The Kujira group says the treasury is just not 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 muse was liquidated on its leveraged liquidity positions.
Kujira’s KUJI token is down 42% on the day, and the chain’s whole worth locked (TVL) is down 22% to $38 million previously 48 hours based on DeFiLlama.
The inspiration attributes the liquidations to poor timing, as their leveraged deployments coincided with “exploits, socially engineered assaults and fallouts throughout the ecosystem” and the speed of promoting made defending their positions “inconceivable,” based on a assertion it printed on social media.
Kujira is a decentralized finance (DeFi) and fintech-focused Layer 1 blockchain constructed on the Cosmos software-development package (SDK). The chain is semi-permissioned, which means new dApps have to be authorised by governance previous to their launch. Kujira launched in July 2022, and reached an all-time excessive TVL on March 8, 2024.
Shifting ahead, the muse proposes to create the Kujira Operational DAO, which can take possession of the remaining treasury and core protocols. In addition 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 fee.
