Proposal 003 has officially passed, authorizing the reclamation of tokens from Umbra’s Meteora single-sided liquidity pool alongside limited additional mint authority for OTC allocations.

Following the passage of the proposal, we completed the first set of OTC sales.

Theia Research acquired 666,666 UMBRA at a purchase price of $0.45 per token, representing a premium to spot pricing at the time the proposal was published.

We also welcomed Cryptopathic as Umbra’s first angel participant. Cryptopathic acquired 30,612 UMBRA at a purchase price of $0.49 per token. Path has been a longtime advocate for privacy, decentralization, and digital ownership.

As part of the OTC structure established under Proposal 003, buyers participating at the 24-hour TWAP price are additionally required to purchase between 50% and 100% of their OTC allocation directly from the open market. Participants may alternatively avoid open market purchase requirements by purchasing tokens directly through Umbra at a premium to spot pricing.

Several participants also chose to accumulate entirely through open market purchases. Out of respect for participant privacy, exact amounts acquired through open market accumulation will not be disclosed publicly.

Proposal 003 establishes a framework for bringing long-term participants into the Umbra ecosystem as development of the protocol and applications continues.

Proposal:
https://www.metadao.fi/projects/umbra/proposal/2a5qE2E8pSv2EqHAfDvAuKHqMpMubBVjGPZr7bChiZKy

Proposal Passage:
https://x.com/UmbraPrivacy/status/2051662454057517094

OTC Announcement:
https://x.com/UmbraPrivacy/status/2052030453117309010