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auction

Auction in the cryptocurrency field typically refers to a sales or trading mechanism that sells crypto assets or NFTs through bidding. Auctions can be public or private, and are usually conducted on blockchain platforms to ensure transparency and immutability. The auction mechanism helps to discover market prices and provides fair trading opportunities for rare assets. Common types of auctions include Dutch auctions and English auctions.
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first_img The Slop Cash token auction countdown is on, with a target of 400,000 USD

The Slop Cash page of the open-source funding channel shows that the auction for its token $SLOP has not yet started, with a countdown of about 9 days and 8 hours. The committed amount is $0, with a target of $400,000. The project claims to only pay for merged or accepted work, using GitHub as the factual source, with payment covering merged PRs, useful reviews, and confirmed serious security findings.The page states that $SLOP is issued by Umia, with the entity being the independent portfolio Slop Cash, S.P. under Umia Launcher SPC. Proceeds from the auction will go into a non-custodial on-chain treasury on the Robinhood Chain, with the use decided by holders through a decision market. The prize pool and contributor payments will use stablecoins or the project's own tokens, without using $SLOP. Initial contributor payments will be issued in September 2026, corresponding to work done in August, totaling 72 transfers of 6,005 USDC, involving elizaOS, ASI, and Slop itself.The total supply is fixed at 100 million tokens. The distribution listed on the page is 45% for the auction, 10% for the team, 14% for ecosystem and contributor programs, 2% for contributors, 9% for protocol-owned liquidity, 8% for the treasury, 2% for the initiator Umia, and 10% for performance reserves, stating that 56 million tokens will be in circulation at TGE. The CEO is Drew Pierson, and the CTO is Shaw Walters, who built elizaOS. Contracts related to Umia are audited by Certora, while the payment contract page for Slop states that it has not yet been independently audited.

first_img Umia raised $6.11 million through the auction of UMIA tokens, with a fully diluted valuation (FDV) reaching $18 million

The platform Umia, which helps cryptocurrency projects issue and govern tokens, completed a $6.11 million financing by auctioning its own UMIA tokens. Francesco Mosterts, co-founder and CEO of Umia, told The Block that the seven-day auction had a fully diluted valuation of $18 million, selling a total of 17.3 million tokens, which accounted for 34.6% of the total supply. All tokens sold in the auction were unlocked at issuance, with no lock-up period. According to CoinGecko data, the current trading price of UMIA is approximately $0.68, corresponding to a fully diluted valuation of about $34 million.About 45% of the funds came from institutional investors, with ten funds participating, including Galaxy Ventures, Digital Currency Group, Draper Associates, RenGen, Alpha EV, Maven 11, and Eon Capital, along with nearly 700 individual bidders. Umia stated that these funds had the same terms as other bidders, did not receive discounts, and no investors were granted board seats, observer roles, or advisory positions. The auction took place from August 26 to September 2 on Base, using Umia's version of Uniswap's continuous liquidation auction, with a minimum target of $2 million and a maximum token price of $0.36.Umia places the intellectual property, operational team, and treasury of each project under the same legal structure associated with the tokens, rather than being dispersed among companies, foundations, and DAOs.
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