We analyzed the @MetaDAOProject "Fund $META Market Making" decision market. This was MetaDAO’s first team-sponsored proposal with a -3% TWAP threshold. Here is what we found: Total volume was $14,626.81. Economically, alignment leaned Pass: 76.07% of volume was Pass-aligned (Pass-Buy + Fail-Sell), versus 23.93% Fail-aligned (Pass-Sell + Fail-Buy). Participation was limited based on unique wallets. In total, 13 wallets traded in this proposal, compared to 53 (36) unique wallets on average over the last 3 (5) proposals. So why was there a lack of activity? Let's take a closer look at the market activity… Trade FQ8g…LP4T: ▪️ 1 trade (5.88% of all trades) ▪️ $7,138.41 volume (48.80% of total volume) ▪️ Traded exclusively Fail-Sell ▪️ Net Pass-aligned, accounting for nearly half of all capital in a single expression This was the clearest statement of conviction in the market. Trader 4ARY…f2EQ: ▪️ 2 trades (11.76% of all trades) ▪️ $6,133.72 volume (41.93% of total volume) ▪️ One Fail-Sell and one Pass-Sell ▪️ Approximately net-neutral trades effectively canceled directional exposure Despite representing over 40% of total volume, this wallet did not materially reinforce either outcome. Trader 3wH…NuTT: ▪️ 3 trades (17.65% of all trades) ▪️ $930.63 volume (6.36% of total volume) ▪️ Mixed Pass-Buy, Fail-Sell, and Fail-Buy...