This week's ownership coins briefing covers the first MetaDAO Apps Program raise, Mori Finance's $250K target, approved proposals from HiveBits and Loyal, Cope's $50K raise, and Slop Cash's capped auction on Umia.

Ownership Coin Market Snapshot

  • Total Ownership Coin Market Cap: $137.9M
  • Total Ownership Coin Treasury Value: $32.2M

Ownership coin financials, decision market and token data sourced from 01Resolved.

Key Takeaways

  • 1609SAT, the first MetaDAO Apps Program raise, drew ~$6.9M.
  • MetaDAO named Mori Finance its next curated raise, targeting $250K.
  • HiveBits adopted MetaDAO 2.0's proposal rules.
  • Loyal approved returning half its DAO-owned trading liquidity to the treasury.
  • Cope accepted $50K from $372K committed by 41 backers on Backable.
  • Slop Cash hit its ~$988K commitment cap on Umia.

1609SAT Draws $6.9M in the First MetaDAO Apps Program Raise

MetaDAO opened its Apps Program with 1609SAT, an SAT prep app that builds study plans from students' mistakes on practice tests. The sale has drawn ~$6.9M in commitments against a $100K goal. MetaDAO put in $50K, leaving $50K of the round for public backers. Each side gets 5% of the token supply.

The team can sell tokens as it earns them through price milestones. The first tranche unlocks when the 90-day average price reaches twice the sale price. During the first 18 months, the team can sell up to $25K of unlocked tokens every 30 days.

1609SAT reports more than 400 paying students and ~$5K in monthly revenue in its first three months. The team plans to spend most of the raise on a small full-time team and marketing through SAT creators.

Mori Finance Is MetaDAO's Next Curated Raise

MetaDAO has selected Mori Finance for its next curated raise. The $250K sale opens November 9 at a $645K valuation.

Mori lets tokenholders earn USDC premiums by selling covered call options against tokens they own.

For example, with SOL trading around $89, a holder could agree to sell their tokens at $100 and collect a premium upfront. If SOL rises above $100 and the option is exercised, they sell at that price and keep the premium. Otherwise, they keep both their SOL and the premium. The trade-off is giving up any additional upside above $100.

Mori takes custody of deposited tokens, executes trades through its own OTC account with a single institutional options market maker and collects 12% of the option premium.

The company reported $1.7M in covered call volume in October and currently supports SOL, cbBTC, PENGU and jitoSOL. It plans to launch a custom options desk for tokens without listed options markets, starting with GRASS, JUP, MET and ORCA.

HiveBits Adopts MetaDAO 2.0's Proposal Rules

HiveBits, the commercial bee farm in Bosnia and Herzegovina, migrated to MetaDAO 2.0 after NECTAR-002 was approved. Under the new rules, routine extra spending runs through a 1.5-day market and requires team sponsorship. Liquidation proposals run for ten days and need a +25% threshold to pass.

The decision market cleared its -3% threshold by ~7% on ~$50K of volume across 251 trades. About 51% of volume and 68% of directional trader participation were economically Pass-aligned.

HiveBits' financials on 01Resolved show ~$115K in total NAV against a $10K monthly spending limit, roughly 9 to 12 months of runway, and NECTAR trading at an estimated ~19% discount to NAV (AS).

Loyal Approves Withdrawing Half Its Trading Liquidity

Loyal approved LOYAL-004, which authorized withdrawing half the DAO-owned LOYAL/USDC position into its treasury vault. The proposal estimated a transfer of ~$68K USDC and ~923K LOYAL. Spending those assets or using them for buybacks would require a separate proposal.

The market passed by ~2.6% against a 0% threshold on ~$4.8K across 16 trades. About 62% of volume and 56% of directional trader participation were economically Pass-aligned.

Percolator Trade Moves On From Its Pump.fun Token

Percolator Trade, a Solana project for launching perpetual futures markets, announced a $250K raise on MetaDAO's permissionless Backable platform to fund its move to mainnet. The sale will create PERC, a separate token from the Pump.fun community coin. Eligible holders of the old token can buy PERC at the public sale price through a $50K reserve. There will be no swap or airdrop.

Cope Accepts $50K From $372K in Commitments

Cope closed its Spark-curated raise on Backable with $372K committed by 41 backers, about 7.4 times its $50K goal. The raise terms put $40K into the treasury and $10K into trading liquidity.

Cope is building a perpetuals exchange on Solana that offers up to 1,000x leverage. Its design pays traders back up to 20% of a loss in shares of the liquidity pool they traded against. COPE began trading after the sale, and the team plans to open the exchange on mainnet later this month.

Cope's financials on 01Resolved show ~$46K in total NAV against a $5K monthly spending limit, roughly 7 to 9 months of runway, and COPE trading at an estimated ~31% premium to NAV (AS).

Other ownership coin updates

  • 01Resolved began rolling out Rights pages that show what a token governs and how money reaches its treasury. The Laso Finance overview shows how customer payments flow from the operating company to the DAO treasury, and who controls new LASO issuance.
  • Rip Cars reported $100K in revenue and more than $2M in volume since launching its Hot Wheels gacha on September 14. Rip Cars' financials show $1.5M in total NAV against a $40K monthly spending limit, roughly 32 to 37 months of runway, and CARS trading at an estimated ~307% premium to NAV (AS).
  • Kimia opened its private beta for a strategy that buys a token and shorts an equal dollar amount to collect funding payments. Kimia fills the spot leg first, so a failed second leg leaves the user holding the token. Kimia's financials show ~$20K in total NAV against a $9.6K monthly spending limit, roughly 1 to 2 months of runway, and KIMIA trading at an estimated ~111% premium to NAV (AS).
  • Basket opened basket creation to any wallet. Creators can combine up to 40 Solana tokens, choose their weights and set a fee of 0.1% to 1%. Creating a basket costs 0.1 SOL. Basket's financials show ~$6K in total NAV against a $1K monthly spending limit, roughly 4 to 6 months of runway, and BASKET trading at an estimated ~91% premium to NAV (AS).
  • Credible Finance announced its Canadian money services business registration with FINTRAC. Credible's financials show $3.3M in total NAV against a $250K monthly spending limit, roughly 8 to 13 months of runway, and CRED trading at an estimated ~190% premium to NAV (AS).
  • MimiKrew opened its Pokémon pack pools to the public after last week's alpha. Anyone can now create a pool or join one to split the cost of opening packs.
  • Sendr opened a $250K Backable raise for its stablecoin remittance app. Final opened a $50K to $100K sale for its multichain self-custody wallet. Koturo, which lets creators issue tokens backed by trading positions held in vaults, set its $250K raise for November 11.
  • Slop Cash, which pays open-source contributors for work that gets merged, hit its roughly $988K commitment cap less than 15 minutes into public bidding on Umia. Existing contributors committed $200K during early bidding after privately verifying their past work. The auction offers 45M SLOP, or 45% of supply, and is scheduled to settle on November 10. The sale terms reserve about 20% of proceeds for a treasury-owned SLOP/USDG pool.