This proposal nullifies the prior proposal that restricts buybacks or liquidations for 90 days.

Liquidate Ranger Finance

Author(s)

Group of RNGR tokenholders

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1. Summary

Since the ICO concluded, it’s become clear that:

1. The Ranger team made material misrepresentations about their business in order to entice our investment
2. The business that existed was predicated on points farming, not organic activity

We believe that the best course of action is a full and complete liquidation. We do not wish to leave our money with the team that has broken our trust.

If passed, this proposal would do the following:

1. Remove all RNGR / USDC liquidity from Futarchy AMM
2. Send all of the treasuries USDC to the MetaDAO team to be distributed proportionally to all unlocked tokenholders, based on a snapshot
3. Return all intellectual property assigned to Futarchy governance SPC to Glint House PTE. LTD

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2. Motivation

At the time of the ICO, Ranger Finance was marketed as:

• A business with a product with meaningful product-market fit
• A business with sustainable revenue generation and significant actual revenue
• A business primarily needing capital to scale

We now believe that a meaningful amount of this marketing was misleading.

For example, in this presentation, Ranger co-founder FA2 stated “Current stats: we are close to doing $5 billion in volume this year and next year we are targeting to do $100 billion in volume”. It also shows on the slide “2025: $5b volume → $2m revenue”.

According to on-chain analysis, volume in 2025 was approximately $2b and revenue was closer to $500k. And the volume and revenue per day were down over 90% between the time that Ranger announced the ICO in November 2025 and the time that FA2 made this presentation in December 2025.

Now, Ranger co-founder Coby states that these numbers were “projected” based on “expectations… for a traditional ICO route with volumes ramping up towards the ICO itself”.

At best, this is poor communication. At worst, it could have been intentional misrepresentation in order to entice our investment. Some evidence for the latter is that several Ranger team members communicated the $2m revenue figure.

November 11 2025 (Maker):

January 12 2026 (Luke):

January 14 2026 (FA2, Luke):

Ranger’s co-founders made no attempt to correct these numbers and to state that they were either projections, for the message sent in 2025, or incorrect for the messages sent in 2026.

Material misrepresentations aside, it is clear that Ranger is not a product with product market fit that needs to scale; it is a product with significant time in the market and practically no organic usage. Activity, across both perps and spot, declined to close to 0 following the ICO announcement. This indicates that its “users” were in fact just farmers trying to earn tokens.

Withstanding the 90 day clause of the previous proposal, we believe that this evidence is grounds for liquidation. We want our money back.

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3. Proposed Plan

Part 1: Return all treasury funds (held in treasury and LP) to tokenholders

• No further spending by the team from future allowances. Existing released monthly allowances ($500k in total) can be used in full.
• Take a snapshot of all vested token balances 1 week after the end of the voting period.
• Remove protocol owned liquidity on passing of the proposal and add the USDC balance to the USDC held in treasury.
• Calculate the final book value per token.
• Open up redemption for tokenholders with balances per snapshot. Tokenholders will be able to redeem their tokens for the book value presented on MetaDAO’s website.
• After a period of 18 months, it is left to the discretion of the MetaDAO team whether and how to distribute unclaimed USDC to tokenholders.

Snapshot:

• Unvested, locked and protocol owned tokens will be excluded.
• All other tokens will be included in the snapshot.
• Tokenholders are strongly advised to hold their tokens spot prior to the snapshot. Specific attention for people who hold tokens on exchanges (e.g. MEXC) and in LPs. Tokens held on exchanges at the time of the snapshot would require cooperation from those exchanges to burn the tokens in exchange for treasury assets.

Book value calculation method:

• The fully diluted total RNGR supply consists of 25,121,388 tokens
• The following tokens will be excluded in full:
  • 900,000 tokens held in out of range LP deployed upon completion of ICO (https://solscan.io/account/uQedNHbW2nhoHQWzNaCTUkYzTaiftEcxsWcSRQXTC6s)
  • 3,687,400 tokens repurchased as part of the $2m completed buyback program (https://solscan.io/account/G9Au63ciH1pXKmEyzeFH4qoue5d7RYrK3pJxaKr6Pdso)
  • 7,600,000 tokens locked for the team behind performance targets (https://solscan.io/account/2e9N76bpQxRi1DfvbqRs88ZZCyrvo818ZR41KFJhyFoN)
  • 384,375 tokens reserved for future ambassadors (https://solscan.io/account/AThzvtvvhxu7ALSBwSA1nYWCRtFtia1Zkk2Zinb6tXBg, excess tokens are fee income and owned by MetaDAO)
• The pre-ICO investor (4,356,250) and existing ambassador (384,375) allocations will be based on the vested amount per the snapshot.
• The protocol owned tokens held in LP will be based on the amount of RNGR when the LP is removed. This will likely be higher than the current amount due to arbitrage. (https://solscan.io/account/1PAwyDkWNFCcR96GhEReXHJBv3YEFVazCaQgNicVuKv)
• We expect a total RNGR count anywhere between 5.8 and 6.4 million tokens
• The assets consist of treasury USDC and USDC in the LP.
• Treasury USDC amounts $3.5m (https://solscan.io/account/55H1Q1YrHJQ93uhG4jqrBBHx3a8H7TCM8kvf2UM2g5q3)
• We expect a total USDC amount of $1.2m to $1.6m at the moment the LP is removed.
• We expect book value in the range of: $0.75 - $0.82
• All these numbers are preliminary and should be treated as such. They have not been verified by MetaDAO nor Ranger Finance. No party is responsible for the accuracy of these projections.

Part 2: Return all other assets to Glint House PTE. LTD

Upon passing of this proposal ownership of all other assets (such as IP, trademarks, domain names, source code, infrastructure etc.) will return to Glint House PTE. LTD. The majority of these assets were developed / acquired prior to the ICO, supported by seed investments.