Umia Finance and Ethos Network raise over $14M on Base through community-driven auctions

Two projects building on Coinbase’s Base network have collectively pulled in more than $14 million through public token auctions and early fundraising. Umia Finance’s auction draws thousands of bidders Umia Finance ran its $UMIA token auction from late August through September 2, 2026. The auction attracted roughly $6.2M in USDC bids from over 2,700 individual wallets, with tokens clearing at $0.36 each. That clearing price implies a fully diluted valuation of around $18M. Within the first 24 hours after the auction closed, trading on the liquidity pool exceeded $8M. Umia allocated 20% of auction proceeds to seeding liquidity on Uniswap v4, with the remaining funds directed into a treasury controlled by $UMIA token holders. The protocol operates as a decision market, meaning token holders don’t just vote on proposals in the abstract — they govern actual capital allocation. Ethos Network bets on on-chain reputation Ethos Network builds an on-chain reputation and credibility layer. The project secured a $1.75M pre-seed round in July 2024, backed by 59 angel investors with no venture capital involvement. Ethos ran a public auction for its WHUF token from September 1 through September ...