Devansh Mehta@devanshmehta3D
bullishfinally got the chance to dig even deeper into @MetaDAOProject , looking into all 40 proposals that have been traded on in its history. the tl;dr of their governance process is a proposal gets accepted if traders think it'll increase token value, else its rejected
some genuinely innovative internet governance is happening here, compared to ethereum DAOs that are becoming more foundation driven & honesty just lacking in imagination
here are 5 things that stood out to me;
1. there is no governance forum to discuss proposals, the idea being its the market that should aggregate beliefs & not long debates leading to rough consensus. so debates happen in TG groups, twitter but there are no official discourse forums
it is however fully onchain governance, where similar to the governor contract the instructions in a proposal are baked in code
2. its genuinely hard to get proposals to pass, even if its from the team itself. this stands in contrast to ethereum dao's where tokenholders mostly rubber stamp proposals by labs or the founding team
for eg the market rejected an OTC deal by @TheiaResearch and another one by DBA & Variant fund as they wanted the META token at a discount in return for capital infusion
Theia later re-made the proposal giving a 38% premium to the META market price, which was then accepted by the market. theia's rationale was a longer runway for the team increases the value of their own META holdings
i also thought it funny that a metadao proposal to create a memecoin launchpad was rejected by the market 😂 surprisingly they store most of the treasury in USDC (not sol) and a proposal to use a yield bearing version of a stablecoin was quickly rejected
to make things a bit more founder friendly, the omnibus proposal passed giving preferential terms to proposals made by the official team
3. they've enjoyed major success with exporting their governance model. major protocols like jito used it for their fee switch decision, flash for whether to pass revenue back to stakers, and sanctum for all its decisions
their ideal profile is teams that have a working product but haven't raised significant capital yet, since the global distribution of tokenholders can help with go to market. founders need to fill in a form stating the project name & description, token ticker, minimum raise amount, monthly burn by team, performance bonus parameters and all IP given up such as social media handles to the cayman entity setup directly within metadao's interface
4. anyone can create a proposal for metadao, it requires 2% of the token supply to be staked for it to go live (configurable to 1-15%). its a spam prevention measure without any slashing, but only one proposal can be live at a time. this part is similar to ethereum tokenvoting onchain governance
5. once the proposal is live, half of the liquidity from spot is moved to the proposal
trades are then made over 3 days on whether the proposal will increase token value or not. trades revert if the conditions are not met, that is,
- if you forecast an increase in token value if the proposal passes, but it does not pass, you get back your money. if it does pass, you managed to buy at a cheaper price when the market still didn't know whether it would pass
- if you forecast a decrease in token value if the proposal passes, and it does pass, you have now bought it at a cheaper price. if it does not pass, you get your money back
since you can't just take prices at the end (which are manipulable) they use a TWAP over the 3 days for resolution. even here, they take a lagging price TWAP that can only move a certain amount per update, to prevent wild swings from manipulation affecting the average.
the 1st 24 hours don't affect the TWAP for resolution to let the market shake out properly. after the omnibus update, team proposals pass even if the market forecasts a 3% drop in token price if it passes, while non team proposals require a 3% increase in token value if it passes to get adopted
overall i really think metadao has succeeded in its goal of becoming a place for founders to raise from the internet in a way that doesn't suck. its a pity that crypto tribalism prevents those of us in ethereum from using metadao, since it offers greater protection against situations like uniswap, aave or ens from keeping fees made from their frontend with the labs entity. if i had to launch a token or raise money today, i would undoubtedly choose them over any other method available today
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