What is Umia (UMIA)?
Umia is the onchain venture protocol. Founders apply to launch their token through Umia, raise funds in an open auction, and keep building while their tokenholders govern the project's treasury through decision markets. Every project on Umia gets its own legal entity, holding the project's intellectual property, its team and its treasury. The funds it raises sit in an onchain treasury contract that the founding team cannot spend on its own.
How does Umia work?
The team draws a monthly allowance, set at formation with recipient addresses and purpose limits, which pays out automatically for development and go-to-market; raising it is itself a decision the market has to approve. Fundraising runs through a Tailored Auction, Umia's configuration of Uniswap's Continuous Clearing Auction (CCA): an onchain auction that discovers the token's price over a set window, with refundable bids.
