Overview

• Theia wishes to acquire META tokens (METADDFL6wWMWEoKTFJwcThTbUmtarRJZjRpzUvkxhr) from the MetaDAO Treasury (6awyHMshBGVjJ3ozdSJdyyDE1CTAXUwrpNMaRGMsb4sf) in exchange for $500,000 USDC (EPjFWdd5AufqSSqeM2qN1xzybapC8G4wEGGkZwyTDt1v).
• Theia wishes to acquire 370.370 META tokens at a USD price of $1,350 per token from the MetaDAO Treasury. This represents a 14% premium to spot price at the time we completed this proposal.
• Theia will allocate resources to helping MetaDAO succeed and believes it can be helpful across multiple core areas, including active governance, research, token structuring/liquidity, US policy, and business development. We have provided numerous portfolio company references to the MetaDAO team that can attest to our involvement and value add.
• Theia’s $500K investment could be spent to hire an additional senior engineer, seed liquidity on new markets, and expand business development operations to onboard more DAOs to MetaDAO.
• MetaDAO will transfer the entire portion of META tokens through a 12-month linear vest Streamflow program.

Introduction to Theia

Theia is an onchain liquid token fund manager that invests in companies building the Internet Financial System. Theia replicates traditional private investment strategies by taking large positions in small-cap tokens within under-explored market parts and working closely with management teams to add value. Theia typically buys liquid tokens through structured and proprietary deals and holds investments through a two to four-year investment thesis.

Theia is a differentiated partner due to the time and expertise we commit to our portfolio companies as well as our intense focus on core infrastructure and financial applications in EVM and SVM. Our fund strategy is designed to drive value for our portfolio companies; we cap our fund size, maintain a concentrated book of few investments, and seek to hold investments for many years. We work to ensure that each portfolio company has time and ample resources to realize our underwriting model forecast. This allows us to hold for the long term and ignore price fluctuations that are unrelated to business-specific catalysts.

Proposal

We appreciate the time and effort both Proph3t and Kollan have spent with our team as we have conducted our diligence on MetaDAO. Better governance is a pressing need across the Internet Financial System and we are impressed by MetaDAO’s commitment to the vision of Futarchy. It isn’t often you find a team that combines missionary zeal with real talent as builders.

We are pleased to submit an offer to acquire META tokens on behalf of Theia and serve as a strategic partner to MetaDAO. While this letter outlines specific terms for a token agreement, we believe that a long-term partnership between Theia and MetaDAO is the most important component of our proposal.

On behalf of Theia Blockchain Partners Master Fund LP (“Theia”), to acquire 370.370 META tokens at a USD price of $1,350 per token from the MetaDAO Treasury. We would consider it a privilege to have the opportunity to buy a large amount of META from the treasury.

Importantly, our $500,000 investment would provide valuable capital to MetaDAO. Theia’s $500K investment could be spent to hire an additional senior engineer, seed liquidity on new markets, and expand business development operations to onboard more DAOs to MetaDAO.

“An incremental $500k would allow us to extend our runway, experiment more (e.g. provide capital to decision markets on non-futarchic governance proposals), and/or spend more on growth (e.g. twitter videos).” - Proph3t, Cofounder of MetaDAO

Theia Value Add

MetaDAO is one of the most exciting ideas in the Internet Financial System and global governance as a whole, and we are eager to support the company through its next phase of growth. We will work hard to increase the probability of success for MetaDAO across the following five dimensions:

• Active Governance: Theia has been a fully onchain fund since inception. We are participants in onchain markets and would plan to actively trade MetaDAO markets. We believe having one more aligned liquid fund trading MetaDAO markets would bolster market efficiency and deepen liquidity.
• Roadshows: We meet regularly with most major US and European liquid funds. We openly share our best ideas but pay close attention to the stylistic preferences of different funds. When mutually beneficial, we facilitate introductions and also help them prepare. We have introduced our portfolio companies to liquid funds at different times. We provide detailed feedback on presentations, data rooms, and investor pitches. We often help organize roadshows, provide references, and workshop token pitches with founders. We are an active research firm and believe that the correct market framing can help a company raise capital, hire talent, win partnerships, and focus resources on the most impactful outcomes. We only started publishing our research in the middle of 2024 and have developed an active following of like-minded investors. We write consistently about our portfolio companies and the key themes that affect them. We pitch portfolio companies with liquid funds at dinners and are increasingly asked to share our perspective on liquid markets. We are attaching a few examples of our research:
  • https://x.com/TheiaResearch/status/1859598616001675681
  • https://x.com/TheiaResearch/status/1833553153976844453
  • https://x.com/TheiaResearch/status/1814277792705479128
• Policy: We expect US policy to remain an important input for companies, especially as they seek to expand beyond what exists onchain today. We have built strong relationships with political consultants, congressional staffers, regulatory agencies, and law firms to ensure we are prepared for upcoming policy changes in the US and abroad. We seek to be a resource to portfolio companies and effectively direct them to the right resources for complex questions.

Theia References

This is our second proposal to MetaDAO. During our first proposal, we asked a few of our portfolio company founders to provide references for Theia. We are including these references below for easier access.

Marius, Kamino Cofounder

Mack, Lead of Strategy at Metaplex

We would also like to reference specific statements by the MetaDAO team as part of our proposal.

Proph3t, Cofounder of MetaDAO

0xNallok, Cofounder of MetaDAO

We are deeply impressed with the team, mission and community at MetaDAO. We would consider it a privilege to have the opportunity to participate as you onboard Solana and then the world to Futarchy, and we thank you for your consideration.