The entire Umami Labs team resigned yesterday after former Umami CEO Alex O'Donnell attempted to transfer control of the project's treasury. Although the protocol treasury was successfully protected by the team, Umami DAO is facing an existential crisis. Community member Afirebrand has now drafted a proposal to reorganize the former team members and hire them to continue the project development.
The proposal suggests that former team members be hired as contractors, with all salaries and vesting contracts remaining unchanged, and control of the code remaining with Umami DAO.
The former Umami Labs team has been developing a high-yield product for $GLP, which is already live on the testnet and expected to launch within the next 30 days. The product is expected to bring a boost in revenue and attention to Umami DAO.
The proposal recommends that Umami DAO vote in favor of hiring former team members as contractors and restore the project revenue distribution to the previously agreed 50% ratio. At the same time, the agreement between the former Umami Labs and the DAO will be completely dissolved.
The proposed vote will take place in the coming days, and the results will determine the future of Umami DAO.
