Umia

Umia introduced a model in which participants trade conditional tokens representing alternative decisions and market prices determine governance outcomes. The announcement also described organizational work with MetaLeX. This dates the public introduction, rather than establishing a corporate incorporation date.⁠[3]

According to the security documentation, Certora reviewed the contracts from March 6 to April 8 and identified 20 findings, including two high-severity issues. Follow-up review verified 17 fixes, including both high-severity findings; three items were acknowledged as accepted risks. The documentation states that audits do not eliminate contract, liquidity or experimental-governance risks.⁠[4]

Umia described its Cayman Islands segregated portfolio company structure developed with MetaLeX. Each project uses a segregated portfolio encompassing intellectual property, contracts, operations and treasury arrangements. Umia says resolved markets bind major decisions under the operating agreement while teams retain day-to-day responsibility. This describes the platform’s stated institutional design.⁠[5]

The issuer’s Blockworks filing distinguished developer Chainbound, Inc. from Umia, S.P. It listed Chainbound financings in March 2023, April 2024 and February 2025 with associated token purchase warrants. These historical arrangements were separate from the subsequent public UMIA auction. The filing used a pre-launch reporting basis.⁠[6]

The auction ran on Base, with early bidding from August 26, a public round from August 29 and scheduled closure on September 2. Umia’s recap says the public allocation filled in about seven minutes but the auction continued to its scheduled end. Public bidding was capped at 5,000 USDC per wallet. Liquidity then moved into a Uniswap pool at an opening price of $0.36 per token.⁠[7]

The first treasury market compared three lending allocations with taking no action over 48 hours. Umia’s September 24 review reported that a 50/50 AaveAaveAave is a decentralized, non-custodial lending protocol deployed on Ethereum and several other public blockchains, where users can deposit crypto assets into liquidity pools to earn interest or borrow on an overcollateralized basis. The protocol is governed by the Aave DAO, made up of AAVE token holders.Open the full entry–Steakhouse strategy won with a time-weighted price 6.75% above the baseline, exceeding the 2% threshold. Execution followed roughly four hours after September 19 settlement. Of 53 wallets, two were arbitrage bots; the analysis of the remaining 51 traders found concentrated trading volume.⁠[8]

Mosterts told The Block that the sale raised $6.11 million for 17.3 million tokens, or 34.6% of total supply, at an $18 million fully diluted token valuation; purchased tokens had no lockup. Umia’s same-day release rounded the proceeds to $6 million. The token valuation is distinct from both an equity valuation and the amount raised.⁠[9][2]

The named participants included Galaxy VenturesGalaxy VenturesGalaxy Ventures is Galaxy’s venture investment business, focused on crypto protocols, software infrastructure and financial applications. It began investing from the group’s balance sheet in 2018 and started raising its first outside-capital fund in 2024.Open the full entry, Digital Currency GroupDigital Currency GroupDigital Currency Group (DCG) is a crypto asset investment and holding company headquartered in Stamford, Connecticut, founded by Barry Silbert in 2015. It invests in blockchain startups with permanent capital and owns subsidiaries including the digital asset manager Grayscale. In 2022, its crypto lender Genesis suffered losses after major client Three Arrows Capital defaulted and filed for bankruptcy the following year, leaving DCG and Silbert facing a lawsuit by the New York Attorney General, an SEC penalty, and multiple civil suits.Open the full entry, Draper Associates, RenGenRenGenRenGen is a crypto-asset trading and early-stage blockchain investment firm that traces its business to 2015. Its activities have included a planned trading-platform venture with tZERO and participation in crypto-insurance and onchain-project financing.Open the full entry, Alpha EVAlpha EVAlpha EV is a hedge fund business active in digital-asset trading, including statistical arbitrage and exposure strategies. Its adviser, Alpha EV, LLC, files in the United States as an exempt reporting adviser. It was named among participants in Umia’s 2026 token auction.Open the full entry, Maven 11 and Eon Capital, among ten funds and nearly 700 individual bidders. Mosterts told The Block institutions supplied about 45% of the funds, without discounts or board, observer or advisory positions.⁠[2][9]

Umia said its stack could deploy on EVM networks supporting Uniswap v4, beginning with Base and Robinhood Chain. In-app cross-chain swaps were available, while cross-chain bidding remained in preparation. Slop Cash, from elizaOS creator Shaw Walters, was the first announced external project and planned a Robinhood Chain auction; the announcement did not establish completion of that auction.⁠[10][2]

In a public review, Mosterts reported more than $21 million of cumulative volume in the protocol-owned Uniswap v4 pool and updates to project pages, treasury fee history and decision discussions. He named RenGen, cyber•Fund, 01Resolved and Maven 11 as curation committee members, with recusal for projects they held or sourced. The volume was a contemporaneous self-report, not revenue or additional fundraising.⁠[11]

The documentation distinguishes 50 million total tokens from a 40 million launch supply, with a further 10 million performance reserve subject to price conditions. Immediately liquid auction tokens do not mean all team, service-provider and backer allocations are unlocked. The treasury provides a programmed $120,000 monthly operating allowance; additional spending or changes require a decision market.⁠[12]

The platform distinguishes a team-curated track from a planned Community Track, which the documentation said was not yet open. UMIA holders participate in treasury, strategic and fee decisions through markets, with liquidation proposals barred during the first six months. Umia, S.P. is a segregated portfolio of Umia Launcher SPC; Chainbound’s broader business is separate.⁠[12][6]

Umia: Official website: https://umia.finance/ (opens in a new window). Documentation: https://umia.finance/docs (opens in a new window).⁠[1]

Umia: Official X account: https://x.com/umia_finance (opens in a new window). GitHub: https://github.com/umiafinance (opens in a new window).⁠[1]

Chainbound: Official website: https://www.chainbound.io/ (opens in a new window).⁠[1]