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 4, 2026. The auction offered 20% of the total 10 million token supply, with bid prices ranging from $0.10 to $9.90 per token, implying potential fully diluted valuations anywhere from $1M to $99M.

Ethos uses staked reputation signals as part of its governance model. Users build credibility scores through on-chain activity, and those scores influence how the protocol operates.

What Base gains from all of this

The combined $14M-plus raised across these two projects adds to a growing body of evidence that Base is becoming a meaningful ecosystem for launching new protocols. Both Umia and Ethos chose non-custodial governance structures, with neither project holding user funds in a centralized manner and both routing decision-making power to token holders.

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