Backable, the fundraising platform built by MetaDAO META$3,543.19+3.0%, has removed Solana perpetuals project Percolator's planned raise from its site. In a post on 9 November 2026, Backable said it will describe itself as "open" rather than "permissionless" from now on and will run "some level of platform-level moderation", a step back from the no-review model it launched with a month earlier.
Why Backable removed the Percolator raise
Backable's statement on 9 November 2026 gives one reason for removing the Percolator raise: the platform reviewed "the evidence" and decided the case was behavior it did not want to support. It does not say what that evidence was. Backable set the decision against its goal of being a place where anyone, "regardless of whether they are well-connected or high-credentialed, can build a valuable business."
The removal followed two days of criticism on X over how Percolator treated holders of its existing token. Percolator grew out of a perpetual futures design that Solana co-founder Anatoly Yakovenko posted publicly as code in October 2025, and an unnamed developer launched a "Percolator" memecoin on Pump.fun soon after, Decrypt reported at the time. The current team built Percolator Trade around that Percolator Pump.fun token, then planned a raise for a new token on Backable.
Investigator ZachXBT summarised the objection in an 8 November reply. In his words, the team "decided to suddenly raise funds for a new token and rugged all holders of the old token without compensating holders and seeking community input." SolanaFloor reported that the plan was to raise at least $250,000 for a new PERC token with no swap or airdrop for existing holders. Those raise terms come from SolanaFloor; we could not check them against Backable's raise page.
Percolator's case for raising on MetaDAO's Backable
Percolator co-founder Squid set out the team's position in an 8 November statement, which the official Percolator account reposted. Squid said the team had not sold any of the Pump.fun token, that its own allocation was burned, and that the token "was not launched by us, we took it over and joined the pumpfun hackathon." Squid said more than $200,000 in fees from the token over the past year went into building Percolator Trade, and that eligible existing holders would get "a guaranteed allocation in the new raise."
The statement argued that "the existing token structure wasn't sustainable for Percolator's long term growth", and that taking a perpetuals exchange to mainnet with audits and reliable infrastructure needs longer-term funding. These are the team's claims; we have not checked the burn or the fee figures on-chain. As of about 21:30 UTC on 9 November, neither Squid nor the Percolator account had posted about the removal.
How MetaDAO's stance on Percolator changed in 24 hours
People on the MetaDAO side of Backable moved from defending the Percolator raise to dropping it within a day. Rinko, who wrote on 8 November that poor communication was "partly on MetaDAO", defended the Percolator team as "earnest builders" and said: "We told them what we tell every team - Backable is an open platform and they're free to raise. We also said we do not support token migrations." Forty minutes after Backable's post, Rinko withdrew that support, writing that "after receiving new information, it's clear that support was misplaced."
MetaDAO's Nallok said in an 8 November thread that Backable "wasn't built for existing tokens" and that "maybe we need some rules around existing tokens." Rinko and Nallok both speak for a platform whose reputation rides on the raises it hosts, which is the stake behind each statement.
What 'open' instead of 'permissionless' means for Backable raises
Backable launched on 5 October 2026, when MetaDAO renamed Futardio as Backable, as a platform where any team could list a raise without review. "Anyone can launch a raise, anyone can back it, and MetaDAO does not pick winners," the launch announcement said, as quoted by Crypto Briefing. That separated Backable from MetaDAO's own curated raises, such as the 1609SAT round that closed 79x oversubscribed under MetaDAO's apps program for consumer raises.
Backable still says it does not want to be "the tastemaker of companies", so the change adds moderation without adding curation. The first case Backable has acted on was a raise tied to an existing token, the situation Nallok said the platform was not built for. Things to watch next are whether Backable publishes the criteria it will moderate against, and whether those criteria include rules for teams moving away from a token that already trades.
