Episode 3: Proph3t - MetaDAO
In this episode of the Colosseum Podcast, host Chase Barker welcomes Prophet, Founder of MetaDAO, a groundbreaking project aimed at rethinking how governance is executed in the blockchain ecosystem.
The conversation dives into the unique concept of Futarchy and how MetaDAO aims to replace traditional governance token voting with decision markets, the new Launchpad platform and its first project with mtnDAO, his experiences as a first-time founder, the challenges of gaining investor attention, and the importance of building a supportive community around innovative ideas.
Key Insights:
[00:02:06] Founder Experience & Challenges: Proph3t shares his journey as a first-time founder, transitioning from engineering to leading MetaDAO, securing backing from Paradigm and Colosseum, and how hiring was also a learning curve.
[00:14:38] MetaDAO’s Launchpad & mtnDAO: as First Project MetaDAO’s Launchpad introduces a new model for rug-resistant capital formation, where funds raised are governed by the community instead of a centralized team. mtnDAO is the first project to use the platform, launching a Futarchy-governed investment fund where token holders vote on investments through prediction markets.
[00:27:32] The Potential Impact of Futarchy: Futarchy replaces traditional token-based governance with decision markets, where markets determine the best course of action rather than voters. Proph3t sees this as a step toward rational decision-making for institutions that could become the standard model for decentralized capital formation and governance.
[00:43:46] Advice for Aspiring Blockchain Founders: For new founders, Proph3t emphasizes the importance of finding the right co-founder and spending significant time on hiring early and engaging with the Solana developer community and prominent founders.
Proph3t is the founder of MetaDAO, a pioneering governance platform on Solana that implements Futarchy-based decision-making. Before founding MetaDAO, he was a software engineer with a deep interest in decentralized governance, economic theory, and blockchain infrastructure, and has become a vocal advocate for rational decision-making in blockchain governance, frequently engaging with the Solana developer community.
Proph3t - @metaproph3t
Chase Barker is the host of The Colosseum Podcast, where he interviews founders and innovators in the Solana ecosystem. Chase has a keen interest in the growth of the Solana ecosystem, particularly in supporting and understanding the journeys of founders and startups, and combines his technical knowledge with a focus on the human side of entrepreneurship.
Chase Barker - @therealchaseeb
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