m3taversal
1073c231c8
Co-authored-by: m3taversal <m3taversal@gmail.com> Co-committed-by: m3taversal <m3taversal@gmail.com>
122 lines
5.5 KiB
Markdown
122 lines
5.5 KiB
Markdown
---
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type: source
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title: "Futardio: Migrate META Token"
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author: "futard.io"
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url: "https://www.futard.io/proposal/4grb3pea8ZSqE3ghx76Fn43Q97mAh64XjgwL9AXaB3Pe"
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date: 2025-08-07
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domain: internet-finance
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format: data
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status: unprocessed
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tags: [futardio, metadao, futarchy, solana, governance]
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event_type: proposal
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---
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## Proposal Details
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- Project: MetaDAO
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- Proposal: Migrate META Token
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- Status: Passed
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- Created: 2025-08-07
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- URL: https://www.futard.io/proposal/4grb3pea8ZSqE3ghx76Fn43Q97mAh64XjgwL9AXaB3Pe
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- Description: This proposal recommends migrating META to a mintable, redenominated token.
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- Discussion: https://discord.gg/yueMhZWwuX
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## Summary
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### 🎯 Key Points
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The proposal aims to migrate the META token by implementing a 1:1000 token split, re-establishing mint and update authority, and transitioning to a new DAO version (0.5) to facilitate market-driven token issuance and governance.
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### 📊 Impact Analysis
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#### 👥 Stakeholder Impact
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Current METAC holders will be able to convert their tokens to the new META token through a migration process.
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#### 📈 Upside Potential
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The proposed changes aim to improve liquidity and efficiency by reducing protocol-owned liquidity fees from 4% to 0.5% and expanding the token supply to better align with peer organizations.
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#### 📉 Risk Factors
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There is a risk of confusion or loss of trust among existing token holders during the migration process, particularly if communication and execution are not effectively managed.
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## Content
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**Type:** Operations Direct Action
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**Authors:** 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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* This proposal includes a transfer instruction for the new DAO to take custody of onchain assets, including:
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* 1.2M USDC from account `C6DaJNGP1Xsd1seePqn8BPfQWMxsbBoUSf6Kbagmta2T` to account `BxgkvRwqzYFWuDbRjfTYfgTtb41NaFw1aQ3129F79eBT`
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* Transfer the remaining USDC (minus funds used for proposal creation) from `6awyHMshBGVjJ3ozdSJdyyDE1CTAXUwrpNMaRGMsb4sf` to the new Squads treasury
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* Notify LPs to withdraw liquidity from the existing pools
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* Withdraw protocol-owned liquidity from Meteora
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* Migrate liquidity to a new AMM LP with:
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* 0.5% fee tier
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* Initial price set at time of liquidity removal
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* Launch the migration frontend upon passing
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* Supports frontend and script-based interactions
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* Update token information across:
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* CoinMarketCap
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* CoinGecko
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* Blockworks
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* Update internal systems (UI, SDKs, tools)
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* Notify tokenholders and custodians with clear instructions
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* Announce each milestone publicly as it's completed
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## **References**
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* New META token with 20,865,160.717538 supply `METAwkXcqyXKy1AtsSgJ8JiUHwGCafnZL38n3vYmeta`
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* Launch a new v0.5 DAO using META as its `base_token`
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* `Bc3pKPnSbSX8W2hTXbsFsybh1GeRtu3Qqpfu9ZLxg6Km`
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* Reduced passing threshold to 1.5%
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* Established a 120k USDC spending limit monthly
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* Expected burn is \~$80k, with max previously $120k
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* Transferred mint and update authority for META to the new DAO controlled Squads vault
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* `BxgkvRwqzYFWuDbRjfTYfgTtb41NaFw1aQ3129F79eBT`
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* Deploy a permanent migration contract that accepts METAC and releases META 1:1000
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* Program `gr8tqq2ripsM6N46gLWpSDXtdrH6J9jaXoyya1ELC9t`
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* Deployment `4viadAyxnRpHyW2g2NEzjLwGGgLTQK2QBmniJJqXWpXN`
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* [Meteora Protocol Owned Liquidity](https://www.meteora.ag/pools/6t2CdBC26q9tj6jBwPzzFZogtjX8mtmVHUmAFmjAhMSn)
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* [Current MetaDAO Treasury (Solana Explorer)](https://explorer.solana.com/address/C6DaJNGP1Xsd1seePqn8BPfQWMxsbBoUSf6Kbagmta2T/tokens)
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* [METAC Token on Solscan](https://solscan.io/token/METADDFL6wWMWEoKTFJwcThTbUmtarRJZjRpzUvkxhr)
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* [META Token on Solscan](https://solscan.io/token/METAwkXcqyXKy1AtsSgJ8JiUHwGCafnZL38n3vYmeta)
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* [MetaDAO on CoinMarketCap](https://coinmarketcap.com/currencies/meta-dao/)
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* [MetaDAO on CoinGecko](https://www.coingecko.com/en/coins/meta-2)
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## Raw Data
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- Proposal account: `4grb3pea8ZSqE3ghx76Fn43Q97mAh64XjgwL9AXaB3Pe`
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- Proposal number: 15
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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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- Ended: 2025-08-10
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