Umia, a token issuance and governance platform, raised $6.11 million through a seven day auction of UMIA tokens, with a fully diluted valuation of $18 million. 17.3 million tokens were sold, accounting for 34.6% of the total supply. The tokens were circulated immediately upon launch and were not locked in. Ten funds including Galaxy Ventures, DCG, Draper Associates, Maven 11, and nearly 700 individual bidders participated, with approximately 45% of the funds coming from institutions that did not have board seats. Umia helps the project to issue coins through a unified legal framework, on chain auctions, and decision-making market governance. The first external project, Slop.cash, is expected to be launched in the fourth quarter. (Source: The Block)
