New York, New York, November 7, 2026 - Slop Cash, the open-source funding rail developed by Shaw Walters and Drew Pierson, has moved into a public auction phase on Robinhood Chain after its early-bid commitments surpassed the projects $400,000 minimum raise.
Umia, the onchain platform that facilitates launching, funding and governing projects, activated the public round for the $SLOP auction at around 15:35 UTC. The campaign reached the minimum funding threshold in under 12 hours during the early-bid period, marking Slop Cash as the first project from Umias Cohort 1 to proceed to a full auction following the earlier launch of $UMIA in August.
Slop Cash positions itself as a non-custodial payment mechanism for open-source work. Under its model, project funders allocate monthly prize pools against specific repositories. Contributors - whether human developers or AI agents - continue to work through GitHub; only merged pull requests and accepted code reviews are scored publicly. Payouts are signed by funders from wallets that Slop Cash does not control, maintaining a separation between the platform and funds disbursement.
On Umia, the minimum raise functions as a binary structural safeguard for a launch. If early commitments had failed to meet the $400,000 threshold, every bid would have been refunded in full and the launch would not proceed. With the threshold met, the token launch will move forward: onchain liquidity will be deployed and the projects domains and social accounts will be placed under a single legal wrapper within the Umia system. Any spending beyond a fixed monthly allowance must be routed through a decision market, where the option that markets value highest is executed.
The early bid consisted of three distinct lanes, each constrained by its own cap, and there was no private round prior to it. One lane - the Slop community path - was reserved for contributors, reviewers and maintainers who had accepted work on Slop-listed repositories. Eligibility in that lane was verified through the Umia Extension, which generates a zkTLS proof in the participants browser; the proof confirms GitHub activity without exposing account credentials, login details or underlying data. That Slop community lane filled its $200,000 allocation within the first day.
The remaining lanes served two other groups: UMIA holders participating via an Umia Pass, and a lane for whitelisted funds and angel investors. The combined demand across the three lanes involved more than 200 bidders, according to Umias account of the early bid.
Tokenomics for $SLOP specify a total supply of 100 million units. Of that supply, 45% will be offered in the auction and 2% is allocated to Umias treasury as the launch provider. The governance rights tied to $SLOP direct Slop Cashs own treasury through decision markets; the token does not influence contributor payouts, scoring of work, or whether a pull request is merged.
Francesco Mosterts, Co-Founder of Umia, described Slop Cash as the first external project to navigate the full Umia process - from the legal wrapper through the auction to the treasury the token will govern - adding that the early bid prioritized the people doing the work while the public round now allows broader participation.
The public auction remains open to all participants at app.umia.finance/p/slop-cash/auction until 10 November. Umia noted that additional Cohort 1 projects are expected to proceed to launch in the coming weeks, pending onboarding and legal review.
About Umia
Umia is a full-stack, onchain platform for launching, funding and governing projects. Each project on Umia operates within a single legal wrapper that houses its intellectual property, operating team and treasury. Board-level and other major decisions are delegated to onchain decision markets. Umia is incubated by Chainbound; technical and documentation resources are available at docs.umia.finance.
About Slop Cash
Slop Cash is described as a non-custodial funding rail that compensates contributors - human or AI - for merged work in open-source repositories. Further information is available at slop.cash.
Contact
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