Type: Operations Direct Action

Authors: Proph3t, Kollan

Overview

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.

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).

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.

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.

Work on the migration is already underway and should take up to 1 week. Migration will only proceed if this proposal passes.

Specifications

Process

• This proposal includes a transfer instruction for the new DAO to take custody of onchain assets, including:
  • 1.2M USDC from account C6DaJNGP1Xsd1seePqn8BPfQWMxsbBoUSf6Kbagmta2T to account BxgkvRwqzYFWuDbRjfTYfgTtb41NaFw1aQ3129F79eBT
• Transfer the remaining USDC (minus funds used for proposal creation) from 6awyHMshBGVjJ3ozdSJdyyDE1CTAXUwrpNMaRGMsb4sf to the new Squads treasury
• Notify LPs to withdraw liquidity from the existing pools
• Withdraw protocol-owned liquidity from Meteora
• Migrate liquidity to a new AMM LP with:
  • 0.5% fee tier
  • Initial price set at time of liquidity removal
• Launch the migration frontend upon passing
  • Supports frontend and script-based interactions
• Update token information across:
  • CoinMarketCap
  • CoinGecko
  • Blockworks
• Update internal systems (UI, SDKs, tools)
• Notify tokenholders and custodians with clear instructions
• Announce each milestone publicly as it's completed

References

• New META token with 20,865,160.717538 supply METAwkXcqyXKy1AtsSgJ8JiUHwGCafnZL38n3vYmeta

• Launch a new v0.5 DAO using META as its base_token

  • Bc3pKPnSbSX8W2hTXbsFsybh1GeRtu3Qqpfu9ZLxg6Km
  • Reduced passing threshold to 1.5%
  • Established a 120k USDC spending limit monthly
    • Expected burn is ~$80k, with max previously $120k

• Transferred mint and update authority for META to the new DAO controlled Squads vault

  • BxgkvRwqzYFWuDbRjfTYfgTtb41NaFw1aQ3129F79eBT

• Deploy a permanent migration contract that accepts METAC and releases META 1:1000

  • Program gr8tqq2ripsM6N46gLWpSDXtdrH6J9jaXoyya1ELC9t
  • Deployment 4viadAyxnRpHyW2g2NEzjLwGGgLTQK2QBmniJJqXWpXN

• Meteora Protocol Owned Liquidity

• Current MetaDAO Treasury (Solana Explorer)

• METAC Token on Solscan

• META Token on Solscan

• MetaDAO on CoinMarketCap

• MetaDAO on CoinGecko