The Kujira crew says the treasury just isn’t in danger, and proposes the formation of a DAO to handle the treasury and core protocol.
Kurjia’s native token KUJI is plummeting after the inspiration was liquidated on its leveraged liquidity positions.
Kujira’s KUJI token is down 42% on the day, and the chain’s complete worth locked (TVL) is down 22% to $38 million prior to now 48 hours based on DeFiLlama.
The inspiration attributes the liquidations to poor timing, as their leveraged deployments coincided with “exploits, socially engineered attacks and fallouts within the ecosystem” and the speed of promoting made defending their positions “impossible,” based on a assertion it revealed on social media.
Kujira is a decentralized finance (DeFi) and fintech-focused Layer 1 blockchain constructed on the Cosmos software-development equipment (SDK). The chain is semi-permissioned, which means new dApps have to be permitted by governance previous to their launch. Kujira launched in July 2022, and reached an all-time excessive TVL on March 8, 2024.
Transferring ahead, the inspiration proposes to create the Kujira Operational DAO, which is able to take possession of the remaining treasury and core protocols. Additionally they proposed that the neighborhood pool be migrated to the DAO.
The migration course of will use Fuzion’s OTC Bonds product, which might supply the neighborhood vested KUJI at a reduced charge.
