teleo-codex/decisions/internet-finance/mycorealms-futardio-fundraise.md

type	entity_type	name	domain	status	parent_entity	platform	proposer	proposal_url	proposal_date	resolution_date	category	summary	tracked_by	created
decision	decision_market	MycoRealms: Futardio ICO Launch	internet-finance	failed	mycorealms	futardio	crypticmeta & Ram	https://www.futard.io/launch/A88sGec3GcVfyRXNXr9DyWN6wNEwSaCqeyzrmmakKFqf	2026-03-03	2026-03-14	launch	MycoRealms attempted two ICO launches raising $158K then $82K against $200K and $125K targets respectively — both failed and refunded	rio	2026-03-24

MycoRealms: Futardio ICO Launch

Summary

MycoRealms attempted to raise funds for a futarchy-governed mushroom farming operation in India through two separate Futardio ICO launches. The first attempt (March 3) targeted $200K and attracted $158K in commitments (79% fill rate) within a 24-hour window. After failing, the team relaunched on March 11 with a reduced $125K target and extended 72-hour window, but only raised $82K (66% fill rate). Both launches ended in refunds.

Market Data

Launch 1

• Outcome: Failed (Refunding)
• Total Committed: $158,067
• Funding Target: $200,000
• Fill Rate: 79.0%
• Duration: 2026-03-03 to 2026-03-04

Launch 2

• Outcome: Failed (Refunding)
• Total Committed: $82,481
• Funding Target: $125,000
• Fill Rate: 66.0%
• Duration: 2026-03-11 to 2026-03-14

Significance

MycoRealms is notable as one of the first attempts to use futarchy governance for real-world agricultural production. The project attempted to bridge physical operations (mushroom farming) with on-chain governance, where all treasury expenditures beyond a monthly allowance required market-based approval. The declining commitment across two attempts — from $158K to $82K despite lowering the target by 37.5% — suggests the market was cooling on the project's fundamentals rather than just its pricing. This provides early evidence about how futarchy-governed ICOs handle real-world asset projects with physical execution risk.

Relationship to KB

• mycorealms — parent entity
• metadao — ICO platform

Full Proposal Text

Launch 1

Source: futard.io, launched 2026-03-03

MycoRealms: The First Futarchy-Governed Farm on Solana

We grow mushrooms. The community funds and governs the farms. Every decision, expense, and harvest is public.

MycoRealms is raising to build, operate and scale sustainable agri ecosystem — governed entirely through MetaDAO's futarchy system

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What we're building

The aim is to build a farming ecosystem with multiple sources of revenue, starting with a climate-controlled button mushroom production facility that generates revenue all year round. It's clean and sustainable. Plan to enter medicinal mushrooms and export after scaling edible mushroom farm to 12 growing rooms.

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Use of Funds

Phase 1 infrastructure ($50K CAPEX):

• Accommodation and base construction
• 3 growing rooms with PUF insulation and automated climate control
• DG set and supporting infrastructure
• Working capital for initial operations (compost sourced externally for first cycles)

All major capital expenditures will be proposed and executed through futarchy governance.

The first proposal post-raise will be a $50,000 USD CAPEX withdrawal to initiate construction and infrastructure setup. This proposal must pass through decision markets before funds are deployed.

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Why mushrooms

• Fast crop cycles (multiple per year)
• Fully measurable variables — temperature, humidity, CO2, yield
• Large and growing market
• Highly standardized production system suitable for transparent reporting
• Economics of scale
• High margin specially for medicinal ones

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What we've done so far

We spent all of 2025 preparing.

• Interned with scientists at ICAR-DMR Solan (India's national mushroom research institute)
• Worked hands-on in commercial farms
• Conducted market research across multiple states
• Collected vendor quotations and compared suppliers
• Verbal commitments from 15+ wholesalers
• Built a Detailed Project Report aligned with ICAR economic models
• Designed an application layer for document uploads and operational logs
• Secured preliminary farm location and climate-control quotations

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Team

crypticmeta — freelance blockchain developer on Solana and Bitcoin since 2018. Previously built and scaled OrdinalNovus, a CBRC token exchange on Bitcoin Ordinals that hit $30M in trading volume. Now applying that experience to real-world agriculture.

Ram — 5+ years in commercial mushroom production. Has managed operations across 5–6 growing units, handling end-to-end production, supplier sourcing, and wholesale distribution across 5 states. Leads all on-ground operations for MycoRealms.

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How governance works

There is no voting in MycoRealms. There is only trading.

When a proposal is made — for example, "Release $50K USDC for CAPEX investment in infrastructure" — two conditional markets open. Traders buy into whichever outcome they believe creates more value. The market determines the result.

The team cannot access the treasury directly. We operate on a defined monthly allowance. Any expenditure beyond that allowance requires a futarchy proposal and market approval.

Every invoice, expense, harvest record, and operational photo will be published on our public ops ledger via Arweave. Transparency is the default.

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Raise details (Launch 1)

Raise Target	$200,000 USDC
Monthly Allowance	$10,000
Raise Window	24 hours on Futardio (permissionless)

Total Token Supply — 15.9M max (12.9M circulating at launch):

Allocation	Tokens	Share
ICO tokens	10M	62.9%
Liquidity provision	2.9M	18.2%
Team performance package	3.0M	18.9%

Liquidity provision breakdown:

• 2M tokens on Futarchy AMM
• 900K tokens on Meteora pool
• 20% of funds raised ($40K) paired with LP tokens

If the raise does not reach $200K within 24 hours — full refunds. If the target is reached — treasury, spending limits, and liquidity deploy automatically.

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Team allocation — performance only

3M tokens are locked at launch.

Five tranches unlock at 2x, 4x, 8x, 16x, and 32x the ICO price, with a minimum 18-month cliff before any unlock (evaluated via 3-month TWAP, not spot price).

At launch, 0 team tokens are circulating. If the token never reaches 2x, the team receives nothing.

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Execution Plan

Monthly treasury allowance: $10,000

Pre-revenue — covers infrastructure, raw materials, team, and tech. Post-revenue — farm income covers operations; treasury allowance redirects fully to scaling.

Quarterly milestones:

Quarter	Milestones
Q2 2026	CAPEX proposal ($50K) — accommodation, 3 growing rooms, DG set, base construction. Compost sourced externally for first cycles
Q3 2026	First harvests begin, wholesale deliveries start. Products reaching 1,000+ households. Revenue covers team wages and operating costs
Q4 2026	4th–5th rooms. Treasury fully redirected to scaling (~$12K per room approx). Compost unit construction begins
Q1 2027	5+ rooms with in-house composting operational. Compost sales to local farmers begin
2027+	Target 12 rooms. Medicinal mushrooms, spawn lab, export exploration

All figures are approximate and subject to change. Expenditures beyond the monthly allowance require futarchy approval.

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Long-term vision

The goal is to prove that decentralized governance can coordinate real-world production transparently — starting with agriculture.

Worst case — a fully transparent, community-governed mushroom farm. Best case — a blueprint for futarchy-directed real-world infrastructure.

This is agriculture rebuilt for the internet.

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Links

• Website: mycorealms.com
• Telegram: https://t.me/+F684wVS-F0oyNzE1
• X: @mycorealms

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Note: MycoRealms is not a financial product. $MYCO tokens represent governance participation in a DAO. No revenue sharing, yields, or returns are promised or implied.

Launch 2

Source: futard.io, launched 2026-03-11

The second launch used the same proposal text with the following changes to raise details:

Raise details (Launch 2)

Raise Target	$125,000 USDC
Monthly Allowance	$10,000
Raise Window	72 hours on Futardio (permissionless)

Liquidity provision breakdown:

• 2M tokens on Futarchy AMM
• 900K tokens on Meteora pool
• 20% of funds raised ($25K) paired with LP tokens

If the raise does not reach $125K within 72 hours — full refunds. If the target is reached — treasury, spending limits, and liquidity deploy automatically.