A decentralized finance (DeFi) altcoin is surging after asserting plans to launch a next-generation stablecoin.
In a brand new weblog publish, the creators of Kujira (KUJI) say that in response to the Might collapse of Terra and its affiliated stablecoin TerraUSD, they got down to develop USK, a extra sturdy stablecoin.
Kujira, a layer-1 platform which migrated to the Cosmos (ATOM) ecosystem after the Terra collapse, goes on to clarify,
“We got here to understand that the house wanted a brand new grown-up sustainable mannequin to set a brand new basis for DeFi and for decentralized cash, in order that this kind of collapse would by no means occur once more.
USK [is] an over-collateralized Cosmos stablecoin soft-pegged to the US greenback and initially backed by ATOM (with KUJI to comply with quickly after).”
The challenge additionally needs to keep away from counting on the larger centralized stablecoins like USD Coin (USDC) and Tether (USDT), noting that “decentralized cash wants decentralized stablecoins” in an effort to retain challenge sovereignty and keep away from the chance of censorship.
Moreover the brand new USK token, Kujira already affords three distinct DeFi merchandise for retail buyers: ORCA for liquidating capital, the FIN decentralized alternate (DEX), and the BLUE governance protocol. A local crypto pockets can also be presently in growth.
? Our largest ever announcement up to now ??
“KUJIRA $USK STABLECOIN LAUNCH?”https://t.co/LMiBKXTNfm
Please learn the Medium intimately because it’s jam filled with all the data you want. Welcome to the beginning of one thing stunning ??$KUJI
— Kujira (@TeamKujira) August 8, 2022
Kujira has gone on a outstanding run over the previous month, leaping by 327% from a $0.41 low to as excessive as $1.71 on Monday.
KUJI has corrected barely however stays up over 11% on the day with an asking value of $1.63.
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