Solomon Labs Caps $SOLO Token Raise at $8M Despite $102M in Commitments

Solomon Labs’ public token sale wrapped up with far more demand than expected, pulling in over $102 million in commitments despite targeting just $2 million at launch.

The offering, held on MetaDAO from November 15 to 18, centered on the protocol’s governance token, $SOLO, and quickly became one of the most competitive raises to hit Solana this year.

Instead of scaling the round to match demand, the team opted to cap the raise at $8 million, issuing automatic refunds to participants before shifting focus to mainnet deployment.

How a stablecoin protocol pulled in $100M+ of demand

Solomon Labs is building USDv, a Solana-native stablecoin designed to automatically earn yield without rebasing. The idea is: instead of users depositing stablecoins into external lending platforms, USDv embeds yield generation directly into the asset, positioning itself as “digital cash that earns.”

According to the project, its beta rate sits around 20.9% APY, though returns may change as the system scales. The token sale leaned on MetaDAO’s “ownership coin” model, where tokens represent participation in protocol decisions rather than fixed allocations tied to traditional governance rules.

The demand translated into 6,600+ contributors and commitments that surpassed the target by more than 50x. With the raise capped at $8 million, tokens priced at $0.80, placing $SOLO at a roughly $20.6 million fully diluted valuation.

MetaDAO handled allocation logistics and settlement, with $SOLO going live on Jupiter shortly after the sale. Refunds processed automatically, returning roughly 92% of committed funds back to participants who were oversubscribed.

Futarchy, refund issues, and what comes next

The round also placed MetaDAO’s “futarchy-driven” governance into the spotlight. Instead of a traditional vote, prediction markets influenced parameters like raise size and token pricing.

As market odds signaled that a higher cap would be more favorable long-term, the system automatically adjusted the raise to $8 million without requiring team intervention.

Some participants reported slow refunds and claim interface issues following the close, though MetaDAO addressed glitches throughout the day.

Despite bumps, $SOLO’s launch now ranks among the platform’s largest raises to date and adds momentum to Solana’s growing stablecoin economy. Sentiment on X is bullish.

Solomon Labs says the raise phase is done and development now takes priority. As the team put it in a post-raise update: “Now we ship.”

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