Farm Offering

The Farm Offering (Farm ICO) is the fundraising mechanism where farms are offered by the UMBI community to the UMBI community. Farm operators receive capital in ETH or USDC, while contributors receive FarmNFTs that represent their share of rights and income in that farm. This creates a transparent, community-driven process for bootstrapping farm operations.

The Farm ICO process follows these steps:

1. Registration - Farmers submit proposals to the UMBI Foundation and community, including details such as farm location, operator background, revenue projections, and compliance documents.
2. Selecting & Voting - The community discusses proposals, and UMBI token holders vote on which farms should be offered.
3. Agreement with Foundation - Approved farms establish a legal and operational framework with the UMBI Foundation, ensuring accountability and KYC compliance.
4. Create Offering On-Chain - The Foundation multisig admin interacts with the FarmICO contract to create a new offering. Users can then participate through the UMBI Interface website, which provides a simple Web3 front-end.
5. Funding Farms - Contributors provide ETH/USDC in exchange for FarmNFTs. If the fundraising target is not met, contributors can claim back their funds directly through the interface.
6. Oversee - Once funded, both the community and the Foundation monitor the farm’s performance. Farmers deposit profits into the protocol, and users can interact directly with the ProfitDistributor contract (via the UMBI Interface) to claim their rewards/income.
7. Concession Ends - When the farm’s operational concession ends (e.g., after 10 years) or if operations are terminated early, FarmNFTs can be redeemed (burned) in exchange for the escrowed compensation,

This process ensures that fundraising decisions remain decentralized and transparent: farms are selected by the community, offerings are created through Foundation multisig for security, and rewards are distributed directly through smart contracts without intermediary control.