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.
Arbitrum
DeFi
Derivatives
