Umia raises $6.11 million in UMIA token auction

Umia raised $6.11 million by auctioning its own UMIA token, setting an $18 million fully diluted valuation and testing the token-linked launch and governance structure it plans to offer other crypto projects. The sale ran on Base from Aug. 26 to Sept. 2. The Block’s report on the auction says 17.3 million tokens sold, equal to 34.6% of UMIA’s 50 million total supply, at a final price of $0.36 each. That price times total supply gives the $18 million FDV; it is not the amount raised.

How did Umia’s auction set the token price?

Umia used a tailored version of Uniswap’s Continuous Clearing Auction (CCA), according to the company and The Block. In a CCA, some of the offered supply is auctioned in each block. A bid is spread across the blocks between its confirmation and the auction’s end, and cannot be withdrawn before the auction closes. As block-by-block supply clears, the price rises monotonically; the final clearing price depends on the distribution of demand over the auction, not only the total amount bid.

Umia’s auction set a $0.12 floor and a $0.36 cap, according to its published auction terms and results. The cap corresponded to an $18 million FDV. The sale had a $2 million minimum target and closed above three times that amount, the company said in its release. The public round reached its cap seven minutes after opening on Aug. 29. Umia says a three-day early round was open to vetted funds and community members verified through zkTLS. Ten funds and nearly 700 individual bidders participated; The Block reports that funds received no discounts.

Where did the auction proceeds go?

Umia allocated 20% of the proceeds to a protocol-owned UMIA-USDC liquidity pool on Uniswap v4, at the auction’s closing price, with the remainder going to the project treasury, The Block reported. The company says the treasury is non-custodial and holds funds for development and project operations. Smart contracts release $120,000 per month for development costs. Spending above that allowance, or changing the allowance itself, requires approval through a UMIA decision market.

Umia calls this decision process futarchy: each proposal opens a conditional market for each option, participants trade based on the expected impact of those options, and the option valued highest by the markets is selected for execution. In its release, Umia said its first decision market asked how to deploy $4.77 million in treasury USDC into lending protocols on Base. It said the winning strategy, allocating to Aave and Steakhouse, has since been executed.

What will projects launching through Umia use?

Umia says each project will put its intellectual property, operating team and treasury under one legal wrapper linked to its token, with board-level decisions handled through decision markets. The design is intended to give the token a defined relationship to the project’s assets and governance; that is the company’s stated model, not evidence yet of how the structure will work across external launches.

The first external project, Slop.cash, is expected to launch in the fourth quarter of 2026, subject to onboarding and legal review, Umia said. The Block reported that the platform had received more than 200 applications across sectors including AI, DeFi and tokenized funds, and that projects can build on any Ethereum Virtual Machine-compatible blockchain. The UMIA sale therefore raised capital for the platform through its own token while providing a first live instance of the auction and treasury mechanisms Umia proposes to use for future projects.

References

• The Block’s report on the auction — theblock.co
• published auction terms and results — app.umia.finance