---
type: entity
entity_type: protocol
name: Umbra Privacy Protocol
domain: internet-finance
status: active
---

# Umbra Privacy Protocol

**Type:** Privacy protocol on Solana
**Technology:** Arcium-powered
**Governance:** Futarchy via MetaDAO from launch

## Overview

Umbra is a privacy protocol built on Solana using Arcium's confidential computing infrastructure. The project launched through MetaDAO's ICO launchpad in May 2026, committing to futarchy governance from day one.

## Capital Formation

**ICO Structure (May 2026):**
- Minimum target: $750,000
- Cap: $3,000,000
- Total commitments: ~$155M
- Oversubscription: 1169%
- Participants: 10,518 investors
- Pro-rata allocation: ~2% of committed amounts
- Result: Largest raise in MetaDAO history by significant margin

## Governance

**Futarchy Implementation:**
- Monthly budget: $34K (adjustable only via futarchy governance markets)
- Treasury spending requires market-based approval
- Structural changes require conditional market consensus
- "Unruggable ICO" mechanism prevents team treasury extraction

## Context

**MetaDAO Ecosystem Position:**
- Previous largest raises: P2P.me ($5.2M), Ranger Finance ($9.1M)
- Umbra's $3M cap raised total MetaDAO AUF to ~$60.3M
- $155M in commitments represents 52x the cap, indicating severe supply constraint

## Timeline

- **2026-05-09** — Completed ICO on MetaDAO raising $3M against $155M in commitments (1169% oversubscribed) with 10,518 participants