MetaDAO's recent strong performance in multiple on-chain issuances has once again made "ownership tokens" a hot topic within the Solana ecosystem. Market attention is focused not only on the price performance of new projects after issuance, but also on the increasing acceptance of the Futarchy model and permissionless issuance platforms among on-chain traders.
In July, the issue price was generally higher than the subscription price.
According to data from 01Resolved cited in the article, several select token offerings completed by MetaDAO in July are currently trading above their offering price. Among them, $CRED has the highest return, reaching 89%.
The subscription demand for several offerings significantly exceeded the target size. Taking $CARS as an example, the minimum fundraising threshold for the project was $250,000, but the subscription commitments exceeded $31 million, an oversubscription rate of 12,788%.
This performance has provided support for the ownership token sector. Previously, in 2026, the market was affected by the liquidation events of protocols such as Ranger Finance and ZKLSOL, resulting in significant volatility in related assets and a divergence in sector sentiment.
Permissionless issuance platforms attract on-chain funds
In addition to curated offerings, MetaDAO's permissionless token offering platform, Futardio, is also gaining more demand. The article states that since its launch, over 2,000 allocation participants have invested more than $40 million in multiple token offerings using the same over-allocation model.
Among them, Ordr.trade, a decentralized exchange based on order books, recently received over $7.1 million in subscription commitments and reached its fundraising goal within 5 seconds. According to the data in the article, the project's current oversubscription rate is 4759%, indicating high investor demand for tokens.
META has risen 39% in the past 30 days.
As this issuance model regains attention, trading activity for MetaDAO's flagship token, $META, has also increased. According to Blockworks data cited in the article, several recent successful issuances have driven growth in MetaDAO's trading volume and revenue.
The article also mentions that some on-chain traders are increasingly skeptical of the "token plus equity" two-tier structure, and recent mergers and acquisitions have exacerbated this sentiment. Against this backdrop, market interest in ownership token models has rebounded, with $META rising 39% in the past 30 days, outperforming the overall market.
However, disagreements persist regarding this type of asset. Some crypto traders believe that futarchy-driven assets lack the amplified returns from high volatility; others argue that these assets have relatively lower volatility and therefore may not align with the preferences of typical on-chain traders.
