MetaDAO Fundraise #2

HfFi...VaNz

Overview

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:

  • Social: seeing who’s trading in the markets

  • NFTs: allowing NFT communities to leverage decision markets

  • Special contracts: creating custom financial contracts that make it easier to make grants decisions through decision markets

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.

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.

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.

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.

View Market
Status
Passed
Market

$0.0

$0.0

Pass MCap
$9.098M
Fail MCap
$8.067M
Volume
$14,248.04
Pass Threshold
0%
Liquidity Pool Fee
1%

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