Umia Opens 45 Million SLOP Auction After $400,000 Minimum

Umia opened public bidding for 45 million SLOP tokens on Robinhood Chain on Nov. 7 after early commitments cleared the auction’s $400,000 minimum within 12 hours. More than 200 bidders joined three capped access lanes.

At 10:35 a.m. ET, or 15:35 UTC, the public round began. Bidding is scheduled to close Nov. 10. Umia had outlined the planned Slop Cash auction before the threshold was reached and the sale moved into its public phase.

That step turns a previously outlined token sale into a live auction with a defined closing time and a large block of supply attached. It also tests three access channels in public before the final allocation is known.

How is the auction structured?

The auction offers 45 million SLOP, equal to 45% of the token’s 100 million supply. The terms direct 20% of proceeds to market liquidity and the remainder to the Slop Cash treasury. The division gives the sale a defined market function alongside its funding role.

The $400,000 figure is the auction’s minimum commitment, not a disclosed final fundraising total. Because bidding remains open until Nov. 10, the final amount raised and the number of SLOP tokens sold were not yet established when the public round began.

Access comes through three capped lanes. The $200,000 community allocation filled within its first day and was open to Slop Cash contributors and reviewers. A second lane served holders of Umia token, UMIA, through Umia Pass. The third covered whitelisted funds and angels.

The design links the sale to project contributors and Umia token holders without placing every bidder behind the same access route. Contributors and reviewers had a dedicated lane, UMIA holders had another, and whitelisted funds and angels used a third. More than 200 bidders participated across those capped channels.

Shaw Walters, creator of elizaOS, and Drew Pierson built Slop Cash to fund open-source software work. Funders set monthly prize pools for software repositories. The system scores merged pull requests and accepted code reviews, giving funders a way to evaluate specific pieces of repository work.

Funders authorize payouts from wallets Slop Cash does not control. The separation means treasury governance does not itself authorize developer rewards. It also keeps the project’s cash handling outside the token’s decision-market process.

SLOP gives holders a role in treasury decisions through decision markets. Contributor payouts and code-merge decisions remain outside its scope. In practical terms, acquiring SLOP does not give buyers control over who receives development money or which code changes merge.

What does this change for contributors and token holders?

For contributors, the immediate change is a larger pool of potential funding around the project’s existing monthly-prize model. The community allocation filled quickly. It did not reveal how many contributors and reviewers participated, so the early balance among the three bidder groups remains unclear.

For UMIA holders, Umia Pass provides an access path. For prospective SLOP holders, the stated benefit is participation in treasury decision markets. Whitelisted funds and angels keep their own lane. Each route represents a different relationship to the project and its token.

Operationally, the 20% liquidity allocation gives part of the proceeds a defined market use, while the remainder goes to the Slop Cash treasury. Neither part changes the basic rule that funders authorize repository payouts from wallets outside Slop Cash’s control.

The next fixed point is the Nov. 10 close, followed by final sale and allocation figures that will determine the auction’s actual liquidity and treasury impact.