Alex O’Donnel, the chief executive officer of Umami Finance, has reportedly traded his holdings in $UMAMI tokens. A conversation on the platform’s discord channel indicates that the team of Umami Labs LLC has resigned because of the action made by the founder of the project. The treasury assets of the protocol are presently secure as well as in the team’s control.
Alex O’Donnell Reportedly Trades His Holdings in UMAMI Token, Leading to a Value Decline
The team has a strategy to take the protocol to a DAO system and decentralization. In this way, the treasury assets of the protocol are in the multi-sig’s control and the Umami DAO as well as the token holders’ direction would be now followed in this respect. The team has a strategy to step ahead with a decentralized autonomous organization structure. Hence, the vaults will be released as scheduled with the use of the Umami token.
At present, the control of the cost code base as well as the vault products is retained by Umami DAO. Umami Finance is known as a decentralized finance (DeFi) protocol. The platform provides yield vaults. These products provide risk-hedged and real profits on the crypto assets including Ether (ETH), Bitcoin (BTC), and USDC. As noted on the official website of the protocol, its yield vaults can be used to gain risk-hedged as well as sustainable crypto yields.
The Token Price Recovers from $7 to $13
The project is categorized among the top players involved in developing risk-neutral vault related to GLP. GLP is the liquidity token of a derivative protocol named GMX. The token of the protocol has witnessed a vertical decline of more than 50% in its value. The present value of the token is $13 which has recovered from the previous level of $7.
