m3taversal
e52f7c48ae
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>
130 lines
6.8 KiB
Markdown
130 lines
6.8 KiB
Markdown
---
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type: decision
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entity_type: decision_market
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name: "MetaDAO: Migrate META Token"
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domain: internet-finance
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status: passed
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tracked_by: rio
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created: 2026-03-11
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last_updated: 2026-03-11
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parent_entity: "[[metadao]]"
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platform: "futardio"
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proposer: "Proph3t & Kollan"
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proposal_url: "https://v1.metadao.fi/metadao/trade/4grb3pea8ZSqE3ghx76Fn43Q97mAh64XjgwL9AXaB3Pe"
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proposal_date: 2025-08-07
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resolution_date: 2025-08-10
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category: mechanism
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summary: "1:1000 token split, mintable supply, new DAO v0.5 (Squads), LP fee reduction from 4% to 0.5%"
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tags: ["futarchy", "token-migration", "elastic-supply", "squads", "meta-token"]
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---
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# MetaDAO: Migrate META Token
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## Summary
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Migration from METAC (unmintable, ~20K supply) to new META token (mintable, ~20.86M supply via 1:1000 split). Mint and update authority transferred to new DAO governed via Squads vault (v0.5). Protocol-owned liquidity fee reduced from 4% to 0.5%. New DAO passing threshold reduced to 1.5%, monthly spending limit set at $120K. Migration contract deployed as permanent one-way conversion. New META token: METAwkXcqyXKy1AtsSgJ8JiUHwGCafnZL38n3vYmeta. New DAO: Bc3pKPnSbSX8W2hTXbsFsybh1GeRtu3Qqpfu9ZLxg6Km.
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## Market Data
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- **Outcome:** Passed (2025-08-10)
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- **Autocrat version:** 0.3
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- **Key participants:** Proph3t (co-author), Kollan (co-author)
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## Significance
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This is the resolution of the mintable-token saga that began with the 99.3% burn ([[metadao-burn-993-percent-meta]]), continued through the failed community proposal ([[metadao-token-split-elastic-supply]]), and culminated here. The DAO's treasury was exhausted (as the burn had predicted), forcing the migration to mintable tokens.
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Key architectural decisions: (1) mint authority to DAO governance, not any multisig — "market-driven issuance" as extension of market-driven decision-making; (2) Squads integration for operational security; (3) LP fee reduction from 4% to 0.5% anticipating the custom Futarchic AMM; (4) permanent migration contract with unlimited conversion window, avoiding forced timelines.
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The proposal explicitly frames mintable supply as philosophically consistent with futarchy: "Futarchy is market-driven decision making. To stay true to that principle, it also requires market-driven issuance." This is the strongest empirical evidence for the claim that futarchy DAOs require mintable governance tokens — the fixed-supply model broke in practice.
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## Relationship to KB
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- [[metadao]] — token architecture migration
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- [[metadao-burn-993-percent-meta]] — the burn that created the need for this migration
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- [[metadao-token-split-elastic-supply]] — the earlier failed community version
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- [[futarchy-daos-require-mintable-governance-tokens-because-fixed-supply-treasuries-exhaust-without-issuance-authority-forcing-disruptive-token-architecture-migrations]] — primary evidence for this claim
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- [[futarchy adoption faces friction from token price psychology proposal complexity and liquidity requirements]] — 1:1000 split addresses unit bias
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---
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Relevant Entities:
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- [[metadao]] — parent organization
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- [[proph3t]] — co-author
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Topics:
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- [[internet finance and decision markets]]
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## Full Proposal Text
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*Source: futard.io, tabled 2025-08-07*
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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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