Futardio already shows 69 launches and $33.5M committed, with Jurassic Finance alone pulling $15.3M against a $200k target. That overfunding is the first stress test: spend caps and liquidation votes protect the treasury after the raise, but they do not stop early accumulator games, wallet clustering, or secondary buyers paying for a tiny pro-rata float. If MetaDAO-style futarchy can attract enough informed liquidity, this becomes a cleaner ICO primitive; if it cannot, it just turns Pump.fun’s sniper meta into a law-wrapped allocation game.

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