In the fast-paced world of blockchain, where innovation moves at lightning speed, it's always exciting to see projects hit that sweet spot of product-market fit (PMF). Recently, Stepan Simkin, CEO of Squads Protocol, shared his thoughts on X about MetaDAO's impressive execution with their Umbra project. If you're not familiar, Squads is a platform focused on smart accounts and multisig solutions on Solana, and MetaDAO is pioneering futarchy—a governance model that uses prediction markets to make decisions.

Simkin's post quotes Proph3t, co-founder of MetaDAO, reflecting on the recent Umbra launch. Umbra, a privacy-focused protocol on Solana, just raised a whopping $3 million by launching an "ownership coin." This isn't your typical meme token pump; it's a structured raise using futarchy to align incentives and distribute ownership among 9,400 holders. Proph3t candidly shares the highs and lows, from dealing with a massive $154 million in commitments to tweaking allocation mechanisms for better fairness.

What stands out is Proph3t's honesty about the challenges. He notes how the discretionary cap didn't fully prevent over-commitments, essentially turning it into a capped pro-rata system. For those new to this, pro-rata allocation means participants get a share proportional to their commitment, but capped to avoid whales dominating. Proph3t isn't thrilled with the "game-y" feel of it, where users might see only a tiny fraction of their allocation filled. He's also calling out the need for better sybil-resistant tools—mechanisms to prevent one person from creating multiple fake identities to game the system. This is a big issue in decentralized raises, unlike KYC-gated platforms.

On the tech side, there were hiccups with Jupiter picking up the futarchy AMM pool, highlighting the "test, but test more" mantra in blockchain development. Security is now top priority with such large sums involved, pushing for double audits and beefed-up opsec. Liquidity in the markets was another point—too much led to less volatility than ideal. And claiming tokens? It could be smoother, either by optimizing the claim process or switching to airdrops.

But amid the self-critique, Proph3t's pumped: Umbra's raise is a win, giving thousands a stake in its future. Simkin calls this PMF in action, praising Proph3t and Nallok's vision and execution. Interestingly, Squads started with a governance focus but pivoted to smart accounts. Now, seeing MetaDAO use Squads for treasury vaults with spending limits feels like a full-circle moment for Simkin. He even muses that onchain governance seemed nearly unsolvable—until now.

This thread wraps with a catchy "futardio," a playful nod to futarchy enthusiasts. It's a reminder that in the meme token and broader crypto space, blending governance innovation with real utility can create massive value. For meme insiders, this highlights how ownership coins could evolve beyond hype, offering genuine participation in project success. If you're building on Solana or eyeing token launches, MetaDAO's approach is worth studying—check out the full thread here for more insights.