Bidding for $SLOP, the token tied to Slop Cash, is now open to the general public on Umia through November 10, the platform announced Friday. The Slop Cash $SLOP public auction began at roughly 15:35 UTC after early commitments exceeded the project’s $400,000 minimum raise in under twelve hours.
Early demand clears the threshold
The minimum was not merely a target. Umia treats it as a condition of the launch: if early commitments had landed below $400,000, all bids would have been returned. Because the threshold was met, the token is now on course to launch, with onchain liquidity deployed and the project’s domains and social accounts placed inside a single legal structure administered by Umia.
More than 200 bidders took part in the early phase, which was divided into three lanes, each with its own cap. No private round preceded it. The lane reserved for the Slop community reached its $200,000 allocation within the first day. That path was limited to contributors, reviewers and maintainers with accepted work on repositories listed by Slop, who verified their GitHub activity through the Umia Extension. The extension creates a zkTLS proof inside the participant’s browser, confirming eligibility without exposing the account, login or underlying data. The remaining lanes were available to UMIA holders through Umia Pass and to whitelisted funds and angels.
What Slop Cash does
Slop Cash is a non-custodial funding rail for open-source software, built by Shaw Walters, the creator of the open-source AI agent framework elizaOS, and Drew Pierson. Projects that seek funding post monthly prize pools against their repositories, while contributors — whether people or AI agents — work on GitHub as they normally would. Only merged pull requests and accepted code reviews are scored, and that scoring happens in public. Funders sign payouts from wallets that Slop Cash does not control.
It is the first project from Umia’s Cohort 1 to reach auction, following $UMIA, the first token launched through the system in August. Umia positions itself as a full-stack platform for launching, funding and governing projects onchain, with each project operating inside one legal wrapper that holds its intellectual property, operating team and treasury, and with board-level decisions delegated to onchain decision markets. Umia is incubated by Chainbound.
Token supply and governance limits
$SLOP has a total supply of 100 million tokens. Of that, 45% is offered in the auction and 2% is allocated to Umia’s treasury as the launch provider. The token gives holders a say over Slop Cash’s own treasury through decision markets, but it has no authority over contributor payouts, scoring or whether a pull request is merged. Spending beyond a fixed monthly allowance requires a decision market, and the option that the markets value most highly is the one executed.
Francesco Mosterts, co-founder of Umia, described Slop Cash as the first outside project to pass through the entire Umia system, from the legal wrapper through the auction to the treasury that its token will govern. He said the early bid gave priority to the people who do the work, and that the public round now extends the auction to everyone.
The public round remains open until November 10. Umia said additional Cohort 1 projects are expected to launch in the coming weeks, subject to onboarding and legal review.
