Umami is currently trading below backing value, in this current macro bear environment we have taken a step back to asses a good direction forward during this calm period and present 4 options to the community.

NOTE: Options 1&4 and 2&3 are not mutually exclusive (especially not 2&3 that is really a choice if we want to build defi products on its own while farming the existing treasury or put it into a less liquid investment as described below). This vote will be conducted using Quadratic Voting, for example if 1&4 are the top 2 then we can donate a portion and send out a portion to holders.

====================== DESCRIPTION OF VOTE CHOICES:

(1) - Wind down treasury and return backing assets How it can work: A snapshot will be taken of Umami holders, including Marinators. Once the full snapshot has been taken everyone's % of total umami amount will be taken. Arbis multisig owned tokens will not be included in the snapshot. The total treasury assets will be added up and every Umami holder and Marinator will then receive their % of the treasury assets airdropped out to them. Since there are multiple assets it may go out in multiple airdrops.

(2) - Create new defi products that utilize new treasury (or don't) The team is excited to work on new defi projects. In this case UMAMI holders all receive a % of any profits generated. The current UMAMI treasury will mostly be taken and put into safe low yield investments. A small portion of the treasury will also be used for very degen plays like apeing into brand new projects and things of that nature. The investments and degen plays will be voted on and gains from them distributed to holders at recurring interviews. (in this case we will likely streamline Umami&Arbis but that would be a separate vote held later on). This option is where we have the most experience. In this case liquidity for umami will be removed to increase investment yields, so instead people who wish to exchange their assets will be able to do so through a rolling process (likely weekly similar to withdrawing from Ribbon finance vaults). See https://discord.com/channels/885769815552323626/933923830202765442/934008449673617419 this discord message from Keep for a vision of how these defi projects piece together from where we are now to this model.

(3) - Invest into some physical asset like an island or solar field This is a very different direction for us to go in. In the event of this later votes would follow to decide the nature of the thing we would do. Using a new legal entity in the Cayman Islands called a Foundation our DAO can directly own physical assets. The foundation has its own KYC information and dao members are not required to provide theres. Holders would vote on things like we do now with snapshot and have direct control (not with the team as intermediaries). The two major options we are exploring here are a island or a solar field. (3A) ☀️ - With a solar field we can purchase land a large tract of land as the Umami Foundation and cover it with solar panels/wind turbines. A mechanic is paid for maintenance and profits from selling the energy generated are pushed out to UMAMI holders. As Arthur Hayes says in this article: https://cryptohayes.medium.com/maelstrom-ee6021e9d0c2 one can think of their assets in terms of how many barrels of oil worth of energy it represents and how many barrels it costs for you. By investing in creating a large energy collection field passive non financial energy income can be pushed out to all Umami holders. (3B) 🏝 - With the second approach (likely an island but could also just be a big piece of land in a desirable climate) the Foundation purchases the land and based on our estimates could setup housing (think tinyhome/yurt not mansions), power, and internet for the top (think 50-100) UMAMI holders as well as 50 others chosen by a random drawing from the remaining smaller holders list. In the short term this creates buy pressure for UMAMI for anyone interested in being in the top 100. Once the list is finalized the recipients will receive a NFT passport representing their membership in the UMAMI resort. (this does not currently replace a traditional passport issued by sovereign countries). Once the Umami resort is setup all passport holders (transferable if you want to sell it) will be welcome to visit the resort for as long as they like (assuming they are approved to be in the area by the host country the resort is located in). This place will then provide a home for UMAMI resort members to pursue there interests whether that's defi stuff, trading, science, art, athletics or even leisure. In short this would be a instance of a bitcoin monastery.

(4) - Donate To Charity Starting with the Savory Institute we will prepare a list of charities that align with the community and then we can all vote to disperse the treasury as donations to one or several of those treasuries. We all get to support a cause we think is important and Umami becomes a good tax right off for all your gains in this new year.