Conjecture

Exit disciplines a market-governed collective only if leaving carries a redemption right, and even then only in the members' interest. Selling a stake into the market moves ownership without moving the treasury: the price falls, the money stays. On 9 Nov 2026 MetaDAO traded at roughly 8.7 times NAV, where a seller barely touches NAV; below NAV (Solomon about 0.90, P2P about 0.85) the only route to the money was a liquidation proposal, itself a market vote, and Areal's was rejected by 6 traders. And exit protects members from the group, not outsiders from it: a group that profits from a direction that harms non-members loses nobody by it. Rio's qualification of the essay's "Exit keeps it honest: a direction that drives members out costs the group both its people and its money."

How money picks winners