1/ @MetaDAOProject's value prop is simple: self-enforced tokenholder rights.
The current ICO landscape navigates a tradeoff between high adverse selection (bad founders) & capital formation maturity (high valuations).
Breaking down why MetaDAO could realize the ICM vision:

2/ Let's start with bonding curves like Believe: high adverse selection, early capital formation stage.
Believe tokens are essentially structured as memecoins, with no financial upside or equity in the business to tokenholders.
This creates a situation where founders on Believe are likely adversely selected, and they are launching there because they couldn’t be funded traditionally.

3/ Platforms like Sonar, Metaplex Genesis, and CoinList are the opposite: lower adverse selection, more mature capital formation stage.
These products mitigate the adverse selection issue since founders can conduct sales in a compliant manner and on their own terms, but ICOs are predisposed to take place post-raise & at higher valuations.

4/ Neither bonding curves nor direct token sale platforms address the most important problem with the industry today: tokens are broken.
- Unclear how value is split between token & equity
- Low float high FDV
- No tokenholder rights
Quality teams like @pumpdotfun, @HyperliquidX, and @RaydiumProtocol allocate 100% of revenues to buy back their token, not because it is the most optimal use of capital (it is not), but because it has turned into the only credible signal for teams to tell the market: "we care about the token".

5/ MetaDAO solves this problem with unruggable ICOs:
1. Mechanistic protection against treasury rugs: Instead of funds going directly to the team, they’re stored in an onchain treasury with futarchy oversight.
2. Legal protection against revenue rugs: The founder assigns the IP of the project (domain names, software, social media accounts, etc.) to a legal entity that recognizes the futarchy governance mechanism as the ultimate decider.

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