- The Kujira team suggests creating a DAO to oversee the treasury and core protocol, claiming that the treasury is not in danger.
Kurjia’s native token, KUJI, is falling sharply as a result of the foundation’s leveraged liquidity position liquidation.
According to DeFiLlama, Kujira’s KUJI coin is down 42% for the day, while the chain’s total value locked (TVL) has decreased 22% to $38 million during the last 48 hours.
According to a statement the foundation posted on social media, it blames the liquidations on bad timing because their leveraged deployments coincided with exploits, socially engineered attacks, and fallouts inside the ecosystem. Additionally, the velocity at which they were selling made it hard for them to protect their positions.
Based on the Cosmos software development kit (SDK), Kujira is a Layer 1 blockchain with an emphasis on fintech and decentralized finance (DeFi). Since the chain is semi-permissioned, new dApps cannot launch without governance’s approval. Beginning in July 2022, Kujira achieved its highest TVL on March 8, 2024.
The foundation’s future plan is to establish the Kujira Operational DAO, which will be in charge of maintaining the core protocols and remaining treasury. Additionally, they suggested moving the communal pool over to the DAO.
Fuzion’s OTC Bonds product, which would provide community-vested KUJI at a discounted pricing, will be used in the migration process.
Disclaimer : This article was created for informational purposes only and should not be taken as investment advice. An asset’s past performance does not predict its future returns. Before making an investment, please conduct your own research, as digital assets like cryptocurrencies are highly risky and volatile financial instruments.
