Umami Community Newsletter, 7/22

The Umami team has had a busy week putting on the finishing touches for its USDC Vault, which will launch next week. Nevertheless, we’ve remained highly engaged with our community and hit some other major milestones as well!

This week, Umami launched its 2nd $UMAMI-incentivized community competition to create a community dashboard. It also shared some detailed alpha on a big upcoming opportunity, connected to Umami’s USDC Vault launch, to Skew Farm on TracerDAO’s Perpetual Pool platform (see link below).

Umami also hit an important milestone in its development into a leader in compliant, institutional-capital-oriented DeFi. On Friday, it officially completed the incorporation of Umami DAO Foundation in the Cayman Islands. The DAO Foundation is an important complement to Umami Labs LLC. Umami’s two-entity legal structure opens up an array of exciting opportunities to compliantly bring DeFi to a global marketplace.

Finally, Umami also received a major affirmation of its long-term strategy: it formally initiated partnership talks with a blue-chip institution that is seeking Umami’s support to deepen its involvement in DeFi. The team is bound by an NDA, so can’t discuss any further details at present. However, you can expect exciting updates in the near future.

Now, we expect all eyes to be on Umami’s upcoming USDC Vault launch. Exciting days ahead!

All updates below:

  • Completed incorporation of Umami DAO Foundation in the Cayman Islands.
  • Initiated formal partnership discussions with a major institutional partner.
  • Announced our 2nd $UMAMI incentivized community competition to create the best Dune Analytics dashboard for Umami.
  • Began winding down the $ARBIS → $UMAMI exchange. If you still have left over $ARBIS convert to $UMAMI via the link below:
    https://arbis.finance/#/exchange
  • Published an in-depth article regarding Skew Farming on TracerDAO giving the Umami community even more ways to profit from the USDC vault launch.
    Check it out here:
    https://umamifinance.medium.com/skew-farming-tracer-daos-perpetual-pools-a-primer-75c3cf54f41
  • Onboarded a new member to the Umami team, Jefferson Chang will act as Chief of Staff and help to streamline our go to market strategies and product development. (Check out this fun thread by Umami Labs CEO Lex O. on the importance of Operations in DeFi).
  • Confirmed Arbitrum as a special guest on next week’s AMA, it’s one you won’t want to miss!
  • Completed live testing of USDC Vault, deployed Vault UI to live staging, and finalized TracerDAO hedging allocation model with Balance.

mUMAMI Deposited = 519,000 (Up 0.7% WoW)

cmUMAMI Deposited = 291,100 (down 1.35% WoW)

Rewards pushed to stakers this week = 6.60 ETH

Total rewards pushed to stakers = 158.06 ETH

(Supply and ETH numbers quoted at time of writing on 07/22)

These past few weeks have been an “all hands on deck” period for the Umami team. Once launched, Umami’s USDC vault will fortify its position as a leader in the #RealYield movement in DeFi and bring in substantial additional protocol revenue.

We don’t plan to stop there. Expect to see Umami revamp its UI, launch its much-anticipated BTC & ETH vaults, and announce some major institutional partnerships in the coming weeks.

Thanks for reading and Happy Marinating!

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