Umami Community Proposes New Path Forward with Former Team Members as Core Contributors

The Umami DAO is faced with an existential crisis after former CEO Alex O'Donnell attempted to transfer the treasury to his sole control. The team successfully secured the treasury, but this event resulted in the resignation of the entire Umami Labs team. A community member known as Afirebrand has drafted a proposal to bring the former team back on board as contractors and hire them to continue with their previous mandates.

The proposal suggests that the former team members be hired as contractors, with all salaries and vesting contracts remaining the same, and the rights to the code remaining with the DAO.

The former Umami Labs team has been working on a high-yield product for $GLP, which is already live on Testnet and is expected to be launched within the next 30 days. This product is expected to bring significant revenue and attention to the Umami DAO.

The proposal suggests that the Umami DAO vote YES to hiring the former team as contractors and reinstate treasury revenue distribution to stakers at the previous rate of 50%. The agreement between Umami Labs and the DAO will be dissolved in full.

The vote on this proposal will be happening in the next couple of days, and the outcome will determine the future of the Umami DAO.

Source

Arbitrum

DeFi

Derivatives

In This Article

Related News
Wildcat, the decentralized credit platform built by Crypto Twitter mainstay Laurence Day, launches new version on Ethereum Wildcat, the decentralized credit platform built by Crypto Twitter mainstay Laurence Day, launches new version on Ethereum
Arbitrum, Azuki-backed Animecoin unveils tokenomics with over 50% community allocation Arbitrum, Azuki-backed Animecoin unveils tokenomics with over 50% community allocation
Bernstein names Robinhood as top 'crypto deregulation trade,' raises price target to $51 Bernstein names Robinhood as top 'crypto deregulation trade,' raises price target to $51
Radiant Capital hacker moves $52M in stolen funds Radiant Capital hacker moves $52M in stolen funds
Tesla likely still owns $780M in Bitcoin despite recent shuffle: Arkham Tesla likely still owns $780M in Bitcoin despite recent shuffle: Arkham
Latest News More More
8 Hours Ago 0xbow unveils ‘Privacy Pools,’ a new blockchain privacy tool drawing from Vitalik Buterin’s research
5 Days Ago Ethereum edges closer to deploying Pectra on mainnet with successful upgrade on Hoodi testnet
5 Days Ago MEXC Extends DEX+ Platform to Binance Smart Chain Users
March 25 Binance suspends employee for allegedly profiting off of insider information
March 25 BlackRock launches bitcoin ETP in Europe following US success
delate
Use TokenInsight App All Crypto Insights Are In Your Hands
Open