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teleo-codex/decisions/internet-finance/metadao-migrate-autocrat-v02.md
m3taversal e52f7c48ae rio: MetaDAO full text backfill — 28 decision records 
Adds complete proposal text to all 28 MetaDAO governance records that
previously had only hand-built summaries. This was the original batch
from PR #1748 that was closed without merge due to rebase conflict.

Records updated:
- Proposals 1-15: LST vote market, Autocrat migrations (v01/v02),
  Saber vote market, spot market creation, AMM program, multi-option
  proposals, OTC trades (Ben Hawkins, Pantera, Colosseum), Dutch auction,
  burn 99.3% META, FaaS development, benevolent dictators, compensation
- Proposals 16-36: Fundraise 2, Q3 roadmap, create Futardio, services
  agreement, hire Advaith, swap ISC, hire Robin Hanson, token split,
  release launchpad, OTC Theia, migrate META token, fund futarchy research

Source: inbox/archive/internet-finance/ proposal archives from futard.io

Pentagon-Agent: Rio <5551F5AF-0C5C-429F-8915-1FE74A00E019>
2026-03-24 17:16:18 +00:00

8.1 KiB
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type entity_type name domain status tracked_by created last_updated parent_entity platform proposer proposal_url proposal_date resolution_date category summary tags
decision decision_market MetaDAO: Migrate Autocrat Program to v0.2 internet-finance passed rio 2026-03-11 2026-03-11 metadao futardio HenryE & Proph3t https://v1.metadao.fi/metadao/trade/HXohDRKtDcXNKnWysjyjK8S5SvBe76J5o4NdcF4jj963 2024-03-28 2024-04-03 mechanism Upgrade Autocrat to v0.2 with reclaimable rent, conditional token merging, improved metadata, and lower pass threshold (5% to 3%)
futarchy
autocrat
mechanism-upgrade
solana

MetaDAO: Migrate Autocrat Program to v0.2

Summary

Technical upgrade from Autocrat v0.1 to v0.2. Three new features: (1) reclaimable rent — recover ~4 SOL used to create proposal markets, lowering proposal creation friction; (2) conditional token merging — combine 1 pTOKEN + 1 fTOKEN back into 1 TOKEN, improving liquidity during multiple active proposals; (3) conditional token metadata — tokens show names and logos in wallets instead of raw mint addresses. Config changes: pass threshold lowered from 5% to 3%, default TWAP value set to $100, TWAP updates in $5 increments (enhancing manipulation resistance), minimum META lot size reduced from 1 to 0.1 META.

Market Data

  • Outcome: Passed (2024-04-03)
  • Autocrat version: 0.1 (last proposal on v0.1)
  • Key participants: HenryE (author), Proph3t (author), OtterSec (program verification)

Significance

First major Autocrat upgrade approved through futarchy itself — MetaDAO used its own governance mechanism to upgrade its governance mechanism. The changes directly addressed friction points: high proposal creation costs (~4 SOL), liquidity fragmentation across proposals, and poor UX for conditional tokens.

The pass threshold reduction from 5% to 3% is particularly noteworthy — it lowered the bar for proposals to pass, reflecting the team's belief that the original threshold was too conservative. The TWAP manipulation resistance improvements ($5 increments instead of 1%) show iterative mechanism refinement based on live experience.

Programs deployed: autocrat_v0 (metaRK9dUBnrAdZN6uUDKvxBVKW5pyCbPVmLtUZwtBp), openbook_twap (twAP5sArq2vDS1mZCT7f4qRLwzTfHvf5Ay5R5Q5df1m), conditional_vault (vAuLTQjV5AZx5f3UgE75wcnkxnQowWxThn1hGjfCVwP).

Relationship to KB

Relevant Entities:

Topics:

Full Proposal Text

Source: futard.io, tabled 2024-03-28

Author(s)

HenryE, Proph3t

Overview

It's time to upgrade futarchy!

This upgrade includes three new features and a number of smaller config changes.

The features:

  • Reclaimable rent: you will now be able to get back the ~4 SOL used to create OpenBook proposal markets. This should lower the friction involved in creating proposals.
  • Conditional token merging: now, if you have 1 pTOKEN and 1 fTOKEN, you'll me able to merge them back into 1 TOKEN. This should help with liquidity when there are multiple proposals active at once.
  • Conditional token metadata: before, you would see conditional tokens in your wallet as random mint addresses. After this is merged, you should be able to see token names and logos, helping you identify what proposal they're a part of.

The config changes:

  • Lower pass threshold from 5% to 3%
  • Set default TWAP value to $100 instead of $1
  • Update TWAP in $5 increments instead of 1% increments, which enhances manipulation resistance while allowing the TWAP to be more accure
  • Change minimum META lot sizes from 1 META to 0.1 META

The instruction attached to this proposal will migrate MetaDAO's assets over to the new autocrat program.

There are three main futarchy programs and a migrator program for transfering tokens from one DAO treasury account to another:

  1. autocrat_v0
  2. openbook_twap
  3. conditional_vault
  4. migrator

Each program has been deployed to devnet and mainnet, their IDLs have been deployed, and they've been verified by the OtterSec API against the programs in the two repos; futarchy contains autocrat_v0, conditional_vault and migrator, and a separate repo contains openbook_twap. The Treasury account is the DAO's signer and has been set as the program upgrade authority on all programs.

Addtional details for verification

Detailed Changelog and PR links

Autocrat

  • Mostly minor config changes (Pull Request #69):
    • Set default pass threshold to 3%
    • Set max observation change per update lots to $5 and make it a configurable option
    • Set default expected value to $100
    • Ensure that the open markets expire a minimum of 10 days from the creation of the proposal to allow for rent retrieval from openbook markets
    • Reduce the openbook base lot size so that people can trade in lots of 0.1 META

Conditional Vault

  • Add metadata to the conditional vault tokens so they show up nicely in wallets during a proposal (Pull Request #52)
  • Add the ability to merge tokens (Pull Request #66)

Openbook-TWAP

Migrator