It's true that $UMA's price increased upon Uniswap listing, and I agree my earlier phrasing about "giving public participants the same entry point as private investors" could have been more detailed, as it was the *initial* entry point that was the same as the seed valuation.
The mechanism was an attempt to allow the public to set the fair valuation after taking into account the 2 years of work & resources that have been put into building @UMAprotocol since its seeding. It seems to have stabilized around $1.20 per token after > $3M in trading volume.
The other options would have been to cater to centralized exchanges or seek further illiquid and bespoke private market valuations. Tradeoffs are everywhere here, and UMA opted for a novel, low-cost & permissionless price-discovery process.
To expect the *entire* batch of $UMA to sell at the seed valuation from two years ago would have ignored the work and resources that have gone into building UMA protocol since the seed risk-capital was provided. Work and resources provided over time do not come for free.
I'm sorry if this process of price-discovery wasn't clearer, this was my ignorance to not emphasize. There are valid critiques here & we will learn from them. As for $UMA's price, the market will continue to be a weighing machine & I look forward to seeing new markets come online
