How Futarchy Ends the Rug Pull Era | Felipe Montealegre & Proph3t
Episode publishedPodcast: BanklessBankless
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All of these rugs are stopped by So if you say, for example, you know, in Futurkey funds go into a wallet and they are controlled by the governance process. So if you raise $50,000,000 or $100,000,000 in ICO, and then you the team is like, well, we wanna take it you know, we wanna send it to our own Binance accounts and cash out. Obviously, that market's gonna vote no.
Bankless Nation, very excited for this next episode. This is the bull case for for a futarky. You've heard that term before. If you haven't, don't worry. We'll define it. How it's going to make our tokens more valuable. That's something we always want in crypto. We've got two self ascribed futards on the podcast today. No. I did not insult them. They are self ascribed futards. Felipe Montelegre is an investor at Thea Research. He's actually been on the podcast before talking about how tokens kinda suck right now, and they're in need of a revolution, let's say. But he is a long term token bull.
Thank you for having me on. Excited to be here.
We also have Prophet on the podcast. He's a cofounder of a neat little project. It's called MetaDAO. This is a futarky and token launch platform on Solana. He, I think, is also a token bull, but he might call them let's see. What's the term you use for this, Prophet? Ownership coins. Ownership coins. Alright. Not just tokens. Ownership coins. Prophet, welcome to Bankless for the first time.
Yeah. Thanks for having me.
Okay. We should do a disclaimer here, of course. The project we're talking about a little bit today is MetaDAO. So Prophet is is, of course, a cofounder. He's he's definitely piled on the project. Felipe, I believe you are a an investor in the project too. So we should disclose that you're an investor. So naturally, you're you're bullish as well. That's that's the case. Am I correct?
That's right. Yeah. Investors in MetaDAO, investors in many of the companies that was spun out of MetaDAO, and it's not investment advice.
Very good. Very good. Okay. With this with that out of the way, I think I wanna divide this into three parts to really set this up. So part one is kind of, like, what is futarky? We need to understand what this means. And then part two is kind of the case for why our tokens suck right now, at least from an investor perspective. I think we all kinda feel that. A lot of tokens in crypto, they're destined to go to zero. Now many of them have been rugged. They kinda suck. We'll talk about that. And then we'll talk about how Futarkey might actually fix this and MetaDAO's specific implementation. So
Sure. So futarky is essentially governance by markets. Right? Like, democracy is the word we use for countries that are governed by voters, and futarky instead is market driven governance. So instead of voting on what we should do, we bet on what the right thing would be to do.
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