Umami Finance(Umami) Project Analysis-CoinW Institute
Umami Finance(Umami) Project Analysis
1. Research Institute Review
GMX is one of DeFi’s most successful emerging base layers. Since its inception in 2021, it has generated over $75 million in transaction fee revenue. It pays 70% of its revenue to liquidity providers, who receive GLP receipt tokens. Umami’s upcoming product suite includes three Vaults that pay USDC, BTC and ETH proceeds respectively, which generate revenue by providing liquidity to GMX, a decentralized perpetual exchange on Arbitrum. the Umami protocol is governed by the Decentralized Autonomous Organization (DAO), which consists of holders of its governance token UMAMI. the DAO is represented by the Umami DAO Foundation, a legal entity based in the Cayman Islands. represented by the Umami DAO Foundation, a legal entity based in the Cayman Islands. Its protocol governance token, UMAMI, is a virtual asset registered in the Cayman Islands. umami Labs does not market UMAMI to U.S. persons.
2. Recent breakout points
defi+arbitrum ecosystem
3. Project description
umami is leading the way in institutional adoption of DeFi with its expanding ecosystem of strategic vaults that generate sustainable, risk-hedged returns on core crypto assets including $USDC, $BTC and $ETH. umami uses its protocol-owned treasury assets and growing library of DeFi products to provide liquidity that drives the growth of the Arbitrum network ecosystem.
4. Token roles
4–1. Interest yield: Umami’s Marinate product is the foundation of its #RealYield token economics. It provides the value created by Umami from its fee-generating DeFi product to long-term stakeholders in the form of passive income in the form of $wETH.
4–2. Deposits and Withdrawals: Marinators can deposit $UMAMI in exchange for $mUMAMI at any time throughout the month, but can only withdraw $UMAMI on the 1st of each month. users can deposit $UMAMI into Marinate at any time, even if they have already deposited tokens.
4–3. Rewards: Once available, Marinators can receive $wETH rewards. Only users who hold $mUMAMI at the time the reward is issued are eligible for the reward. $wETH rewards are pushed to Marinate on a daily or near-daily basis. rewards are primarily paid in $wETH.
4–4. Current and future fee distribution: Users can further enhance their returns by depositing into Umami’s alternative pledge option, Compound. Compound $UMAMI automatically uses $mUMAMI’s $wETH reward to buy more $UMAMI in the market and redeposit it in Umami’s Marinate contract. Each month, Umami passes on approximately 50% of its treasury bond yield to its stakeholders.
5. Token Economic Model
Maximum Supply: $1,000,000 UMAMI, Adjusted Maximum Supply: $895,865 UMAMI (not including permanently locked or “dead” UMAMI tokens)
Main vault: 119,328
Uncirculated: 275,401 UMAMI (including 104,135 “dead” tokens permanently locked in lapsed contracts)
“Deployed” vault: 32,516, abandoned “v1” pledge contracts: 98,545
Remaining sUMAM: 19,422
Other contracts inactive for more than 100 days: 5,590
Outstanding: 724,599 UMAMI (these numbers are constantly changing: 12/22)
Marinating: 546,100 (of which, 281,500 are compounding)
cmUMAMI LP: 22,800
UMAMI in junior Uni v3 LP: 34,400, liquid (uncollateralized) UMAMI: 121,299
Tokens allocated to current and former Umami team members: $225,000 $UMAMI
6. Project Highlights
6–1. Real-provider revenue of approximately $6 million in protocol-owned, risk-hedged treasury assets allocated to revenue-producing LaaS and Farming-as-a-Service (FaaS) deployments on Arbitrum. Deposit your UMAMI into mUMAMI and earn a steady WETH passive income from Umami’s protocol / treasury revenue at approximately 5% APR.
6–2. UmamiUSDCVault earns revenue by using user-deposited USDC to provide liquidity for GMX and protects against market volatility using Tracer’s uncleared hedging derivatives 3S-BTC/USD+USDC and 3S-ETH/USD+USDC.
The Vault allocates assets to 50% stablecoin, 30% ethereum, 20% bitcoin and 1–2% LINK and UNI, with user revenue coming from transaction fees, clearing fees and GMX rewards.
6–3. 7,500 addresses held in August this year, just four months later the number of new holdings reached 190,000 addresses, supporters Gmx, SOCKET, TRACER DAO, tokens against the backdrop of the recent less optimistic market this year.
7. Investment institutions
Battery Ventures, NEA, etc.
8. Community
twitter: 18,500 people
9. Future outlook
Currently, the layer2 track has Arbitrum in first place in terms of both TVL and number of projects. And the largest project on Arbitrum is GMX, where Umami’s Vaults take external long or short hedge positions on GMX or similar exchanges. The TVL of the GLP pool on Arbitrum is more than $400 million. Umami it extends the TVL in its GLP Vault to $200 million. In the long run, through its on-chain DeFi protocol, Umami DAO, Umami joins a growing number of institutional TVLs through its U.S. operating company, Umami Labs’ affiliate, Umami Advisors, and its U.S.-regulated cryptocurrency custodian, Umami Advisors, Umami seamlessly and compliantly brings institutions into its DeFi offering.
Basic Information
Project Description: Umami is an Arbitrum-based liquidity mining project that uses trustless, non-custodial smart contracts, and all of its strategies generate revenue from a sustainable on-chain revenue stream rather than inflationary token emissions. Umami passes 50% of its protocol revenue to holders of UMAMI tokens (its governance token), which has a fixed maximum supply of 1 million tokens.
Full token name: Umami Finance
Token name: Umami
Project website: https://umami.finance/
Project Documentation: https://docs.umami.finance/umami-finance/
Block query:
https://arbiscan.io/address/0x1622bf67e6e5747b81866fe0b85178a93c7f86e3
Liquidity query.
https://arbiscan.io/token/0x1622bf67e6e5747b81866fe0b85178a93c7f86e3#balances
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