MetaDAO META$3,543.19+3.0% closed its first Apps Program raise on 9 November 2026 with $7.9M committed to a round capped at $100,000. Backers of 1609SAT, an SAT-prep app, will receive a small share of what they committed as tokens and the rest back in USDC. MetaDAO opened its next curated raise, for Solana options protocol Mori Finance, the same day.
1609SAT's $100,000 Apps Program raise drew $7.9M from 227 backers
MetaDAO announced the close at 19:01 UTC on 9 November: $7.9M in commitments against a $100,000 cap, an initial price of $0.01 and an initial fully diluted value of $1M. By our calculation that is about 79 times the cap, in line with the "7,911%" shown on 1609SAT's raise page. MetaDAO scheduled SAT trading to start at 11:30am PT (19:30 UTC) the same day.
The raise page lists 227 backers with an average commitment of $34.9K. One wallet committed $1,309,318, or 16.5% of the gross total, and each of the ten largest wallets put in at least $250,000. The page notes these are gross USDC commitments and that final allocations may differ.
The deal terms are unchanged from what we covered when the Apps Program launched: $100,000 buys 10% of the supply, split between MetaDAO's $50,000 and a $50,000 public sale, with the team's 87.1% unlocking only at price milestones.
How MetaDAO settles an oversubscribed ICO: pro rata shares and USDC refunds
When more money arrives than a raise can take, MetaDAO scales every commitment down proportionally and everyone pays the same price. MetaDAO's allocation docs say each wallet's share is weighted by how long its money sat in escrow, an early-fill boost and an Ownership Score, which tracks the dollar value of eligible ownership tokens a wallet has held over time. Aligned Parties, here MetaDAO itself, get their guaranteed allocations first.
That leaves the public tranche thin. By our calculation, if MetaDAO's $50,000 is filled in full, the remaining roughly $7.86M competes for $50,000 of tokens, so on average roughly 0.6% of each public commitment converts to SAT, with weighting moving individual wallets above or below that. MetaDAO has not published final allocations. MetaDAO said "SAT tokens and USDC refunds will be automatically distributed upon TGE," the token generation event.
1609SAT's multiple is below the one MetaDAO's Rip Cars raise drew in July, which we reported closed 127x oversubscribed with $31.9M chasing a $250,000 cap.
Mori Finance opens a $250,000 raise for Solana covered calls and options
Mori Finance's raise went live at 11am PT on 9 November and runs for four days, MetaDAO said. Mori Finance's raise page sets a $250,000 goal, and Aligned Parties had pre-committed $77.7K, 31% of it, before the raise opened. The round is a standard curated raise, separate from the Apps Program, and Ownership Score weights its allocations.
Mori Finance says it is "building the options layer for Solana." Its live product is covered calls: a holder of SOL, cbBTC, PENGU or jitoSOL picks a sell price and an expiry date and is paid a USDC premium upfront, keeping the tokens if the price stays below that level and selling at the chosen price if it rises above. The company reports $1.7M in covered-call volume in October 2026 and says it brought the first PENGU options onchain.
Mori Finance runs what its page calls a DeFi frontend with a CeFi backend. The company custodies user funds and trades through its own OTC account with a single institutional options market maker the page says is backed by Kraken. That removes smart contract risk but adds custody and counterparty risk, which Mori Finance lists in its own risk disclosures. Cash-secured puts, an OTC desk for options on any altcoin and builder codes for other apps are on the company's roadmap, with Orca ORCA$1.39+1.1% named as interested in integrating.
Founder Pavan Katepalli, formerly CTO of coding-bootcamp company Trilogy Education according to the raise page, wrote on X that friends told him not to launch on MetaDAO because "the terms are too friendly to token holders and too harsh on founders," adding: "That's exactly why I chose it."
What to watch: SAT allocations and the Mori Finance close
Two figures are still to come: the final SAT allocations and refund amounts, which the 1609SAT raise page showed as still settling, and the total Mori Finance raises when its four-day window ends, which by our count falls around 13 November.
