Ongoing Funding with Fluid Capital
Capital formation as a repeatable, governed action instead of a once-only event
On Umia, the initial auction is the start of a project's funding life, not the end of it. Supply is a living instrument: more tokens can be minted later, for a follow-on auction, a program, or compensation, whenever a decision market supports the proposal. This is the fluid-capital model, and it changes both how you launch and how you grow.
At launch, it means you can start lean: no oversized treasury, no pre-allocated reserves for hypothetical futures, no dead-weight supply (see Tokenomics Recommendations). After launch, it means capital formation becomes a repeatable, governed action instead of a once-only event.
The Mechanisms
- Issuance by proposal. The project can mint (or burn) tokens through a decision market: to fund a new phase, compensate contributors, or seed a joint venture. The market prices the trade-off, and the mint happens only if the outcome clears.
- Follow-on Tailored Auctions. A project at a later stage can run another auction, with the same configurability as the first: phases, gating, caps, refunds. (See Tailored Auctions.)
- Revenue. Product revenue can flow back into the same noncustodial treasury, extending runway without touching supply at all.
All three land in the same treasury under the same rules; nothing about ongoing funding creates a second, softer pot of money. (See Noncustodial Treasury and Disbursements.)
Why New Issuance Runs Through a Market
New issuance dilutes existing holders, and that's exactly why it runs through a decision market: the market prices the impact of the mint against the value of what it funds. A proposal with a vague use-of-funds story gets a market that reflects it. In practice, every ongoing-funding action should ship with the same rigor as the initial auction: what the capital is for, what it changes, and when it lands.
This inverts the usual dynamic. Elsewhere, dilution is something teams do to holders, announced afterward. Here it is something the holders' market approves in advance, or doesn't. Founders get a capital tool; holders get a structural guarantee that the tool can't be used quietly.