open Music, SeekerVault, SuperClaw, LaunchPet, Seyf, Areal, Etnlio

  • 2026-03 — Ranger liquidation proposal; treasury subcommittee formation

  • 2026-03 — Pine Analytics Q4 2025 quarterly report published

  • 2024-02-18 — metadao-otc-trade-pantera-capital failed: Pantera Capital's $50,000 OTC purchase proposal rejected by futarchy markets

  • 2024-02-26 — metadao-increase-meta-liquidity-dutch-auction proposed: sell 1,000 META via manual Dutch auction on OpenBook to acquire USDC for Meteora liquidity pairing

  • 2024-03-02 — metadao-increase-meta-liquidity-dutch-auction passed: completed Dutch auction and liquidity provision, moving all protocol-owned liquidity to Meteora 1% fee pool

  • 2025-01-27 — metadao-otc-trade-theia-2 proposed: Theia offers $500K for 370.370 META at 14% premium with 12-month vesting

  • 2025-01-30 — metadao-otc-trade-theia-2 passed: Theia acquires 370.370 META tokens for $500,000 USDC

  • 2023-11-18 — metadao-develop-lst-vote-market proposed: first product development proposal requesting 3,000 META to build Votium-style validator bribe platform for MNDE/mSOL holders

  • 2023-11-29 — metadao-develop-lst-vote-market passed: approved LST Vote Market development with projected $10.5M enterprise value addition

  • 2023-12-03 — Proposed Autocrat v0.1 migration with configurable proposal slots and 3-day default duration

  • 2023-12-13 — Completed Autocrat v0.1 migration, moving 990,000 META, 10,025 USDC, and 5.5 SOL to new program despite unverifiable build

  • 2024-01-24 — Proposed AMM program to replace CLOB markets, addressing liquidity fragmentation and state rent costs (Proposal CF9QUBS251FnNGZHLJ4WbB2CVRi5BtqJbCqMi47NX1PG)

  • 2024-01-29 — AMM proposal passed with 400 META on approval and 800 META on completion budget

  • 2024-08-31 — Passed proposal to enter services agreement with Organization Technology LLC, creating US entity vehicle for paying contributors with $1.378M annualized burn rate. Entity owns no IP (all owned by MetaDAO LLC) and cannot encumber MetaDAO LLC. Agreement cancellable with 30-day notice or immediately for material breach.

  • 2024-03-19 — Colosseum proposes $250,000 OTC acquisition of META with TWAP-based pricing (market price up to $850, voided above $1,200), 20% immediate unlock and 80% 12-month linear vest. Proposal passed 2024-03-24. Includes commitment to sponsor DAO track ($50-80K prize pool) in next Solana hackathon after Renaissance at no cost to MetaDAO.

  • 2024-03-19 — Colosseum proposed $250,000 OTC acquisition of META tokens with dynamic pricing (TWAP-based up to $850, void above $1,200) and 12-month vesting structure; proposal passed 2024-03-24

  • 2026-02-07 — metadao-hurupay-ico-failure First ICO failure: Hurupay failed to reach $3M minimum, full refunds issued

  • 2026-02 — Community rejected via futarchy a $6M OTC deal offering VCs 30% discount on META tokens; rejection triggered 16% price surge

  • 2026-03-26 — P2P.me ICO scheduled, targeting $6M raise

  • 2026-02-07 — metadao-hurupay-ico-failure Failed: First ICO failure, Hurupay did not reach $3M minimum despite $7.2M monthly volume

  • 2026-03-18 — metadao-ban-hawkins-proposals Failed: Community rejected Ban Hawkins' governance proposals through futarchy markets

  • 2026-03-18 — metadao-first-launchpad-proposal Failed: Initial launchpad proposal rejected through futarchy markets

  • 2026-02-07 — metadao-hurupay-ico Failed: First MetaDAO ICO failure - Hurupay failed to reach $3M minimum, full refunds issued

  • 2026-03 — metadao-vc-discount-rejection Passed: Community rejected $6M OTC deal offering 30% VC discount via futarchy vote, triggering 16% META price surge

  • 2026-03-17 — Revenue decline continues since mid-December 2025; platform generated ~$2.4M total revenue since Futarchy AMM launch (60% AMM, 40% Meteora LP)

  • 2026-01-15 — DeepWaters Capital analysis reveals $3.8M cumulative trading volume across 65 governance proposals ($58K average per proposal), with platform AMM processing $300M volume and generating $1.5M in fees

  • 2026-03-08 — Ownership Radio #1 community call covering MetaDAO ecosystem, Futardio, and futarchy governance mechanisms

  • 2026-03-15 — Ownership Radio community call on ownership coins and new Futardio launches

  • 2026-02-15 — Pine Analytics documents absence of MetaDAO protocol-level response to FairScale implicit put option problem two months after January 2026 failure, with P2P.me launching March 26 using same governance structure

Key Decisions

Date Proposal Proposer Category Outcome
2024-03-03 metadao-burn-993-percent-meta doctor.sol & rar3 Treasury Passed
2024-03-13 metadao-develop-faas 0xNallok Strategy Passed
2024-03-28 metadao-migrate-autocrat-v02 HenryE & Proph3t Mechanism Passed
2024-05-27 metadao-compensation-proph3t-nallok Proph3t & Nallok Hiring Passed
2024-06-26 metadao-fundraise-2 Proph3t Fundraise Passed
2024-11-21 metadao-create-futardio unknown Strategy Failed
2025-01-28 metadao-token-split-elastic-supply @aradtski Mechanism Failed
2025-02-10 metadao-hire-robin-hanson Proph3t Hiring Passed
2025-02-26 metadao-release-launchpad Proph3t & Kollan Strategy Passed
2025-08-07 metadao-migrate-meta-token Proph3t & Kollan Mechanism Passed

Competitive Position

  • First mover in futarchy-governed organizations at scale
  • No direct competitor for conditional-market governance on Solana
  • Indirect competitors: Snapshot (token voting, free, widely adopted), Tally (onchain governance, Ethereum-focused)
  • Structural advantage: the Futarchic AMM is purpose-built; no existing AMM can replicate conditional token market settlement
  • Key vulnerability: depends on ecosystem project quality. Failed launches (Ranger liquidation) damage platform credibility. Brand separation between MetaDAO platform and Futardio-launched projects is an active design challenge.

Investment Thesis

MetaDAO is the platform bet on futarchy as a governance mechanism. If decision markets prove superior to token voting (evidence: Stani Kulechov's DAO critique, convergence toward hybrid governance models), MetaDAO is the infrastructure layer that captures value from every futarchy-governed organization. Current risk: ecosystem quality varies widely, and limited trading volume in uncontested decisions raises questions about mechanism utility.

Thesis status: ACTIVE

Key Metrics to Track

  • % of total futarchic market volume (market share of decision markets)
  • Number of active projects with meaningful governance activity
  • Futardio launch success rate (projects still active vs liquidated/abandoned)
  • Committed-to-raised ratio on new launches (improving from 50x overbidding?)
  • Ecosystem token aggregate market cap

Relationship to KB

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