# Liquidate Paystream

Paystream's proposal "Liquidate Paystream" passed on 2026-09-08 by 3.45%. The approved TWAP was $0.02581 against $0.02495 rejected, with a 0% threshold. $185.76 traded across 4 trades by 4 traders.

A Paystream governance proposal decided by a futarchy decision market, as analysed on 01Resolved. Data as of 2026-10-22 09:52 UTC.

- [Proposal page](https://www.01resolved.com/paystream/proposals/7dDZKPT7RG8W8pm2sejwzDBbSP8iR7jHq4Kh1ch4TVJS): charts, comparables, and every trade.
- [Paystream summary](https://www.01resolved.com/ai/projects/paystream.md) and [all proposals](https://www.01resolved.com/paystream/proposals).

## Outcome

| Metric | Value |
| --- | --- |
| Status | Resolved |
| Result | Approved |
| Start (UTC) | 2026-09-05 10:59 |
| End (UTC) | 2026-09-08 10:59 |
| TWAP window starts (UTC) | 2026-09-06 10:59 |
| Staked | 100% |
| Pass threshold | 0% |
| Passed by | 3.45% |
| Approved TWAP | $0.02581 |
| Rejected TWAP | $0.02495 |

The proposal passes when the approved (pass) TWAP beats the rejected (fail) TWAP by more than the threshold. A live proposal's standing can still change.

## Market overview

| Metric | Value |
| --- | --- |
| Pass pool TVL | $185.7 |
| Fail pool TVL | $197.74 |
| Net volume tilt (toward pass) | +100% |
| Net trader tilt (toward pass) | +100% |
| Total trades | 4 |
| Total volume | $185.76 |

## Outcome strength

| Metric | Value |
| --- | --- |
| Traders, pass-aligned | 100.00% (4) |
| Traders, fail-aligned | 0.00% (0) |
| Volume, pass-aligned | 100.00% ($185.76) |
| Volume, fail-aligned | 0.00% ($0) |
| Late conviction | Low |

Net pass-aligned volume accumulated before the TWAP window: +$185.75; during it: +$0.01.

Pass-aligned means buying pass or selling fail; fail-aligned is the reverse. Strong participation alone does not show that a decision was economically correct.

## Trade activity

| Metric | Value |
| --- | --- |
| Unique traders | 4 |
| Repeat traders (across Paystream decision markets) | 50% |
| Largest single trade | $183.07 (Fail-sell) |
| Average trade value | $46.44 |

## Proposal text

As submitted by the proposer; not written or verified by 01Resolved.

#### **Summary**

Paystream is winding down. This proposal returns the entire USDC treasury to outstanding PAYS holders.

On passing, the DAO withdraws all protocol-controlled liquidity, cancels the performance package, permanently revokes the PAYS mint and freeze authorities, burns the entire supply under protocol control (currently 94.28%), and moves all recovered USDC into a liquidation vault. Outstanding holders redeem for USDC at a fixed rate with no claim deadline. The proposal also authorizes termination of the Paystream DAO LLC and public release of the intellectual property.

The reference redemption rate is 0.0267 USDC per PAYS, a 35.62% recovery against the 0.075 ICO price.

Background on the decision to wind down: https://x.com/Paystreamlabs/status/2088486027304550883

#### **The numbers**

| USDC returned to holders | 37,815.78 |
| :---- | :---- |
| Outstanding (redeemable) PAYS | 1,415,592.71 |
| PAYS to be burned | 23,334,296.36 |
| Outstanding share of supply | 5.72% |
| Reference redemption rate | 0.02671374 |
| ICO price | 0.075 |
| Recovery vs. ICO | 35.62% |

Balances as of slot 443480088 on September 1 2026\. Full inventory in Appendix B.

#### **Redemption terms**

The rate is vault USDC divided by post-burn PAYS supply, computed from onchain state at execution and then fixed permanently. The reference rate above is indicative; the executed rate governs. Anyone can verify it at any time from two public values: the vault's USDC balance and the mint's total supply minus any tokens held in the redemption vault.

Redeemed PAYS are held in the liquidation vault, so the ratio does not change as holders redeem. There is no first-mover advantage and no last-holder penalty.

Any PAYS holder may redeem at any time within the next three years, on the Paystream page of the MetaDAO site. MetaDAO administers the vault and retains discretion over its administration, set out in Appendix D.4.

#### **Timeline**

| Phase | When | What |
| ----- | ----- | ----- |
| 0 | Before finalization | Pre-execution verification (Appendix F) |
| 1 | At finalization | Onchain execution (Appendix C.1) |
| 2 | Within 7 days | Vault deployed and funded, PAYS burned, redemption live |
| 3 | After vault is live | Entity wind-up and dissolution filing |

#### **Risks**

The rate is not final until execution. FutarchyAMM arbitrage sensitivity is about 0.19% (Appendix D.2), and the Meteora position is the larger variable (Appendix E.2).

There is no reserve. All recovered USDC goes to holders and MetaDAO absorbs wind-down and operating costs, which requires that Paystream has no outstanding payables (Appendix E.1).

The rate is a floor rather than a source of liquidity. Once protocol liquidity is withdrawn, the vault is the primary exit for a PAYS position.

The liquidation vault is new code holding funds indefinitely (Appendix E.4).

Full disclosures in Appendix E.

### 

### **Appendices**

#### **Appendix A. Accounts**

| Role | Address |
| ----- | ----- |
| DAO treasury | `BpXtB2ASf2Tft97ewTd8PayXCqFQ6Wqod33qrwwfK9Vz` |
| DAO / FutarchyAMM | `6FRXzTe3HajL8Fwmmkupp8g3y3wn3g3QEjj8sABndre3` |
| PAYS mint | `PAYZP1W3UmdEsNLJwmH61TNqACYJTvhXy8SCN4Tmeta` |
| Meteora DAMM v2 position | APEYaGFGg8LYxNhNgvn5EH3mhDz62GQC3cURouSRBsVK |
| Performance package | BAKbJz4m8ZXMUcH4pYCByhbDzrxhUdGVZRSRMDDZ9Jxr |
| Liquidation vault program | DEPLOYED AT EXECUTION |

#### **Appendix B. Asset Inventory**

Balances as of slot 443480088 on September 1 2026\.

| Location | USDC | PAYS |
| ----- | ----- | ----- |
| FutarchyAMM | 21,120.14 | 887,923.65 |
| DAO treasury | 16,695.637365 | 9,696,372.706103 |
| Performance package |  | 11,850,000 |
| Meteora DAMM v2 |  | 900,000 |
| DAO-controlled total | 37,815.777365 | 23,334,296.356103 |
| Total PAYS supply |  | 24,749,889.070709 |
| Outstanding PAYS |  | 1,415,592.714606 |

#### **Appendix C. Authorized Actions**

##### **C.0 Previous actions**

MetaDAO, given the team’s indication for winding down the company, has revoked the spending limit.

1. Revoke/remove spending limit

#####  **C.1 Onchain execution**

The DAO executes the following on proposal finalization.

1. Withdraw the DAO's Meteora DAMM v2 liquidity to the DAO treasury.  
2. Withdraw all DAO liquidity (USDC and PAYS) from the FutarchyAMM to the DAO treasury.  
3. Permanently revoke the PAYS mint authority.  
4. Permanently revoke the PAYS freeze authority.  
5. Emit the memo instruction in C.2.

##### **C.2 Memo authorizations**

The memo instruction records the DAO's authorization for the following.

1. Termination of the Paystream DAO LLC, Paystream DAO LLC of Republic of the Marshall Islands, including cessation of business, provision for and settlement of remaining liabilities, final tax and accounting filings, and filing of the certificate of dissolution or cancellation.  
2. Release of Paystream's intellectual property under Apache-2.0 license for the repositories in C.3, also including the Paystream name, logo and trademarks.  
3. MetaDAO's authority to process the liquidation and redemption: deploying and initializing the vault, computing and publishing the final rate, cancel the performance package and burn the 11,850,000 PAYS it holds, burning protocol-controlled PAYS, transferring USDC into the vault, and administering redemption on the terms in Appendix D.

##### **C.3 Repositories to be released**

| Repository | Contents |
| ----- | ----- |
| app | https://github.com/PaystreamFinance/ |
| backend | https://github.com/PaystreamFinance/ |

##### **C.4 Post-execution steps**

Carried out by the MetaDAO team within 7 days of finalization.

1. Deploy the liquidation vault program.  
2. Cancel the performance package and burn the 11,850,000 PAYS it holds.  
3. Burn all remaining protocol-controlled PAYS.  
4. Transfer all DAO-controlled USDC into the vault.  
5. Compute the final rate from onchain state at a named slot and initialize the vault with it.  
6. Open redemption on the Paystream page of the MetaDAO site.

##### **C.5 Entity wind-up**

Carried out after the vault is funded and redemption is live.

1. Final accounting, then settle or provide for remaining liabilities.  
2. Final tax filings.  
3. File the certificate of dissolution or cancellation.

#### **Appendix D. Redemption mechanics**

##### **D.1 Rate determination**

```
R = (USDC transferred into the liquidation vault)
    ───────────────────────────────────────
    (PAYS supply outstanding after the burn)
```

R is computed from onchain state at a named slot after all withdrawals and burns complete, then fixed permanently. Every PAYS not held by outstanding holders is burned, so the denominator equals the mint's onchain total supply and the liquidation vault tokens. The rate is therefore verifiable from two public values at any time:

```
rate = vault_usdc_balance / (pays_mint_total_supply - vault_held_mint_supply)
```

The mint authority is revoked and PAYS are burned, so this identity holds permanently.

##### **D.2 Why pre-execution drift is self-limiting**

Trades against DAO-controlled liquidity move both sides of the ratio. A purchase of PAYS from the FutarchyAMM adds USDC to the numerator and increases outstanding supply in the denominator. The rate is exactly invariant to a trade executed at the redemption rate, accretive above it, and dilutive only below it.

Modelled on stated FutarchyAMM depth under a constant-product, zero-fee assumption, an arbitrageur buying until the AMM's marginal price reaches the redemption rate spends about 1,240 USDC and moves the rate down by 0.19%, from 0.02671 to 0.02666.

##### **D.3 The rate is invariant to redemptions**

The vault is initialized with `U` USDC against `S` outstanding PAYS, so `R = U / S`. A holder redeeming `n` PAYS receives `n × R` USDC, and those `n` PAYS are held in the vault:

```
(U − nR) / (S − n) = (RS − nR) / (S − n) = R(S − n) / (S − n) = R
```

##### **D.4 Duration and MetaDAO's role**

The liquidation vault is intended to remain open for at most three years.

MetaDAO administers the vault and retains discretion over its administration over time, including migrating it to a successor program, changing or retiring the redemption interface, and adjusting operational mechanics in response to network-level changes. MetaDAO assumes no obligation to do so and gives no guarantee that the program, interface or vault will remain available indefinitely. MetaDAO does not intend to reduce the redemption rate or reallocate vault assets.

Holders should understand this as a discretionary administrative arrangement rather than an enforceable ongoing obligation of a surviving entity, and are encouraged to redeem promptly rather than rely on indefinite availability.

##### **D.5 Operational terms**

**Rounding.** Payouts are floored to USDC's six decimals, so the vault can never be short. Residual dust remains in the vault. PAYS amounts below 0.038 round to a zero payout.

#### **Appendix E. Risk disclosures**

##### **E.1 Full distribution with no reserve**

All recovered USDC goes to holders. Nothing is reserved for liabilities, dissolution filings, final tax and accounting work, program deployment, account rent or ongoing redemption operations, and MetaDAO absorbs these costs.

##### **E.2 The rate is not final until execution**

FutarchyAMM arbitrage sensitivity is about 0.19% (D.2). If the Meteora DAMM v2 position range sits above the redemption rate, any fill is accretive. Meteora is therefore withdrawn first in C.1.

##### **E.3 Market price versus redemption rate**

The rate is a floor rather than a guarantee of market liquidity, and PAYS may trade above or below it. Once FutarchyAMM and Meteora liquidity are withdrawn, the vault is the primary venue for exiting a position.

##### **E.4 Program risk**

The liquidation vault is new code holding holder funds indefinitely. The upgrade authority remains in MetaDAO’s control. Retaining it preserves the flexibility in D.4 but means the rate is enforced by logic MetaDAO could change; revoking it makes the rate immutable but forecloses migration. State the choice here and reflect it in D.4.

##### **E.5 Unclaimed distributions**

A perpetual vault with no claim deadline means unclaimed funds may sit indefinitely after the entity is dissolved. Depending on the Republic of the Marshall Islands, unclaimed-property or escheat rules may apply to undistributed member distributions.

##### **E.6 Performance package**

The 11,850,000 PAYS performance package is contingent on performance and on the team continuing to execute. Winding down terminates the conditions the package depends on, and the allocation terminates with them. The DAO cancels and burns it without any residual entitlement arising.

##### **E.7 Intellectual property**

The DAO can only license IP it owns, and Phase 0 confirms the assignment chain from all contributors.

##### **E.8 Other**

Holders are responsible for their own tax treatment of redemption. Nothing here is tax or legal advice.

Redemption may need to be restricted where required to comply with applicable sanctions law.

#### **Appendix F. Reference calculations**

```
DAO-controlled USDC     = 21,120.14 + 16,695.637365             =      37,815.777365
Outstanding PAYS        = 24,749,889.070709 − 23,334,296.356103 =   1,415,592.714606
Reference rate          = 37,815.777365 / 1,415,592.714606      =          0.02671374
Recovery vs. ICO        = 0.02671374 / 0.075                    =              35.62%
Outstanding as % supply = 1,415,592.714606 / 24,749,889.070709  =               5.72%
Cost basis at ICO price = 1,415,592.714606 × 0.075              =         106,169.45
```

## Citing this data

Source: 01Resolved, "Liquidate Paystream" (Paystream decision market), data as of 2026-10-22 09:52 UTC. https://www.01resolved.com/paystream/proposals/7dDZKPT7RG8W8pm2sejwzDBbSP8iR7jHq4Kh1ch4TVJS.