Crypto Improvement Fund

The first project from Umia's Cohort 1 cleared its minimum raise during the early bid, with more than 200 bidders across three access lanes. The public round on Robinhood Chain is open to everyone until 10 November.
<a target="_blank" rel="noopener noreferrer nofollow" href="https://umia.finance/">Umia</a>, the onchain platform for launching, funding and governing projects, today opened the public round of the $SLOP auction for Slop Cash at around 15:35 UTC, after early-bid commitments passed the project's $400,000 minimum raise within 12 hours. Slop Cash is built by Shaw Walters, creator of the open-source AI agent framework elizaOS, and Drew Pierson. It is the first Cohort 1 project to reach auction on Umia, following $UMIA, the first token launched through the system in August.
Slop Cash is a non-custodial funding rail for open-source software. Funding projects put up monthly prize pools against their repositories, and contributors, human or AI agent, work on GitHub as usual. Only merged pull requests and accepted code reviews are scored, in public, and funders sign payouts from wallets Slop Cash does not control.
On Umia, the minimum raise is a structural condition which determines if the launch is successful: had commitments fallen short, every bid would have been refunded in full. With it cleared, the token is now set to launch, deploying the onchain liquidity and placing the project’s domains and social accounts in one legal wrapper under the Umia system. Spending beyond a fixed monthly allowance requires a decision market, where the option the markets value highest is executed.
The early bid ran through three lanes, each with its own cap, and no private round came before it. The Slop community path was reserved for contributors, reviewers and maintainers with accepted work on Slop-listed repositories, who proved their GitHub activity through the Umia Extension. The extension generates a zkTLS proof in the participant's browser, confirming eligibility without the account, login or underlying data becoming visible. That lane filled its $200,000 allocation within the first day. The other lanes served UMIA holders through Umia Pass, and whitelisted funds and angels.
$SLOP has a total supply of 100 million, of which 45% is offered in the auction and 2% goes to Umia's treasury as launch provider. The token directs Slop Cash's own treasury through decision markets and has no say over contributor payouts, scores or whether a pull request is merged.
"Slop Cash is the first outside project to go through the whole Umia system, from the legal wrapper to the auction to the treasury its token will govern. The early bid put the people who ship the work first in line, and the public round now opens the auction to everyone," said Francesco Mosterts, Co-Founder of Umia.
The public round is open at <a target="_blank" rel="noopener noreferrer nofollow" href="https://app.umia.finance/p/slop-cash/auction">app.umia.finance/p/slop-cash/auction</a> until 10 November. Further Cohort 1 projects are expected to launch in the coming weeks, subject to onboarding and legal review.
About Umia
<a target="_blank" rel="noopener noreferrer nofollow" href="https://umia.finance/">Umia</a> is a full-stack platform for launching, funding and governing projects onchain. Each project launched through Umia operates within a single legal wrapper, with its intellectual property, operating team and treasury under one structure and board-level decisions delegated to onchain decision markets. Umia is incubated by Chainbound. Learn more at <a target="_blank" rel="noopener noreferrer nofollow" href="https://docs.umia.finance">docs.umia.finance</a>.
About Slop Cash
<a target="_blank" rel="noopener noreferrer nofollow" href="https://slop.cash">Slop Cash</a> is a non-custodial funding rail for open source that pays contributors, human or AI agent, for merged work. Learn more at <a target="_blank" rel="noopener noreferrer nofollow" href="https://slop.cash">slop.cash</a>.


Contact
Umia Media Relations
Umia
hello@umia.finance

Slop Cash, From elizaOS Creator Shaw Walters, Opens Public Bidding on Umia After Passing Its $400K Minimum

Chainwire

Other articles published on Nov 9, 2026

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