Base Ecosystem Booms as Umia Finance, Ethos Network Raise $14M Through Public Token Auctions

Two projects building on Coinbase's Base network have raised over $14 million through public token auctions and early fundraising. The combined efforts of Umia Finance and Ethos Network demonstrate growing interest in launching new protocols on the Base ecosystem.

Umia Finance, a decision market that operates as a governance model where token holders govern actual capital allocation, ran its auction from late August through September 2, 2026. The auction attracted $6.2 million in USDC bids from over 2,700 individual wallets, with tokens clearing at $0.36 each. This implies a fully diluted valuation of around $18 million.

Umia Finance allocated 20% of auction proceeds to seeding liquidity on Uniswap v4, while the remaining funds were directed into a treasury controlled by $UMIA token holders.

Ethos Network, which builds an on-chain reputation and credibility layer, secured a $1.75 million pre-seed round in July 2024 backed by 59 angel investors with no venture capital involvement. The project ran a public auction for its WHUF token from September 1 through September 4, 2026, offering 20% of the total 10 million token supply. Bid prices ranged from $0.10 to $9.90 per token, implying potential fully diluted valuations anywhere from $1 million to $99 million.

The combination of these two projects adds to growing evidence that Base is becoming a meaningful ecosystem for launching new protocols. Both Umia and Ethos chose non-custodial governance structures, routing decision-making power directly to token holders rather than holding user funds in a centralized manner.