Umami Community Newsletter, 7/29
This has been one of the most impactful weeks for Umami since it launched Marinate v2, Umami’s first #RealYield product, in February.
The Umami team is proud to say that on Wednesday, we successfully launched Umami’s very first Vault product, the USDC Vault. The Launch exceeded all expectations, taking in 1,000,000 $USDC in TVL in less than an hour. It has already scaled to more than 2,500,000 $USDC since then!
It’s a huge accomplishment not only for Umami but for Umami’s partner projects as well. Umami is working hand-in-glove with the Tracer team to scale liquidity in their Perpetual Pools in tandem with TVL in the USDC Vault.
Together, Umami and its partners are enriching the Arbitrum ecosystem and leading the institutional adoption of DeF. We couldn’t be more excited by what we have accomplished and where we are going. (Check out a link to our Friday AMA with Arbitrum’s Community Manager below!)
Most importantly, we are grateful to our community for your consistent faith and support throughout this journey.
All updates below:
- Successful launch of our USDC Vault generating #RealYield back to its depositors. Read more about the launch here: https://umamifinance.medium.com/umamis-usdc-vault-is-now-live-ec86d692a06a
- Completion of our first Vault TVL refill adding an additional 1,500,000 $USDC in TVL capacity to now total 2,500,000.
- Hosted a fantastic AMA with Hunter, the Community Manager for Arbitrum. Listen to it here: https://twitter.com/IntrinsicDeFi/status/1553067392317759490?s=20&t=HK4ar8WiuTvOcM7MQ1yjyg
- Published a detailed update of Umami’s documentation, including backtesting data on the performance of Umami’s USDC Vault.
The Weekly Rundown:
mUMAMI Deposited = 524,800 (Up 1.11% WoW)
cmUMAMI Deposited = 283,300 (down 2.67% WoW)
Rewards pushed to stakers this week = 9.79 ETH
Total rewards pushed to stakers = 167.85 ETH
(Supply and ETH numbers quoted at time of writing on 07/29)
All in all, we consider this to have been Umami’s biggest week yet! We will look back on Wednesday as the day we officially started earning substantial protocol revenue from product fees, which of course will be flowing back to $UMAMI Marinatooors.
We would like to take this time and thank all those who have been with us since this team took over Umami back in February and all the new friends we have met along the way. You guys are the real MVPs!
Next up, it’s time to scale the vault while simultaneously building our BTC and ETH Vaults, which in turn allow Umami to scale its overall Vault TVL even further.
We are as committed as ever to our community and steadfast in our mission to be DeFi’s leading source of #RealYield. Together, we are takingUmami to the top!
Happy Marinating folks!