Mike Hale MetaDAO has renamed Futardio to Backable, its permissionless fundraising platform on Solana, and cut the cost of listing a raise from 0.5 SOL to $15. Backable carries over $44.2 million in commitments from 2,407 backers and 12 funded companies, and the October 5 rename came with new rules for who gets tokens when a raise is oversubscribed.
Backable is a platform where anyone can raise between $10,000 and $2 million for a company, and anyone with a Solana wallet can back it. MetaDAO pitches it as "a global fundraising platform for frontier ideas." There's no application and no review committee. The docs say that "nobody checks whether the teams are real, honest, or capable."
It's the open counterpart to MetaDAO's curated launches, the track that ran Credible's $32.8 million ICO in July.
How does Backable work?
Backers commit USDC to a raise, the money sits in an escrow program until the raise closes, and the company only gets funded if commitments reach its goal. Neither the team nor Backable can withdraw from escrow while the raise is open. MetaDAO keeps upgrade authority over the programs.
If a raise ends below its goal, every backer can claim their full commitment back. The refund isn't automatic. You send the claim transaction yourself from the raise page, and there's no deadline to do it.
If the raise funds, the same terms apply to every company unless its raise page states otherwise.
Price. Every raise sells 10,000,000 tokens to backers, priced at the goal divided by 10 million. A $150,000 goal prices the token at $0.015, and everyone pays that.
Treasury and liquidity. 80% of the money goes to the company treasury. The other 20% is paired with tokens in a liquidity pool.
Monthly budget. The team can draw a published monthly amount from the treasury, capped at one sixth of the goal. Anything larger needs a proposal.
Founder tokens. The founder's performance package holds between 1 and 12.9 million tokens, locked for at least 18 months. It unlocks in five equal tranches when the three-month average price holds at 2x, 4x, 8x, 16x, and 32x what backers paid.
Proposals are settled by decision markets, MetaDAO's futarchy mechanism. A proposal splits the company's token into a pass version and a fail version, traders buy and sell both, and the proposal executes if the pass price averages higher over the trading window. Larger spends, new token mints, budget increases, and any sale of the brand or IP all need one.
The goal also works as a cap. Backable's docs use the example of a $240,000 raise that draws $15.3 million in commitments. The company receives $240,000, and backers claim the other $15.06 million back.
Across the platform, $44.2 million in commitments has turned into about $728,000 raised by the 12 funded companies. Jurassic Finance raised the most at $200,000, followed by ordr.trade at $150,000 and HiveBits at $140,000. Another 82 raises missed their goals, and their backers can claim refunds.
Founders pay $15 to save a draft, and the fee isn't refunded if the raise misses. Three things have to be in place before you can submit.
Domain. You verify your domain with a DNS TXT record.
Legal entity. MetaLeX forms a segregated portfolio for your company inside a Cayman SPC at no charge. That entity takes ownership of the IP you assign to it if the raise funds.
Disclosure. You answer a B1 filing, Blockworks' Token Transparency template. It covers prior token sales, market-maker deals, and insider allocations.
MetaDAO earns from trading volume on the company's token liquidity.
Each raise also publishes its terms in a machine-readable file at /raises/<address>/agents.md for developers and AI agents, and llms.txt indexes all of them.
What changed from Futardio
The name, the listing fee, and the allocation rules changed. The escrow, refund, and budget rules came over from Futardio, which launched on March 3, 2026. Backable's changelog calls it "the same permissionless raise product that started under the name Futardio," and says older links, tweets, and program logs that say Futardio point to Backable.
Futardio | Backable | |
|---|---|---|
Draft fee | 0.5 SOL | $15, payable in USDC or SOL |
Oversubscribed allocation | Time in escrow and an early-fill boost | Time in escrow, an early-fill boost, and Ownership Score |
Proposal rules | One market length and pass bar for every proposal | Seven proposal types under MetaDAO 2.0 |
Ownership Score is a number attached to a Solana wallet that tracks the dollar value of the MetaDAO ownership tokens it holds over time. Each day the previous score shrinks by 1% and that day's holdings are added. Tokens from raises funded on Backable count in full, META counts at 25%, and SOL and USDC count for nothing. Any wallet's score is public at metadao.fi/score.
Everyone in a raise still pays the same price per token. The score decides how much of your commitment turns into tokens when a raise draws more money than its goal. A higher score means more of it converts, and whatever doesn't convert comes back to you as a refund.
In the changelog's example, a raise with a $100,000 goal draws $300,000, and two backers each commit $20,000 the moment it opens. One wallet has a score of 250,000 and gets tokens for its full $20,000. The other has no score, gets tokens for $12,017, and claims the remaining $7,983 back.
A position bought the day before a raise closes adds one day of value to the score at most.
Backable also reserves allocations for what MetaDAO calls Aligned Parties, wallets on a public list that MetaDAO has approved. Their commitments come out of the pool before scoring runs, the founder sets how much is reserved, and the raise page shows each reserved address and its commitment.
What's next for Backable
Every new Backable raise now launches on MetaDAO 2.0, which gives each kind of proposal its own trading window and pass bar. Companies funded before the change keep their current rules until they adopt 2.0 through a proposal.
Proposal type | Market length | Pass bar | Notes |
|---|---|---|---|
Large treasury spend | 1.5 days | -10% | Team must sponsor |
Change the monthly budget | 5 days | +5% | Team must sponsor |
Create new tokens | 5 days | +5% | Amount and recipient are fixed |
Token buyback | 10 days | +10% | 90 days between buybacks |
Anything else | 10 days | +10% | The catch-all type |
Liquidate the treasury | 10 days | +25% | Anyone can propose |
Replace the team | 20 days | +10% | Anyone can propose |
The pass bar is the gap between the pass price and the fail price. At +10%, the pass price has to finish at least 10% above the fail price. At -10%, a team-sponsored spend goes through unless the market prices it more than 10% worse. A failed attempt to replace the team waits 20 days before the next one, and a failed liquidation waits 10. A MetaDAO committee can cancel proposals that break the protocol's rules.
Under MetaDAO 2.0, unlocking a founder tranche and withdrawing it are separate steps, and a performance package can cap how many tokens or dollars leave per window. The company and the founder can renegotiate those terms, with the company acting through a proposal.
A raise can also state a cap above its goal. The Syndicate, a mafia strategy game on Solana, opens October 7 with a $250,000 goal and a $1 million cap. The company and MetaDAO decide at close how much to take between the two, and $100,000 of the minimum is reserved for Colosseum and other Aligned Parties.
MetaDAO is betting that escrow, a capped monthly budget, and price-based founder unlocks can stand in for vetting the teams. Ownership Score gives backers a reason to keep the tokens from one Backable raise, because holding them is what earns a bigger share of the next one.