Umia, an onchain platform designed to help crypto projects launch, fund and govern tokens under a unified legal structure, has raised approximately $6.1 million through the auction of its own UMIA token. The seven-day sale established a fully diluted valuation of $18 million and marked the first token issued through the company’s system.

The auction took place on the Base network from August 26 to September 2. It sold about 17.3 million tokens, representing roughly 34.6 percent of the project’s total 50 million-token supply, at a clearing price of $0.36. The sale opened with a three-day early round reserved for vetted funds and community members verified through zkTLS technology. The subsequent public portion reached its capacity seven minutes after opening on August 29. Overall proceeds exceeded the $2 million minimum target by more than three times.

Participating funds included Galaxy Ventures, Digital Currency Group, Draper Associates, RenGen, Alpha EV, Maven 11 and Eon Capital. Of the proceeds, 20 percent was allocated to liquidity provision and the remainder directed to Umia’s non-custodial treasury.

Platform Structure and Governance Approach

Umia aims to address a common disconnect in crypto markets in which tokens often lack a formal legal connection to the underlying project’s intellectual property, revenue streams or treasury. Projects launched through the platform will operate within a single legal wrapper that houses the intellectual property, operating team and treasury together. Board-level decisions are routed through onchain decision markets rather than traditional tokenholder votes.

These markets function through a futarchy-style mechanism. Each proposal creates conditional markets for competing options, allowing participants to trade on the expected impact of each choice. The option that the markets value most highly is then executed.

Umia itself now operates under this same framework. Its first decision market went live on September 17 and asked participants how to deploy $4.77 million in treasury USDC across lending protocols on Base. Three strategies competed against a do-nothing baseline. The winning allocation directed funds to Aave and Steakhouse and has since been carried out.

James Kibbie, an investor at Galaxy Ventures, noted that the auction design pairs a fair clearing process treating funds and individuals equally with a legal and treasury framework that defines the token’s relationship to the project.

Team Background and Next Steps

Umia is developed by the team behind Chainbound, an Ethereum research and development laboratory with more than four years of experience building core EVM infrastructure, including collaborations with Flashbots and the Ethereum Foundation. Co-founder and Chief Executive Officer Francesco Mosterts previously worked at Point72. Co-founder and Chief Technology Officer Nicolas Racchi has prior experience building DeFi protocols and Ethereum infrastructure. The broader team includes specialists in trading, governance, growth and operations.

A price of approximately $0.68 observed around October 5 implied a fully diluted valuation near $34 million based on the same 50 million-token supply. A later figure of $0.795 shown on the project’s site corresponded to roughly $39.8 million. These figures represent price snapshots rather than a revised official valuation.

Umia’s curation committee has already selected three external projects to launch through the platform. The company anticipates the first of these external launches in the fourth quarter of 2026, subject to onboarding and legal review. Timelines remain indicative and may adjust.

The UMIA token sale employed Umia’s adaptation of Uniswap’s Continuous Clearing Auction mechanism, which set a maximum token price of $0.36 consistent with the $18 million fully diluted valuation target.