Gm Umamies!
It’s no secret that Umami Finance has been growing rapidly & is gaining momentum every day. Umami has big ambitions on Arbitrum & its contributors are true shippers, setting the standard for hustle, speed & excellence in everything they do.
As much as Umami values shipping, its first commitment is always to core principles including transparency, security, decentralization & regulatory compliance.
Near-term Priorities
To that end, Umami will spend the coming weeks focusing heavily on some important priorities, including:
- Accelerating Umami’s transition to a DAO governance structure.
- Completing a comprehensive regulatory review to maintain the highest-level of compliance with regulations in all relevant jurisdictions.
- Initiating a thorough audit of Umami’s smart contract code with a highly reputable auditor.
- Further enhancing transparency for its community with ongoing, detailed publications of PoL allocations & real-time updates of Umami & Arbi’s Dashboard metrics.
#1 DAO Governance
Umami Finance is a decentralized, on-chain project & has always been led by its incredible community of Umamies. Its current strategic direction was decided by a community snapshot vote in January & nearly all of its core contributors are UMAMI/Z2O OGs.
In keeping with its status as a decentralized, community-led project, Umami will be accelerating its transition to a DAO governance structure in the coming months.
The governance changes will include:
- The creation of a community-sourced network of DAO contributors to take on a variety of important tasks for the DAO in exchange for token rewards.
- Enhanced participation for community members in decisions affecting Umami’s protocol owned liquidity, including more snapshots & a community-sourced council of yield advisors.
- Greater community participation in other Umami & Arbi’s governance decisions, including transitioning governance of Arbi’s autocompounder incentive rewards to the ARBIS community.
The DAO transition is being led by Kitsune, a celebrated thought leader on DAO governance questions & also a member of Umami’s multisig. You can check out his writing on blockchain-based governance issues here!
#2 Proactive Compliance
Umami has always prioritized compliance & its recent success provides an excellent opportunity for an additional thorough review of compliance best practices.
Umami will not be able to make a complete determination regarding best practices until after the conclusion of its review. However, Umami will take certain proactive measures in the immediate future to preempt potential regulatory risks.
For the duration of its regulatory review, Umami will add a disclaimer to the umami.finance landing page & app asking users to affirm that they do not reside in certain jurisdictions, including the United States, and that they understand that UMAMI is not a financial asset.
The disclaimer may be removed, modified or left as-is pending the results of the review. In keeping with its commitment to decentralization & privacy, Umami does not store users’ metadata.
If you have questions about how to withdraw timelocked mUMAMI or cmUMAMI on the umami.finance or arbis.finance apps in light of these compliance changes, please reach out to Umami’s core contributor team.
The Marinate v2 smart contract will continue to distribute ETH rewards to all deposited mUMAMI.
#3 Security & Transparency
Umami’s core contributor team is meeting with representatives of an esteemed audit firm in April to initiate the process of thoroughly auditing Umami’s smart contract code.
In the meantime, Umami is pleased to announce that is Business Development Advisor & doxxed community member Nick W has joined its multisig!
Umami will also begin publishing detailed community updates on its protocol-owned-liquidity holdings at a regular cadence, including token allocations, yields, fees from Umami & Arbi’s DeFi products, market risk exposure & more.
In addition, Umami & Arbi’s will be deploying dynamic, real-time calculators for its dashboard metrics to ensure our community has access to the most up-to-date & accurate details possible on key token metrics.
A Strong Foundation For Sustainable Growth
Completing these important priorities will put Umami in a stronger position than ever to forge ahead with its exciting vision on Arbitrum, including its plans to raise additional protocol-owned liquidity to support the growth of Arbitrum’s DeFi ecosystem.
In the meantime, our incredible team of shippooors will continue to roll out new DeFi products, including autocompounders, Uniswap v3 LPs & our much-anticipated high-yielding stablecoin vault.
Umami & Arbi’s are becoming more robust & exciting every day. We are honored to be a part of these incredible projects & their communities and we look forward to continuing to build together!
