The MetaDAO decision market has received its third private placement proposal for ZKFG, aiming to resolve the long-standing dispute between ZINC and the ZKFG DAO. The new proposal maintains the acquisition price of $0.15 per token and introduces a ZINC airdrop for early supporters.
Proposal to maintain the $0.15 acquisition price.
Proposal ZKFG-008, titled "Take ZKFG Private Round 2," proposes that ZKFG acquire $ZKFG tokens from holders at a price of $0.15 per token, removing them from circulation and consolidating future operations under the $ZINC token.
However, the new proposal introduces additional restrictions compared to the previous two proposals. It states that supermajority holders, who own approximately 65% of $ZKFG, will not participate in this $0.15 liquidation arrangement. Meanwhile, the project team plans to airdrop 5,000 $ZINC tokens to long-term supporters based on the snapshot taken on May 25.
At the current price, this airdrop is worth approximately $90,000. The airdrop will be released linearly on a daily basis over a 3-month period and will not be distributed to supermajority holders who drove the privatization.
Results will be determined by the market before June 20.
Currently, this prediction market is still in its early stages, and trading volume is not yet sufficient to clearly reflect the probability of the proposal passing. As scheduled, trading will continue until June 20, at which point the outcome will be executed.
If the proposal is approved, ZKFG will acquire the remaining holders' tokens and gain full control of the associated intellectual property; if not approved, the current status will remain unchanged.
This dispute has previously gone through multiple rounds of back-and-forth. Although the first acquisition proposal was approved, it was ultimately not executed; the second proposal was rejected. The third vote now is seen by outsiders as the latest attempt by all parties involved to end this governance stalemate.
Holders question the valuation as too low.
A $ZKFG holder named Stanojevic publicly opposes the current valuation, arguing that if ZINC delivers on its promise to allocate a portion of its revenue back to the ZKFG DAO treasury, the fair value of $ZKFG should be at least $2.15, not $0.15.
He also criticized ZKFG DAO for failing to fulfill certain commitments and accused MetaDAO of failing to protect token holders' interests, allowing ZKFG to siphon value out of the project.
However, some commentators have countered that such dissatisfaction stems more from shifts in position after failed arbitrage opportunities, rather than a fundamental challenge to governance principles.
MetaDAO's governance model is being tested again.
Regardless of the outcome, this event continues to test MetaDAO’s decision-making market model and the real-world effectiveness of so-called “ownership tokens” in on-chain fundraising and governance.
Supporters argue that, although contentious, the dispute has exposed friction points within the model, helping to inform future mechanism improvements. Others note that MetaDAO’s coordination to drive a solution may itself deviate from the original design intent of the decision market, which aimed to uncover outcomes through market dynamics.
Before the proposal outcome is implemented, the ZKFG incident will remain an important case study for observing MetaDAO’s governance experiment.