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Ownership Coins

Ownership coins are tokens that give holders verifiable ownership and enforceable rights over an onchain organization. They differ from prior-era tokens because the treasury, IP, mint authority, and major spending decisions are placed under tokenholder-governed market oversight rather than discretionary team control. 01Resolved tracks ownership coins across the MetaDAO ecosystem and beyond by turning treasury flows, proposal outcomes, decision markets, and wallet-level participation into structured intelligence.

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Futarchy

Futarchy is market-based governance first proposed by economist Robin Hanson and often summarized as “vote on values, bet on beliefs.” Instead of tokenholders voting directly on whether a proposal should pass, traders allocate capital between conditional markets for pass and fail outcomes. In MetaDAO-style implementations, the proposal passes if the pass market prices the organization above the fail market by more than the required threshold during the TWAP window.

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Proposals

A proposal is an onchain governance action submitted to an ownership coin organization. Proposals can authorize treasury spending, buybacks, mints, burns, liquidity changes, acquisitions, liquidation, or other material actions. On 01Resolved, proposals are tracked from creation through market resolution.

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Proposal Status

Proposal status shows where a proposal sits in the ownership coin lifecycle.

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Decision Markets

A decision market is a pair of conditional markets used to decide a governance proposal. One market prices the organization if the proposal passes, while the other prices the organization if the proposal fails. Traders buy or sell exposure in each market, and the proposal passes only if the pass market prices the organization above the fail market by more than the required threshold during the TWAP window. The signal is the spread between the two conditional markets, not a token vote.

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TWAP

The TWAP window is the period during which market prices count toward the proposal outcome. Trading before the TWAP window can shape expectations, but it does not determine execution. Only prices during the TWAP window are used to calculate the pass and fail TWAPs that decide whether the proposal passes.
Pre-TWAP trading shapes expectations, but only TWAP-window pricing counts toward execution.

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Pass Edge

Pass Edge is the percentage spread between the pass TWAP and fail TWAP.
A proposal passes when:
For example, if passEdge is 3.11% and twapThreshold is -3.00%, then twapThresholdMargin is 6.11%. The proposal is clearing the approval threshold by 6.11 percentage points.

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Economic Direction

Economic Direction classifies trades by the outcome they economically support, not just by the surface trade type.
Fail-Sell is Pass-aligned. Selling exposure to the fail outcome pushes the fail market down, which widens the spread in favor of the proposal passing. 01Resolved tilt and conviction metrics classify trades by economic exposure rather than surface trade direction.
01Resolved calculates two related NAV figures: NAV is the total value of non-native assets held by the protocol treasury.
NAV (AS) is NAV divided by the adjusted supply. It represents non-native asset backing per economically active token.
If NAV (AS) is greater than spot price, the project is trading at a relative discount. If NAV (AS) is less than spot price, the project is trading at a relative premium. mNAV is fully diluted market capitalization divided by total NAV (non-native asset value). It shows how many times the market is valuing the project relative to its non-native treasury backing.
An mNAV of 3.0 means the project trades at 3x its non-native asset value.

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Spot Premium / Discount to NAV

The percentage difference between the current token price and NAV per adjusted token supply.
Positive = trading at a premium to non-native asset backing. Negative = trading at a discount.

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OpenBooks

OpenBooks is 01Resolved’s financial record system for ownership coins. It turns raw onchain wallet activity into structured financial data by maintaining account registries, classifying treasury movements, linking spending to approved proposals, tracking mint and burn events, and separating DAO-controlled funds from operational or offchain accounts where data is available.

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Coverage and Methodology Notes

01Resolved data is derived primarily from Solana onchain activity and internal classification systems. Treasury accounts, LP positions, proposal-linked transactions, mints, burns, and known counterparties are classified by 01Resolved. Offchain assets, liabilities, exchange balances, market maker allocations, bank accounts, or operating company expenses are only included where they are disclosed, project-reported, or otherwise verifiable. Financial metrics such as NAV, treasury value, runway, premium/discount, and mNAV should be treated as structured intelligence derived from available data, not audited financial statements.