m3taversal
1d8f936726
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>
73 lines
4.7 KiB
Markdown
73 lines
4.7 KiB
Markdown
---
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type: decision
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entity_type: decision_market
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name: "MetaDAO: Approve Fundraise #2"
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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"
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proposal_url: "https://v1.metadao.fi/metadao/trade/9BMRY1HBe61MJoKEd9AAW5iNQyws2vGK6vuL49oR3AzX"
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proposal_date: 2024-06-26
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resolution_date: 2024-06-30
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category: fundraise
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summary: "Raise $1.5M by selling up to 4,000 META to VCs and angels at minimum $375/META ($7.81M FDV), no discount, no lockup"
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tags: ["futarchy", "fundraise", "capital-formation", "venture-capital"]
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---
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# MetaDAO: Approve Fundraise #2
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## Summary
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Proposal to raise $1.5M by selling up to 4,000 META to VCs and angels. Terms: no discount, no lockup, minimum price $375/META (implying $7.81M minimum FDV based on 20,823.5 META in public hands). Funds custodied by Proph3t and Nallok in a multisig, released at $100K/month to minimize DAO attack risk. Burn rate: $1.38M/year covering two founders ($90K each), three engineers ($190K each), audits ($300K), office ($80K), growth person ($150K), and admin ($100K).
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## Market Data
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- **Outcome:** Passed (2024-06-30)
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- **Autocrat version:** 0.3
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- **Key participants:** Proph3t (proposer), Nallok (multisig co-custodian)
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## Significance
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This was MetaDAO's first VC fundraise approved through futarchy — the market decided whether to dilute existing holders for growth capital. The "no discount, no lockup" terms are unusual for crypto fundraises and reflect futarchy's transparency ethos: investors get the same terms as the market.
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The multisig custodianship ($100K/month release) reveals a practical tension: futarchy governs the fundraise decision, but operational security requires trusted custodians. The DAO cannot safely hold and disburse large sums through governance alone — an early signal of the pattern where futarchy-governed DAOs converge on traditional corporate scaffolding for treasury operations.
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The detailed budget breakdown provides one of the few public windows into early MetaDAO operational costs, valuable for benchmarking futarchy-governed organizations.
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## Relationship to KB
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- [[metadao]] — capital formation event
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- [[internet-capital-markets-compress-fundraising-timelines]] — futarchy-governed fundraise completed in 4 days
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- [[futarchy-governed DAOs converge on traditional corporate governance scaffolding for treasury operations because market mechanisms alone cannot provide operational security and legal compliance]] — multisig custody alongside futarchy approval
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- [[futarchy-based fundraising creates regulatory separation because there are no beneficial owners and investment decisions emerge from market forces not centralized control]] — but this raise has identifiable custodians, complicating the "no beneficial owners" argument
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---
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Relevant Entities:
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- [[metadao]] — parent organization
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- [[proph3t]] — proposer and custodian
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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 2024-06-26*
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### Overview
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Three weeks ago, MetaDAO launched the futarchy protocol with Drift, Dean's List, and Future. Our goal is to onboard more Solana DAOs. To do that, Nallok and I have a few ideas for growth initiatives, including:
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- Social: seeing who's trading in the markets
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- NFTs: allowing NFT communities to leverage decision markets
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- Special contracts: creating custom financial contracts that make it easier to make grants decisions through decision markets
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To accelerate this, our goal is to hire a small team. Between us (\$90k/yr each), three engineers (\$190k/yr each), audits (\$300k), office space (\$80k/yr), a growth person (\$150k/yr), and other administrative expenses (\$100k/yr), we're looking at a \$1.38M burn rate.
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To fund this, I'm proposing that the DAO raise \$1.5M by selling META to a combination of venture capitalists and angels. Specifically, we would sell up to 4,000 META with no discount and no lockup.
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Nallok and I would execute this sale on behalf of the DAO. To minimize the risk of a DAO attack, the money raised would be custodied by us in a multisig and released to the DAO treasury at a rate of $100k / month.
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The exact terms of the sale would be left to our discretion. This includes details such as who is given allocation, whether to raise more than \$1.5M, how escrow is managed, et cetera. However, we would be bound to a minimum price: \$375. Given that there'd be 20,823.5 META in the hands of the public (which includes VCs + angels) after this raise, this means we would be unable to sell tokens at less than a \$7.81M valuation. Everyone who participates in the raise will get similar terms. We will make public who's participated after it's complete.
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