After the $UST collapse, most of the Terra projects were abandoned or died trying to reach the same popularity as before on other chains.
That’s not the case for Kujira though, a former Terra project that raised from the ashes, with its token $KUJI surging 100% over the last week.
But what caused the spike in $KUJI price, and how did the Kujira team regain the confidence of investors?
Diving into Kujira
Kujira is a Cosmos Layer 1 platform for community-selected projects that create real value. Before moving to its own Cosmos chain, the project’s first product called Orca was initially deployed on Terra and reached $152M TVL at the all-time high.
Orca was the first public liquidation marketplace where anyone was allowed to bid on the Anchor liquidated collateral. Orca users had only to choose how much and at what premium to bid for specific assets.
As a result of competition between Orca users who chose different bid premiums, most Anchor lenders ended up paying far less for liquidations. Moreover, small investors were also allowed to participate in the liquidation process without the need for highly efficient bots.
Following the launch of Kujira L1, the project team revealed FIN, an order book-style decentralized token exchange. The FIN exchange is Kujira’s first product built on their Cosmos chain; others are expected to launch in the near future.
What’s next for the future of Kujira?
Recently, the project team announced that they are working on deploying Orca on other chains, starting with Karura Network.
They are also planning to add support for margin trading on FIN exchange, along with the launch of a brand new stablecoin called $USK to further thrive the Kujira platform adoption.
$USK will act as an over-collateralized Cosmos stablecoin that is soft-pegged to USD. The stablecoin will initially be backed by $ATOM with $KUJI to follow soon after.
Kujira token ($KUJI)
At the heart of the Kujira Ecosystem sits $KUJI token.
The project joined the #RealYield trend by distributing all the fees generated by the FIN Exchange to the $KUJI stakers as staking rewards. Furthermore, a percentage of the revenue of each protocol that will launch on Kujira chain will be sent to the $KUJI stakers.
While the project is still in the inception phase, the launch of a brand new chain and of a decentralized exchange in just a few months since the Terra collapse shows that Kujira is here to stay and the team is committed to continue building.