Author: Kollan and Proph3t

Category: Operations Direct Action

Summary

A new onchain DAO with the following settings:

• Pass threshold 300 bps
• Team pass threshold -300 bps
• Spending limit $240k/mo
• Stake Required 200k META

Transfer 11,223,550.91146 USDC

Migrating liquidity from Meteora to FutarchyAMM

Amending the Marshall Islands DAO Operating Agreement

Modifying the existing Master Services Agreement between the Marshall Islands DAO and the Wyoming LLC

Burn 60k META tokens which were kept in trust for proposal creation and left over from the last fundraise.

The following will be executed upon passing of this proposal

1. Sign the Amended Operating Agreement
2. Sign the updated Master Services Agreement
3. Migrate Balances and Authorities to New Program (and DAO)
4. Provide Liquidity to New FutarchyAMM
5. Burn 60k META tokens (left over from liquidity provisioning and the raise)

Background

Legal Structure

When setting up the DAO LLC in early 2024, we did so with information on hand. As we have evolved, we have developed and adopted a more agile structure that better conforms with legal requirements and better supports futarchy. This is represented by the number of businesses launching using MetaDAO. MetaDAO must adopt these changes and this proposal accomplishes that.

Additionally, we are updating the existing Operating Agreement of the Marshall Islands DAO LLC (MetaDAO LLC) to align it with the existing operating agreements of the newest organizations created on MetaDAO. You can review this agreement at the link below.

https://docs.google.com/document/d/1MgvX338xMrrypI10i5nXloc6WNqbBOH65qsjcHzNLKE

We are also updating the Master Services Agreement between MetaDAO LLC and Organization Technology LLC. This updates the contracted services and agreement terms and conditions to reflect the more mature state of the DAO post revenue and to ensure arms length is maintained. You can review this updated services agreement below.

https://docs.google.com/document/d/1Wq1gv9OKOPohOqsTRlemNhD29gjhhRgu8IFhgpICJtM

Program And Settings

We have updated our program to v0.6.1. This includes the FutarchyAMM and changes to proposal raising. To align MetaDAO with the existing Ownership Coins this proposal will cause the DAO to migrate to the new program and onchain account.

This proposal adopts the team based proposal threshold of -3%. This is completely configurable for future proposals and we believe that spearheading this new development is paramount to demonstrate to founders that, while futarchy currently favors investors, these new changes relieve some of the friction currently felt. For additional context read: https://x.com/metaproph3t/status/1979243370452258837?s=20

In parallel, the new DAO is configured with an increased spending limit. We will continue to operate with a small team and maintain a conservative spend, but front loaded legal cost, audits and integration fees mandate an increased flexible spend. This has been set at $240k per month, but the expected consistent expenditure is less, therefore while the limit is set, we currently do not expect to utilize all of it each month. Unspent funds do not roll over.

By moving to the new program raising proposals will be less capital constrained, have better liquidity for conditional markets and bring MetaDAO into the next chapter of ownership coins (i.e. dashboards and data tracking).

This new DAO is already created for the benefit of the programmatic transfer of assets and authorities. With details below.

Authorities

This proposal sets the update and mint authority to the new DAO within its instructions.

Assets

This proposal transfers the ~11M USDC to the new DAO within its instructions.

Liquidity

Upon passing, we’ll remove 90% of liquidity from Meteora DAMM v1 and reestablish a majority of the liquidity under FutarchyAMM (under the control of the DAO).

Supply

We had a previous supply used to create proposals (providing META and USDC liquidity) and an additional amount left over from the fundraise which was kept to ensure proposal creation. Given the new FutarchyAMM this 60k META supply is no longer needed and will be burned.

Specifications

Existing DAO: Bc3pKPnSbSX8W2hTXbsFsybh1GeRtu3Qqpfu9ZLxg6Km

Squads: BxgkvRwqzYFWuDbRjfTYfgTtb41NaFw1aQ3129F79eBT

Meteora LP: AUvYM8tdeY8TDJ9SMjRntDuYUuTG3S1TfqurZ9dqW4NM (475,621.94309) ~$2.9M

Passing Threshold: 150 bps

Spending Limit: $120k

New DAO: CUPoiqkK4hxyCiJcLC4yE9AtJP1MoV1vFV2vx3jqwWeS

Squads: BfzJzFUeE54zv6Q2QdAZR4yx7UXuYRsfkeeirrRcxDvk

Team Address: 6awyHMshBGVjJ3ozdSJdyyDE1CTAXUwrpNMaRGMsb4sf (Squads Multisig)

Passing Threshold: 300 bps

Team Passing Threshold: -300 bps

Spending Limit: $240k

FutarchyAMM LP: TBD but 90% of the above LP