While we were busy making 11x11 pixel art on Ethereum's birthday, @umia_finance was busy launching their testnet Just finished the testnet flow, it's a glimpse at exciting possibilities for fully onchain venture funding, with futarchy primitives like conditional tokens

The next generation of token-native companies will need more than a launch platform insights4vc is partnering with Umia (@umia_finance), which is building the infrastructure to launch, fund and govern token-native ventures within one integrated system Umia’s testnet went live yesterday and is now open for founders and users to explore prior to its upcoming main release we’ll have more to share on Umia soon 👀

Once a project is funded in Umia, its tokens don't get placed in a team treasury, but instead in a noncustodial treasury. Thanks to an automatic monthly disbursement, teams are still able to operate and develop within the agreed upon budget. Any larger requests are done through decision markets, and the outcome with the highest-price conditional token price is the one that gets executed. Through this mechanism, Umia allows founders to continue developing while giving markets a direct say.

The killer use case for launching a token-only entity - accelerate your business with hundreds/thousands of co owners - link token to business without burning money on buybacks - create a moat with distributed ownership - continuous funding (fees + fluid capital stack)

SPOTLIGHT: Umia (@umia_finance) is an all-in-one onchain venture creation layer on Base. Founders will get everything they need to launch, fund, and govern a token-native project, including a legal wrapper, token, noncustodial treasury, decision-markets governance, and more.

increasingly I feel @MetaDAOProject @umia_finance & similar structures are the only way to make the space investable again....the fundraise can't be the product with some small pre-pmf team raising $100M+ based on hype then forgetting what got them there...you can almost set your watch by it...in the past, DAICOs etc. were always laughed off based on adverse selection but now that VC funding has also become so much more selective, there is a chance to do this right...

Umia is all about positive sum setups. Every part of our platform -our Tailored Auctions,Legal Wrapper and Decision Markets- is built to make sure the token remains aligned with projects. As the industry matures,more and more tokens will see Umia as the default framework.

appreciate the candor of @jessepollak here, it's not easy to build in public and be the face of something. I wanted to add my 2 cents about the direction of @base and the best ways to move forward. ultimately, base has done a good job of betting on builders and being a friendly place to build, and Jesse makes it clear they want to double down on trading, payments, and agents. builders are the core of everything, and i think this is the right direction, but it is lacking a key piece - fundamental incentive alignment. the creator coin / onchain social bet largely failed because it optimized for speculation and virality instead of real ownership and alignment. the more people use the core product (deploying coins) the less the coins are worth. the cycle was basically big person makes a coin, the coin pumps, and then they either deploy more coins or say it's just a tokenization not anything inherently valuable -> token nukes and people are upset. tokenization backed by nothing is fundamentally a memecoin, which is not bad, but when it is the only option, it is directly adverse to a "builder centric" ecosystem no matter what the underlying business is (tokenization, payments, agents, etc, the gap remains) builders drove the actual next wave (perps, predictions, stables, tokenization). for them, there are ways to get funding via base ecosystem and also they deploy coins easily via multiple venues, but once again, the incentives are broken. the coin primitives are disconnected from the underlying businesses builders are working on, thus the flywheel breaks and incentives remain massively misaligned for an ecosystem to thrive, it needs a way for builders to be incubated, raise money, be supported on the tech side, but also to issue tokens (decentralized capital formation) in an aligned manner that creates sticky TVL, sticky users, and a distribution moat. this is how the crypto flywheel works -> if you win, your holders win, and your holders can become key in you winning. base has fundamentally lacked this and therefore is almost entirely speculative capital trading but not able to hold and win, or buying tokenized real world assets. for base to go to the next level as a builder ecosystem, it needs a way for teams to fundamentally link tokens to businesses and create long term incentive alignment. base is winning on many categories and will continue to thrive imo, but solving for this gap would be a 0 to 1 moment. now’s the time to double down on primitives that actually create good incentives between builders and communities, which is exactly why we are building @umia_finance. Umia is a token-only primitive for builders to leverage all the best things about crypto (capital formation, permissionless raise, programability, decentralization) while giving their community and investors something that has fundamental value accrual built into the primitive. TLDR - continue investing into builders, but also support the innovation happening around capital formation and incentive alignment in futarchy land, so that the speculative assets being traded become bets on those builders. and we will be live on Base soon 🫡

Current token launches each only solve part of the problem of capital formation onchain, but each are limited in their own ways: - Memecoin and creator launchpads: no credibility, no decision-making mechanism, zero say for holders - Permissionless ICO platforms: no standard for legal agreements or treasury management. Works for niche and side projects. - Curated platforms: Expensive, late-stage, and still trust-based. Teams use them as an expansion round after years of building, not as a first auction, and they don't align holders in long-term governance. Umia provides a platform to launch tokens with a fair mechanism through Tailored Auctions, powered by Decision Markets, and with a legal wrapper to bring all of it together