With the privacy token meta in full swing<\/a>, the native asset of a new privacy protocol, Umbra, is trading almost five times higher than its initial coin offering (ICO) price, after launching on Friday. <\/p>\n Just a few days after its ICO, which priced UMBRA at $0.30, the token is currently changing hands around $1.30 with a fully diluted valuation (FDV) above $36 million, and reached as high as $2.48 yesterday, per data from CoinGecko<\/a>.<\/p>\n Incubated by MetaDAO, Umbra\u2019s ICO experienced overwhelming demand, raising more than 200x its minimum raise and 50x its hard cap.<\/p>\n Described as a privacy layer for the Solana blockchain, the project concluded its ICO on Oct. 10 with more than $150 million<\/a> committed, which carried a minimum raise threshold of $750,000. <\/p>\n Following the massive inflows, Umbra\u2019s founder, known as Kru, took to X to address<\/a> the situation, announcing that the raise is capped at $3 million at roughly an $8.55 million FDV, setting the UMBRA ICO price at $0.30 per token. <\/p>\n Considering the $3 million cap, depositors saw roughly 98% of their commitments refunded, with around 2% actually being included in the presale toward UMBRA allocation, MetaDAO explained in a separate X post<\/a> on Friday. <\/p>\n In their X thread, Kru explained the relatively low raise cap: \u201cUmbra has never been about chasing valuations or hype; it\u2019s about building something users need with purpose, integrity, and people we trust. This decision wasn\u2019t made out of restraint, but out of reason. Three million gives us everything we need to execute our roadmap, fund audits, and grow the team sustainably.\u201d <\/p>\n They added that the show of investor interest is yet another signal that privacy is still valued, at least in by crypto participants:<\/p>\n \u201cThe oversubscription is a message that the world still cares deeply about privacy done right. Built on Arcium, accelerated by MetaDao and part of the Solana ecosystem, Umbra will work with the community to make that vision a reality.\u201d <\/p><\/blockquote>\n<\/figure>\n Umbra\u2019s successful raise \u2014 alongside a community vote yesterday<\/a> against diluting token holder value and selling discounted tokens to VCs \u2014 also brought increased attention to the MetaDAO token, META<\/a>, which is up over 43% today and 127% on the week, despite the rest of the market\u2019s heavy selloff. <\/p>\n The ICO raised 200x its $750,000 minimum, and more than 50x its hard cap. With the privacy token meta in full swing, the native asset of a new privacy protocol, Umbra, is trading almost five times higher than its initial coin offering (ICO) price, after launching on Friday. Just a few days after its ICO, […]<\/p>\n","protected":false},"author":2,"featured_media":408059,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6],"tags":[274,273,272,244,266,271,268,270,269,267],"class_list":["post-408057","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-de-fi","tag-crypto-finance","tag-decentralized-finance","tag-liquidity","tag-metamask","tag-pancake","tag-slippage","tag-sushiswap","tag-tronlink","tag-trust-wallet","tag-uniswap"],"_links":{"self":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/408057","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/comments?post=408057"}],"version-history":[{"count":1,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/408057\/revisions"}],"predecessor-version":[{"id":408060,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/408057\/revisions\/408060"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media\/408059"}],"wp:attachment":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media?parent=408057"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/categories?post=408057"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/tags?post=408057"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}Oversubscribed Token Sale<\/h2>\n
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