Umami DAO Proposal #1 has passed, and the community has made the decision with overwhelming majority to reactivate the flow of treasury rewards to marinators 🍔! More importantly, a 50/50 claim on revenue generated by future products has been reinstated without question. Starting Friday Feb 24th at 5pm UTC, you will once again be able to earn WETH rewards by marinating (staking) your UMAMI tokens!
As is becoming an increasingly common practice among DeFi protocols, Umami will now be implementing a geo-block on its front-end. The geo-block will be live at the same time as marinate rewards are reinstated.
Payouts will also be automated using smart contracts, which will facilitate permissionless claiming and distribution of the Treasury’s GLP rewards, sending the correct proportion to marinators. This will provide a smoother and more consistent user experience, as well as automate distribution and allow any community member to push rewards to marinators.
TL;DR: On Friday Feb 24th at 5pm UTC, Umami will reinstate rewards to marinators and resume the monthly mUMAMI locking schedule. Additional measures will include a geo-block of complicated jurisdictions (currently only the USA) and a trustless reward distribution process.
You can find the full details of the proposal here:
Happy Marinating Folks!!! 🍔