# Welcome to Umami
Website: [**umami.finance**](https://umami.finance) | Twitter: [**@UmamiFinance**](https://x.com/UmamiFinance) | Discord: [**discord.gg/bonsaidao**](https://discord.gg/bonsaidao) \ Umami is a Bonsai SubDAO, pioneering the DeFi space by **offering top-tier, non-custodial yield products called vaults**, for core cryptocurrencies like $USDC, $BTC, and $ETH. We aim to construct professional-grade DeFi products that cater to both retail and institutional capital, with an emphasis on crypto-native funds.\ \ Focused on becoming a liquidity hub on Arbitrum, we simplify the user experience in yield farming, automating processes like hedging and managing liquidity pools and focusing on a permissionless, decentralized experience that requires minimal intervention - **simply deposit and earn.** \ \ Our aim is to drive widespread DeFi adoption by making advanced financial strategies accessible to all and to establish a one-stop platform for seamless crypto asset management. Built on **Arbitrum**, Ethereum's foremost Layer 2 scaling chain, the Umami protocol a wholly owned SubDAO of Bonsai with all revenue flowing to the Bonsai Treasury.\ \ Learn more about Bonsai below at our new [Website](https://www.bonsaidao.xyz/) and with our [docs](https://bonsai-dao.gitbook.io/bonsai-dao) ### Products #### GM Vaults Built on the upgraded GMX v2 platform, GM Vaults enable users to deposit single tokens like $BTC, $ETH, $USDC and $ARB, while eliminating impermanent loss through automated hedging that we call internal netting. These vaults utilize the GM Index (GMI) to manage deposits and generate yield from four distinct synthetic pools on GMX V2, ensuring a stable and lucrative environment for depositors. Read more -> [GM Vaults](/umami-finance/gm-vaults/overview). ### Core Values **Integrity** \ Umami upholds the highest standards of transparency, accountability, and ethics. We stand steadfast in our commitment to the foundational values of DeFi. **Advocacy**\ As a passionate advocate for its own products and for DeFi at large, Umami proactively reaches out beyond the confines of the "crypto-native" community, engaging stakeholders from all walks of life. **Principled Pragmatism** \ Umami is open to adopting best practices from outside the realm of DeFi, as long as they align with and advance our mission. We never waver in upholding our core values. ### Disclaimer *Participating in Umami holds no promise of financial gain. Please only participate in Umami's protocol to the extent allowed by your jurisdiction. Umami does not guarantee any compensation for any of our users in the event of exploits, hacks, and other unforeseeable negative events.* # Overview Short overview of Umami GM Vaults With the crypto sphere expanding, (GMX V2) GM vaults are emerging as a pivotal component in the Arbitrum DeFi landscape. These vaults offer a distinctive opportunity for investors seeking **single-sided exposure** to premier assets such as **$USDC,** **$ETH**, and **$BTC** with continued additions including **$ARB** planned.\ \ As the vault strategies evolve with the changing landscape, we are confident that GMX V2 and our GM vaults will set the groundwork for an enhanced DeFi experience for every user.\ \ By depositing into $ETH, $BTC, $USDC or any future backed GM pools, users will be able to leverage the benefits of **liquidity provision** and autonomously determine their risk profile by **choosing their desired single-sided exposure.** Let’s look at how the vaults will achieve this. ### Strategy Liquidity is deposited into GM pools - [Yield Sources](https://app.gitbook.com/o/pt037oTINTlimfBFBQel/s/MxcGyx5kIW5oBPBlyRqM/~/changes/86/gm-vaults/yield-sources), which form the core of the vaults’ operation. To maintain balance and stability in their asset allocation, GM vaults rely on internal netting; a unique and extremely efficient hedging mechanism, developed by the Umami team. The strategy is executed trustlessly by an advanced, distributed network of companion bots that act in a reliable and redundant manner, within the strict and immutable bounds of the on-chain constraints. ### High Composability and Scalability Our GM Vaults stand out in the DeFi landscape due to their **high composability and scalability.** This means they are designed not only to adapt to varying market conditions and user demands but also to **seamlessly integrate with other DeFi protocols.** This composability allows for the creation of new and innovative financial products, enhancing the overall utility and **potential of the GM vaults**. Moreover, our vaults are built for scalability, ensuring they can handle significant increases in usage and complexity without compromising performance or security. ### Internal Netting Algorithm We have implemented a similar **Internal Netting** mechanism utilized in the GLP vaults to maintain a balance between assets. This algorithm has been successfully hedging with a TVL of $10 million, achieving this at an extremely low cost of \~$80k. ### Rebalancing Our GM vaults undergo systematic rebalancing at multi-hour intervals looking for a delta variance of \~0.15%. This process is crucial to maintaining the assets in their most effective state, adapting to market shifts and optimizing investment outcomes. # Double-Dip Campaign Double your rewards. Vest your $SEED. Grow your $Bonsai. The Double-Dip Campaign is Umami’s new **limited-time rewards initiative** designed to reward long-term depositors with more than just real yield. By staking your GM Vault deposits, you’ll continue earning passive returns as always, but now with a second stream of rewards, $SEED tokens. This second stream doesn’t dilute vault performance. **It complements it.** It’s simple, but limited:\ **Real Yield + $SEED Rewards = Double-Dip Yield.** {% hint style="info" %} The Double-Dip Campaign will continue **until the $Bonsai supply in the Redemption Pool is fully depleted**. (**2 million $Bonsai tokens)** {% endhint %} ### What is $SEED? $SEED is a rewards token for stakers of Umami’s GM Vaults. It exists on Aribtrum and Base, and serves a single purpose: to be redeemed for discounted $Bonsai. Once you earn $SEED, you can pair each token 1:1 with $Bonsai, vest the pair for 1 week, and then purchase that $Bonsai with ETH at a \~10% discount.
**It’s simple, but limited.** The Redemption Pool only holds 2 million $Bonsai, and redemptions are processed first-come, first-served. Once the pool is empty, redemptions pause **until new supply is added**. ### How It Works To earn $SEED, you’ll need to do two things. 1. Deposit into the GM USDC Vault. If you’ve already done that, great! You’re halfway there. 2. Stake your vault deposit. As long as you’re staked, you’ll accumulate $SEED based on your share of the vault. Unstaking will pause $SEED rewards. But more importantly, it will trigger **Deboosting**. ### Redemption Flow Once you’ve earned $SEED, you can redeem it to access discounted $Bonsai. Here’s what the process looks like: 1. **Pair 1 $SEED with 1 $Bonsai.** 2. **Vest the pair for 1 week.** 3. **After vesting, purchase $Bonsai using ETH at a 10% discount.**
You don’t receive $Bonsai directly. You unlock the right to purchase it at a lower price, and the ETH you pay goes toward **protocol buybacks**, which support the ecosystem long-term. If you vest during a time when the Redemption Pool is empty, your vesting position will still complete, but you’ll have to wait until more $Bonsai is added to the pool before executing the purchase. ### USDC vs BTC/ETH Vaults The two GM USDC Vaults are the primary target for the Double-Dip campaign, and will receive full exposure to the emissions stream. But ETH and BTC vaults will also receive a smaller boost in incentives. To manage this effectively, ETH and BTC vault deposits will be **capped**. This is designed to reward early stakers while keeping the emissions balanced across the ecosystem. ### Where to Interact $SEED rewards are earned inside the Umami vaults, but **everything else happens on the** [**Bonsai website**.](https://www.bonsaidao.xyz/vest) That includes: * Pairing $SEED with $Bonsai * Vesting and executing redemptions * Tracking Redemption Pool status The Umami app will only show: * The extra APR from SEED incentives * Viewing and claiming your $SEED * Clear breakdowns of staked, and liquid positions ### Things to Keep in Mind * You must be staked to earn $SEED. Just depositing into the vault isn’t enough. * The 10% discount from $SEED redemptions is variable. * Redemptions are limited by the supply of $Bonsai in the pool. If it runs dry, you’ll need to wait for more. This is just the beginning of SEED. A new layer of rewards, designed to support the long-term growth of both the protocol and its community.
# GMX v2: Revolutionizing Liquidity with GM Vaults A significant evolutionary step of GMX platform The introduction of GMX v2 marks a significant milestone in the evolution of liquidity solutions, introducing the GM Vaults as a forefront innovation in the space. These vaults are designed with a keen focus on balance and adaptability, making them ideal for liquidity providers looking for a robust platform that thrives in various market conditions. Central to the GM Vaults' effectiveness is the introduction of adaptive funding rates in GMX v2. This innovative approach, informed by open interest, acts as a critical stabilizing force. By maintaining an equilibrium between long and short positions within the pools, these adaptive rates ensure market neutrality, a cornerstone for the success and reliability of the GM Vaults. ## Reduced Fees and Enhanced Market Responsiveness For GMX V2, minting and burning GM tokens is now guided by **Chainlink's Low-Latency Oracle** solution, which significantly **reduces delays in price information** for accurate and timely trading decisions, mitigates Maximal Extractable Value (MEV) risks and frontrunning, and ensures **high gas efficiency** and lower operational costs, allowing us to **substantially lower deposit and withdrawal fees**. ## Achieving a Balanced Market through Adaptive Funding Rates The introduction of adaptive funding rates across all pools is a pivotal enhancement in GMX v2. By dynamically adjusting based on open interest, these rates help balance the Long:Short ratio within the pools towards a more equitable 50:50 distribution.

Adaptive funding rates have a profound impact on shifting the skew towards a 50:50 equilibrium

This adjustment leads to a more favorable environment for liquidity providers, offering reduced exposure to trader profit and loss (PnL). As a stabilizing force, adaptive funding rates play a crucial role in maintaining the neutrality of GM Vaults to market movements, enhancing the platform's overall efficiency and aligning with a risk-adjusted index approach. Through these strategic advancements, GMX v2 and the GM Vaults are setting new standards in the liquidity provision landscape, offering an optimized solution that addresses the needs of today's traders and liquidity providers.

A balanced OI since November 2023, when GMX v2 introduced adaptive funding rates

# Yield Sources GMI (GM Index) Explanation and Correlated Markets ## GMI (GM Index) Explainer ### Risk-Adjusted Index The initial ETH and USDC Vaults will have exposure to 4 markets: * ETH-USDC * XRP-USDC * DOGE-USDC * LTC-USDC This approach allows the vaults to **maximize revenue** by gathering **liquidation fees, swap fees, and PnL from all four pairs**, ensuring a balanced risk-adjusted return across these ETH and USDC backed markets. When a user deposits ETH, they become the counterparty to traders involved in trading those pairs. However, our underlying infrastructure, composed of internal netting and a sophisticated external trader router, ensures that users receive the delta of ETH in the ETH GM vault while maintaining **delta neutrality for USDC**. Token allocations **dynamically rebalance** based on asset volatility and returns within the index, optimizing returns and offering diversification to reduce risk. It's crucial to note that GMX V2 utilizes ETH to collateralize their markets. Consequently, if a token sharply outperforms ETH in a brief period, GMX may decide to close that market due to it being undercollateralized. The immediate impact of this mechanism is the **limitation of the overall profit and loss (PnL) potential** to which the index is exposed. In essence, this is a strategic approach designed to **mitigate risk**, effectively placing a cap on potential gains or losses. When using perpetual contracts in this system, users take on a position that has certain implications similar to specific financial instruments, but we've kept the details straightforward for clarity. ### Index Allocation Strategy Here, utilization refers to the actively used TVL by traders in the GM pool, while dilution represents the proportion of GM TVL among all indexed GM tokens. These factors are instrumental in modeling the weight of each and are fine-tuned during rebalancing.
## Other Markets (gmWBTC, gmARB, and more) Other Vaults (BTC, ARB, etc) will only have exposure to their correlated market on GMX v2, for example gmWBTC will only have exposure to the trader PnL, liquidation fees, and swap fees of the BTC trading market on GMX v2 (BTC GM Pool). This is designed as a cleaner implementation meant to provide users with a cleaner overall experience.\ \ All Vaults are also built with a base model GMI underneath meaning if more markets were to be backed by the underlying asset we can add them to the index, for example if more $BTC backed markets were available on GMX we could add them to the current Vault.\ \ **In the future all USDC Vaults will be combined into a single meta USDC Vault with exposure to all markets.** ## **APR Displayed** The APR is an estimate based on the fees collected on GMX for the past seven days, extrapolating the current borrowing fee. It excludes: * price changes of the underlying token(s) * traders' PnL, which is expected to be neutral in the long term * funding fees, which are exchanged between traders ## gm Tokens When you deposit assets (USDC, ETH, BTC, etc.) into a GM Vault, you receive an equivalent value of gm tokens, which are yield-bearing tokens. As the vault generates yield, **the value of each gm token increases, reflecting the dollar value of the captured yield.** \ For example, if the vault generates a 10% yield, the value of each gm token increases by approximately 10%. You can track the value of gm tokens on chain with popular chain scanners like arbiscan.io or on DeBank or Zapper. **Benefits of gm Tokens** gm tokens are fully transferable, allowing you to transfer them between wallets, send them to friends, or use them in other DeFi applications. These tokens can also be used for leveraging, enabling you to borrow against them on lending platforms to amplify your returns. The yield continues to accrue to the holder of the gm tokens, ensuring a continuous return as long as you hold the tokens. # Internal Netting in GM Vaults Balancing Asset Delta We've adapted our cornerstone mechanism, **Internal Netting**, for GMX V2 GM Vaults. The core idea of Internal Netting is to **facilitate trades between the vaults**, thereby minimizing trading costs beyond what any individual running this strategy could achieve. For example in the $ETH Backed GM Vaults, the depositors can choose to deposit in two assets: $ETH and $USDC. Within our strategy, however, these assets are intricately linked with a basket of assets in our Risk-Adjusted Index. This basket encompasses pairs such as $ETH-$USDC, $XRP-$USDC, $DOGE-$USDC, and $LTC-$USDC. The goal is pretty straightforward: an ETH Vault wants a full exposure to $ETH only, while a USDC Vault wants a full exposure to $USDC only. Yet, due to market dynamics and the dynamic rebalancing of token allocations in the index based on volatility, these vaults frequently possess a varied mixture of assets from the index. Typically, to hedge this blend of assets and attain the desired exposures for ETH and USDC Vaults, a plethora of manual trades would be necessary. **This is where Internal Netting truly stands out.** Rather than looking externally, these vaults find what they need right within our system by **internally hedging between each other**. This method reduces the need for external trades, which in turn **conserves costs and preserves higher yields.**
Moreover, since both the ETH and USDC Vaults function within the same index, there exists an inherent level of trust. This mutual confidence **eliminates the need for collateral, further enhancing savings and diminishing liquidation risks.** However, there are instances when trading internally might not suffice. In such situations, our GM Vaults resort to external trades via our Trading Router to ensure price alignment. In essence, Internal Netting in GM Vaults not only **ensures desired single-sided exposure** for depositors but also offers a more i**ntelligent and cost-effective hedging strategy**. This results in depositors enjoying higher yields than they would typically achieve through manual hedging. This approach is reflected across our various asset Vaults and is tailored to **optimize operations, minimize expenses, and position our GM Vaults a step ahead of our competitors.** # Composability and Scalability Building Blocks for the Future of DeFi Our GM Vaults are designed with a forward-thinking approach to **composability and scalability**, making them highly adaptable and integrable within the broader DeFi ecosystem. This intrinsic quality allows them to act as dynamic building blocks in various financial applications, facilitating a multitude of investment strategies and collaborations. ## **Composability: A Key to Versatility** In the heart of our GM Vaults' composability is the issuance of a vault receipt tokens to depositors. The vault tokens are not just a proof of deposit; they are a versatile tool that can be utilized in various DeFi protocols, significantly enhancing the utility and potential of our GM Vaults. The ability to use these receipt tokens in other applications opens up a world of possibilities for creating novel financial products and services, thus magnifying the versatility and applicability of our offerings. ### **Scalability: Ready for Growth** Scalability is a core feature of our GM Vaults, ensuring that they can efficiently adapt to increasing demands and complexities. This scalability is crucial for maintaining high performance and reliability, even as we integrate with more protocols and onboard a growing number of users. ### Strategic Partnerships and Integrations Looking ahead, we are actively exploring strategic partnerships and integrations, particularly with entities aligned with the GMX V2 ecosystem. These collaborations are expected to further leverage the composability and scalability of our GM vaults, positioning them as pivotal components in the evolving landscape of DeFi. # Asset Buffer & Withdraws Understand GM Vaults Withdrawal Process **Asset Buffer** \ Umami's GM Vaults are designed to limit the impact of price changes in the non-deposit assets that are part of GMI. The vaults manage Delta by automatically reducing extra exposure through hedging. Regular rebalancing to effectively hedge plays a critical role in this process. Given that rebalancing can be complex and relatively costly, the strategy employs an Asset Buffer to bypass constant rebalancing. \ \ This entails reserving a small portion of the deposited assets, not using them to mint GM tokens but instead setting them aside. Asset Buffer of ETH backed market: [0x0Ca62954b46AfEe430D645dA493C6C783448C4eD](https://arbiscan.io/address/0x0ca62954b46afee430d645da493c6c783448c4ed) Asset Buffer of BTC backed market: [0x1E914730B4Cd343aE14530F0BBF6b350d83B833d](https://arbiscan.io/address/0x1e914730b4cd343ae14530f0bbf6b350d83b833d)\ \ **Withdraws** \ Please note that currently, the vaults do not automatically rebalance when this buffer is used up. So, if you want to withdraw a large amount of assets (more than the buffer amount), you'll have to wait for a rebalance to refill the buffer. We will be implementing a withdrawal queue where users can request their withdraw to be available on the next rebalance to better optimize this experience. \ \ Note: GMX has circuit breakers on their GM markets that prevent withdraws while open interest has exceeded TVL, The Vaults source their yield from the GMI which is an index of GM markets and currently the index works as a single unit, meaning if one pool has tripped a circuit breaker the full Vault is unable to rebalance. This will soon be a non-issue with an upcoming upgrade to the Vaults. \ \ **Alternative Liquidity Options** \ Your deposit will be represented by an ERC-4626 token, enabling composability with various external DeFi protocols. This gives you alternative ways to access liquidity without needing to use the standard withdrawal function on Umami's user interface. For example, you can participate in Uniswap LPs if the community creates one or soon leverage your position through borrowing or looping on money market protocols. # GM Fee Structure ### **Fee Table**
Fee TypeValue
Vault Usage fee (per annum)2%
Approx. Yield Fee (annual equiv)20%
### **Deposit and Withdrawal Fees** Deposit and withdrawal fees are calculated dynamically at the time of transaction execution. These fees are based on the weight of the asset being deposited or withdrawn in the index and the weight of the GM tokens in the index, plus an additional 0.1%. The total fees for both deposits and withdrawals are expected to be **around 0.1% to 0.2%.** The additional 0.1% is allocated to cover position management fees associated with external positions undertaken by the vault. All the fees collected from deposits and withdrawals are fully utilized for the operation of the vault and are not transferred to the treasury. ### Execution Fee A ETH execution fee is required at the time of deposit and withdrawal to cover the keeper gas cost for the position execution and chainlink low latency feed fee. This is approximately to 0.001 ETH. # Security Impeccable security ### Audits Over the past year, we have undergone **three comprehensive audits.** Two of these audits were for our GLP vaults, a product which is now deprecated but had much of its code reused for our new GM Vaults. \ \ In line with our commitment to security, the GM vaults went thorough internal audits, supplemented by external audits with renowned firms like [Guardian](https://guardianaudits.com/), which spent 11 months auditing GMX v2. Our multi-layered security approach includes multi-signature wallets, time-locks for significant protocol changes, and continuous monitoring to preemptively identify and address potential vulnerabilities. {% file src="/files/bsDk2rSBbGrdDZ0PHNOK" %} {% file src="/files/rRQRSJRSnCIQZyjjW1Xa" %} Additionally, in the past year we have added **two senior auditors** to our team who regularly review the code of our current product, and work on the code before the release of any product. **Importantly, we have never experienced any hacks.** ### Chainlink Data Streams Integration
[**Umami has integrated Chainlink Data Streams on the Arbitrum mainnet**](https://www.chainlinkecosystem.com/ecosystem/umami-dao) to enhance the security and precision of our GM Vaults. This integration uses Chainlink’s low-latency oracle solution, providing high-frequency market data that ensures accurate and timely trading operations. **Key Benefits** * **Sub-second Price Resolutions:** Delivering data in sub-second timings for efficient transactions. * **Frontrunning Protection:** Using secure data sources and a commit-and-reveal scheme to prevent price manipulation. * **Proven Infrastructure:** Chainlink has facilitated over $9 trillion in on-chain transaction volume, supporting top DeFi applications with reliable data. **Data Streams Integrated** The integration includes ETH/USD, LTC/USD, DOGE/USD, BTC/USD, ARB/USD, and XRP/USD data streams, chosen for their reliability and premium data delivery. ## Permissioned Vault Functions The Umami vaults are able to provide top tier differentiated yield from typical lending products using a combination of off-chain and on-chain verification logic. The off-chain component is used to run a model that will find the next optimal weights for the strategy, including the next allocations to the GM markets and the external hedges that need to be opened. To achieve the combination of an off and on chain strategy, the Umami Vaults utilize a tiered security approach ensuring that funds cannot be withdrawn without proper authorization and verification. There are 3 unique roles with different permissions; ### **Rebalance Keeper** This role is responsible for rebalancing the vaults periodically to maintain optimal exposure to the market. This is needed to keep the vaults balanced at the correct delta as market conditions change. Parameters are generated off-chain using financial models, this account will then submit the new weights and hedge configuration to the vaults which are validated on chain. This validation is important as it prevents any possible misconfiguration. **This role does not have any control over the funds leaving the vaults** other than that is designed and verified by the strategy. ### **Deposit/Withdrawal Keeper** The role is responsible for signing deposits and withdrawals into the vaults is used as part of our integration with Chainlink Data Streams. The responsibility of this account is to fetch the current Chainlink signed price and submit it at the time of deposit or withdrawal. This is needed to accurately quote the current price of the assets in the vault and ensure the safety of users deposits. This is **identical to the way that GMX quotes orders and liquidity provision on the GMX platform**. This role does **not have any control over the funds leaving the vaults** other than that is designed to facilitate deposits and withdrawals at a users request. It is only responsible for submitting a signed price from chainlink which is then verified on chain. ### **Admin Multi-sig** The Admin Multisig is a 3-of-6 and can execute routine upgrades, maintenance and configuration of the strategy. It can also pause the vaults functionality in emergency situations. It has the ability to do the following; * Grant/Revoke keeper roles from accounts. * Update strategy configuration for the vaults. Including strategy tolerances, swap tolerances, vault fees and strategy weights for GMI. * Pause the vaults in emergency situations. * Upgrade the core logic for the vaults. ### **The Pauser Multisig** The Pauser Multisig is a 1-of-6 multisig that can also pause the vaults functionality in emergency situations, but holds no other powers. # Vault Tokens & Contract Addresses Repository of Contract for Umami's GM Vaults Deposits in Umami's GM Vaults are represented by tokens implemented using the ERC-4626 standard for each respective vault. If the respective Vault generates a profit, PPS (Price Per Share) of your token will increase in relation to the underlying token of your Vault. Each individual Vault is represented by specific tokens. ### Vault Tokens $gmUSDC (ETH Backed) -> [0x959f3807f0Aa7921E18c78B00B2819ba91E52FeF](https://arbiscan.io/token/0x959f3807f0Aa7921E18c78B00B2819ba91E52FeF)\ $gmUSDC (BTC Backed) -> [0x5f851F67D24419982EcD7b7765deFD64fBb50a97](https://arbiscan.io/address/0x5f851F67D24419982EcD7b7765deFD64fBb50a97)\ $gmWETH -> [0x4bCA8D73561aaEee2D3a584b9F4665310de1dD69](https://arbiscan.io/token/0x4bca8d73561aaeee2d3a584b9f4665310de1dd69)\ $gmWBTC -> [0xcd8011AaB161A75058eAb24e0965BAb0b918aF29](https://arbiscan.io/address/0xcd8011aab161a75058eab24e0965bab0b918af29) ### Miscellaneous AggregateVault: 0x0Ca62954b46AfEe430D645dA493C6C783448C4eD\ Emitter: 0x763a5cAFb5d7252642349A64a172f7388173d3e3\ StorageViewer: 0xAF037670ed7B2ca464c61BBfC07365747038250f\ RequestHandler: 0x33a4484d5E1754210bBFBe05d3F51cDD33cC1E91 # Across Bridge Integration Seamless bridging and high-yield deposits with 95% fee rebates
We are excited to announce our integration with Across Bridge and Across+, enabling seamless asset transfers to Arbitrum and direct deposits into Umami Finance GM Vaults. This integration brings numerous benefits, including a substantial 95% fee rebate for users. **What is Across?** [Across](https://across.to/) is an advanced interoperability protocol that facilitates fast and cost-effective cross-chain asset transfers without compromising security. It uses an intents-based architecture where third-party relayers quickly fulfill user requests, making the process seamless and efficient. **What is Across+?** Across+ extends the core bridging capabilities of Across by allowing **users to bridge assets and perform additional actions within a single transaction.** This feature simplifies user onboarding and helps defragment liquidity across chains, making it easier for users to manage their funds. **Benefits of the Integration** * **Direct Deposits from All EVM Chains:** Users can now bridge assets to Arbitrum from multiple chains and deposit them directly into our GM Vaults. * **95% Fee Rebate:** Users will receive a **95% rebate on bridge fees**, thanks to Across's allocation of 1,000,000 ARB tokens from the LTIP campaign. This rebate covers the Across LP fee and the destination chain gas fee. * **Streamlined User Experience:** Across+ bundles bridging and protocol actions into a single transaction, making cross-chain transactions more user-friendly and efficient. **About the LTIP Campaign** Across was awarded 1,000,000 ARB tokens for the LTIP campaign, to be distributed as gas rebates to users bridging to Arbitrum. This includes a 95% rebate on the bridge fee, covering both the Across LP fee and the destination chain gas fee. This rebate program extends to all Across+ transactions, promoting efficient and cost-effective bridging.\ \ The users need to claim their rebate here -> This program will end when the LTIP campaign concludes, so we encourage users to take advantage of this opportunity and maximize their yields with Umami Finance and Across. # Native Contract Addresses Umami's Native Ecosystem Contract Repository ### Treasury You can view the full Bonsai Treasury at our **->** [**DAO Zapper Bundle**](https://zapper.xyz/daos/umami-finance-dao?tab=overview)\ \ Arbi Multisig -> [**0xB0B4bd94D656353a30773Ac883591DDBaBC0c0bA**](https://arbiscan.io/address/0xB0B4bd94D656353a30773Ac883591DDBaBC0c0bA)\ Arbi Governance Multisig -> [**0x8E52cA5A7a9249431F03d60D79DDA5EAB4930178**](https://arbiscan.io/address/0x8E52cA5A7a9249431F03d60D79DDA5EAB4930178)\ Main net Multisig -> [**0x9478D820E8d38Ca96610b7FCbE377822C2F60f2c** ](https://etherscan.io/address/0x9478D820E8d38Ca96610b7FCbE377822C2F60f2c)\ Arbi Deployment -> [**0xb137d135Dc8482B633265c21191F50a4bA26145d**](https://arbiscan.io/address/0xb137d135Dc8482B633265c21191F50a4bA26145d) # Media Kit Standards that communicate how Umami should be represented to the world ### Umami DAO Brand Guidelines in PDF: {% file src="/files/EoyYLuzvpyf5CjV0cG0K" %} Umami DAO logos in PNG (transparent):
# How To Deposit Into GM Vaults Step-By-Step Guide on depositing into Umami's GLP Vaults ## Step 1. Connect your wallet You'll need to connect your crypto wallet to start using the Vaults. -> Head over to and click on **`Connect Wallet`** in the top right of the screen. -> Select your wallet. -> Approve the connection. Connection complete! ## Step 2. Select the asset you wish to deposit
Let's deposit $USDC into a GM USDC Vault. -> Click on **`GM USDC Vault`** card on the list. -> Choose which market you wish to provide liquidity in (ETH backed markets are providing liquidity in 4 different GM pools: XRP, DOGE, LTC, and ETH, while the BTC backed market is providing liquidity in the BTC GM pool). ## Step 3. Deposit your assets -> **`Approve`** the tokens. -> **`Preview`** your deposit. -> Click on **`Deposit.`** That's it. You've succesfully deposited into a GM USDC Vault. ## (Optional) Step 4. Stake your deposit to earn emissions If there are $ARB or any other emissions available, a **Stake All** button will appear above your balance, and you'll have to stake your deposit to earn those. -> Click on **`Stake All`** button.
-> **`Approve`** the tokens. -> Click on **`Stake`**to start earning emissions. -> As soon as you earn some rewards, you can claim them by clicking on **`Claim rewards`**
# How To Bridge ERC-20 Tokens to Arbitrum A Step-by-Step Guide on How to Bridge ERC-20 Tokens from other networks to Arbitrum This brief guide is intended for those who have assets lying idle on other networks and wish to capitalize on the market-leading yields offered in our vaults. \ \ Before you can make a deposit, follow the steps below to bridge your assets to Arbitrum: 1. Visit the official Arbitrum Bridge at: ****
2. Connect your Metamask or any other Web3 Wallet.\
3. Make sure that you are connected to the network you want to transfer from, in our case that's Ethereum Network - Mainnet. 4. Select the token you want to bridge.
5. Enter the desired amount to bridge.
6. Click on the "Move funds to Arbitrum One" button.
7. Your funds will be available on the Arbitrum network in just a few minutes. 8. Once your funds are on Arbitrum, head over to [**https://umami.finance/vaults**](https://umami.finance/vaults) and deposit your tokens into your desired vault. If you require assistance with depositing your funds, refer to **->** [How To Deposit Into GM Vaults](/umami-finance/tutorials/how-to-deposit-into-gm-vaults) # Umami DAO FAQ Protocol, tokenomics and general guidelines
1. **What is Umami DAO?** \ Umami DAO, a Bonsai Brand, is a Decentralized DeFi protocol that is pioneering the adoption of DeFi with its expanding array of best in class Yield products tailored to the average consumer. 2. **What are Umami’s DeFi Yield Products?** \ Umami Launched its primary yield product atop GMX v2 in Q1 2024 and has been running smoothly ever since, producing \~20% APR for depositors, we plan to expand the asset offering atop this platform and potentially introduce new vault products in the future. \ D**eposit here:** [**https://umami.finance/vaults**](https://umami.finance/vaults) 3. **Are Umami’s products available to retail investors?** \ Absolutely! All of Umami’s products can be deposited into permissionlessly on its Web 3 app, . 4. **How do I access Umami’s Web 3 app?** \ Umami is based on Arbitrum, the leading Layer 2 Scaling chain of Ethereum. Users can seamlessly bridge to Arbitrum from various bridges such as Hop or Synapses. Many fiat Crypto onramps, including Coinbase, Cryptocom, and Binance also onramp directly to Arbitrum. 5. **Does Umami have a project token?**\ No Umami's governance token ($UMAMI) was migrated to Bonsai. Umami no longer has a token.\ \ If you have remaining $UMAMI tokens please migrate [here](https://www.bonsaidao.xyz/migrate) 6. **What is $ARBIS?** \ $ARBIS is an old ecosystem token that was deprecated and merged with $UMAMI following a community snapshot. As part of the token merge, $ARBIS holders were given an opportunity to exchange $ARBIS for $UMAMI at a modest premium. The exchange contract is no longer funded. 7. **What is sUMAMI?** \ sUMAMI is the old version of staked $UMAMI. Please unstake your $sUMAMI on the [previous front-end](https://umami-frontend-iota.vercel.app/#/stake). 8. **Is Umami an OHM fork?** \ Not anymore. A predecessor to Umami, called ZeroTwOhm (Z2O), was launched in October 2021. Z2O was a fork of Olympus DAO that utilized its bonding and staking smart contract functions. It continued to utilize OHM tokenomics for around 2 months after it was rebranded as Umami. Z2O/UMAMI “v1” were created by a different team than the one currently running the Umami project. Umami transitioned away from the OHM model completely when its current leadership team took over in February. None of the original Z2O smart contract code is in use. 9. **Is Umami Audited?** \ Yes, Umami's audit was performed by Guardian. \ You can review the Audit below: {% file src="/files/bsDk2rSBbGrdDZ0PHNOK" %} **Additional Links**\ Website: \ Medium: \ Twitter: \ Youtube: # GM Vaults FAQ All About Umami's GM Vaults 1. **How do GM Vaults generate their Yield?** \ Our GM Vaults are built stop GMX v2 isolated perpetual markets, we combine 4 different GM pools into what we call the "GMI" (GM Index) to source their yield from traders fees. GM Vaults utilize Umami's proprietary internal hedging model to hedge out unwanted delta and give users direct exposure to their desired single sided deposit token. 2. **What are the deposit options?**\ wETH, wBTC, USDC. 3. **What is the GMI?**\ The GMI is an index of 4 GM pools that Umami's GM ETH Vault source their yield from;\ *ETH-USDC*\ *DOGE-USDC*\ *XRP-USDC*\ *LTC-USDC*\ \ The advantages of using an index over a single pair is allowing the vaults to have more protection from trader PnL as well as open exposure skew in any one pair through diversification. 4. **Where can I see my yield?**\ When you deposit into our GM Vaults, you receive a recipient token called gmUSDC, gmwETH, gmwBTC, etc. This is a yield-bearing token, which means it increases in value proportionally to the yield generated. You can check your balance of your gm tokens on any chain scanner like arbiscan.io, snowtrace.io,... 5. **What happens when you transfer your gm tokens to a different wallet?** GM Vault gm tokens are fully transferable, and you can transfer your gm tokens between wallets, to friends, etc., as you would with any other token. 6. **What happens to my yield if I transfer the token?** Since the gm tokens are yield-bearing tokens, the yield generated goes to the address holding the gm tokens. This means that when you sell or transfer your gm tokens to an address you do not control, you will no longer earn yield. 7. **How will STIP $ARB incentives be paid out?** \ The vault depositors simply have to stake their vault tokens in the position window and begin earning $ARB. 8. **What are the Vault fees?**\ GM Vaults utilize a 2/20 Structure, 2% AUM over the course of 1 year and 20% of yield generated. is taken as a fee. 9. **How is APR on the front end calculated?** The APR is an estimate based on the fees collected on GMX for the past seven days, extrapolating the current borrowing fee. It excludes: * Price changes of the underlying token(s) * Trader's PnL, which is expected to be neutral in the long term * Funding fees, which are exchanged between traders 10. **Is APR shown on the UI after the fees or before the fees?**\ After fees. 11. **Where can we find the stats on the GM Vaults?**\ Umami hosts a native stats page here: 12. **Are GM Vaults audited?** \ Yes. Umami's GM Vaults have been audited by Gaurdian, and the code of GLP Vaults that has been reused in GM Vaults, has been audited twice by Zokyo. 13. **Are more assets coming?**\ Yes we plan to expand our deposit assets offering to most of the GM pools available on GMX v2. 14. **I just deposited why is my balance lower then my deposit amount?** \ GM Tokens have a small mint fee attached to them along with the possibility of PnL effect, but these are both normally temporary, and your position should increase in value over time. # Vault Tokens & Contract Addresses Repository of Contracts for Umami's Deconstructed GLP Vaults Deposits in Umami's Deconstructed GLP Vaults were represented by tokens implemented using the ERC-4626 standard for each respective vault. Each individual Vault is represented by specific tokens. ### **Liquid Addresses** $glpUSDC -> [**0x727eD4eF04bB2a96Ec77e44C1a91dbB01B605e42**](https://arbiscan.io/address/0x727eD4eF04bB2a96Ec77e44C1a91dbB01B605e42)\ $glpWBTC -> [**0x6a89FaF99587a12E6bB0351F2fA9006c6Cd12257**](https://arbiscan.io/address/0x6a89FaF99587a12E6bB0351F2fA9006c6Cd12257)\ $glpWETH -> [**0xbb84D79159D6bBE1DE148Dc82640CaA677e06126**](https://arbiscan.io/address/0xbb84d79159d6bbe1de148dc82640caa677e06126)\ $glpLINK -> [**0xe0A21a475f8DA0ee7FA5af8C1809D8AC5257607d**](https://arbiscan.io/address/0xe0A21a475f8DA0ee7FA5af8C1809D8AC5257607d)\ $glpUNI -> [**0x37c0705A65948EA5e0Ae1aDd13552BCaD7711A23**](https://arbiscan.io/address/0x37c0705A65948EA5e0Ae1aDd13552BCaD7711A23) ### Boosted Addresses $glpUSDCb -> [**0xdCa4e88C00a8800ebcebaD63aBDBAAaa755557f9**](https://arbiscan.io/address/0xdca4e88c00a8800ebcebad63abdbaaaa755557f9)\ $glpWBTCb -> [**0x83C19EC75d649aeC7c99e2C6663cA055569da7C0**](https://arbiscan.io/address/0x83C19EC75d649aeC7c99e2C6663cA055569da7C0)\ $glpWETHb -> [**0xf2aD33E12A9780f1E42d878A29A3e0756008c838**](https://arbiscan.io/address/0xf2aD33E12A9780f1E42d878A29A3e0756008c838)\ $glpLINKb -> [**0xB0d9e1832BD973aBd8f3b4D710eAd21FcbEfcb7C**](https://arbiscan.io/address/0xB0d9e1832BD973aBd8f3b4D710eAd21FcbEfcb7C)\ $glpUNIb -> [**0xEE57E7E3776e4868976F315E07A883955c9225d5**](https://arbiscan.io/address/0xEE57E7E3776e4868976F315E07A883955c9225d5) ### Associated Contracts Aggregate Vault -> [**0xc69ADAc3d27672C6907aAe429eEE3e69F76f7106**](https://arbiscan.io/address/0xc69ADAc3d27672C6907aAe429eEE3e69F76f7106)
### **Vault Fee Distribution Module**: # How To Withdraw From GLP Vaults Step-By-Step Guide on withdrawing from Umami's GLP Vaults 1. **Accessing the Vault Page:** Upon entering the [Umami site](https://umami.finance/), navigate to the [Vaults page](https://umami.finance/vaults/), and select the vault you wish to withdraw from. This guide, specifically, will walk you through the process of withdrawing from the [**USDC vault**](https://umami.finance/vaults/glpusdc). At the top of the page, you'll find the Deposit and Withdraw tabs. These tabs are your gateway into the Vaults.

You will find different Deposit and Withdraw tabs on the right side of the UI (on desktop)

***Unique Withdrawal Procedures for Liquid and Boosted Vaults*** *For the Liquid vault, instant withdrawal is allowed. In contrast, the Boosted vault offers a higher Annual Percentage Rate (APR) but requires a 'deboosting' period of 14 days before your assets become liquid. If you initiate a withdrawal from the Boosted vault, your assets will automatically 'deboost' and withdraw after this 14-day period.* 2. **Withdrawing from the Vaults:**

Withdrawal process for both vaults

**Withdrawing from the Liquid vault** \ The Liquid vault lets users withdraw their deposits instantly. To do this, navigate to the 'Withdraw' tab, input the amount you want to withdraw, and confirm your transaction. **Withdrawing from the Boosted vault** \ If you've deposited into the Boosted vault, you can choose to withdraw your assets, but there's a 14-day waiting period. After this waiting period, your assets will be automatically transferred to your wallet. Alternatively, you can choose to 'Deboost' your assets. This action will move your tokens to the Liquid Vault after a 14-day period. 4. **Boosting and Deboosting** It's worth noting that Umami allows to 'boost' your assets in the Liquid vault, effectively moving them into the Boosted vault. Conversely, you can 'deboost' your assets in the Boosted vault to move them back to the Liquid vault.

You can boost your liquid assets and deboost your boosted assets any time

5. **Viewing Your Balance** After initiating a withdrawal, any remaining balance can be readily viewed at the top of the page, just above the 'Deposit' and 'Withdraw' tabs. For a more detailed analysis of your assets in the vaults, click on 'Show details'. This will reveal the distribution of your assets, detailing how much is still held in the Liquid Vault, how much is in the Boosted Vault, and the amount currently undergoing deboosting.

Click on Show details to see all balances