MetaDAO is rethinking capital formation for startups. Most launchpads help projects raise money and then step away. MetaDAO uses token markets to govern some of the capital decisions that come next. Capital raised through the platform enters a DAO treasury with spending limits. When a project seeks more funding or wants to change how its treasury is used, it can submit a proposal to a decision market. Traders estimate what the token would be worth if the proposal passes or fails, and the difference between those prices determines the outcome. Four approved proposals have raised another $13.34M for MetaDAO itself since launch. Two passed only after earlier versions failed and the terms changed. The same process has returned remaining capital to investors when projects were wound down. This model depends on active tokenholders. One restructuring passed with only seven wallets and less than $700 in volume. Across 12 launches, a median 52% of allocated wallets sold some tokens within seven days. It remains unclear whether launch recipients will become long-term owners. The opportunity is larger than a better token launchpad. If tokenization becomes a meaningful way to fund operating businesses, MetaDAO could develop into a founder platform for a new generation of companies raising capital online.(Delphi Digital)