LUNC News: Terra Luna Classic community has approved a key proposal to update the IBC client between Terra Classic and Kujira (from 07-tendermint-178 to 07-tendermint-246), allowing the connection between the two chains to work again. This will open up liquidity while free up frozen funds, improving the Terra Classic revival effort.
Terra Classic Proposal To Restore IBC to Kujira Approved Proposal 12099 “Restore IBC to Kujira” is approved by the Terra Luna Classic community, with the proposal receiving unanimous support. The RakoffToken team proposed to re-enable IBC client 07-tendermint-178 connection between Terra Classic and Kujira.
The IBC client 07-tendermint-178 will be upgraded to IBC client 07-tendermint-246 to restore the connection between the chains and free up frozen funds.
The proposal has received 99.99% of the votes in favor from the community, indicating the unanimous support from the community in restoring the lost connection between chains through inter-blockchain communication (IBC). Validators also showed unwavering support with 36 validators including Allnodes, Interstellar Lounge, HappyCattyCrypto, Luna Station 88.
Meanwhile, the community actively looks for a complete solution to resolve risks of peer-to-peer storm attacks. Genuine Labs’ proposal to decrease MaxBlockSize from 5mb to 2mb as an initial security measure to counter peer-to-peer spam.
Read More: Terra Luna Classic Block Size Proposal Officially Passed, LUNC Price Soars 10% USTC 20%
LUNC and USTC Prices Performance LUNC price jumped 1% in the last 24 hours and 6% in a week, with the price currently trading at $0.0001112. The 24-hour high and low are $0.0001063 and $0.0001121, respectively. Moreover, trading volume decreased slightly in the last 24 hours, indicating a rise in interest among traders. The community remains confident on LUNC price hitting $1.
Meanwhile, USTC price is also up 1% after it climbed 20% higher last week, with the price currently trading at $0.0200. The 24-hour low and high are $0.01918 and $0.02036, respectively.
Also Read: Ripple v SEC News: Lawyers Reveal Appeal, Settlement, Fine Aspects in XRP Lawsuit
LUNC News: Terra Luna Classic community has unanimously approved a key proposal to update the interblochain communication (IBC) client between Terra Classic and Kujira (from 07-tendermint-178 to 07-tendermint-246), allowing the connection between the two chains to work again. This improves Terra Classic revival effort by increasing liquidity and freeing frozen funds.
Terra Classic Community Approves Proposal for Liquidity Proposal 12099 “Restore IBC to Kujira” has surpassed pass threshold and received overwhelming support from the Terra Luna Classic community. The RakoffToken team proposed to re-enable IBC client 07-tendermint-178 connection between Terra Classic and Kujira.
The proposal has received 99.99% of the votes in favor from the community, indicating the unanimous support from the community in restoring the lost connection between chains through inter-blockchain communication (IBC). Validators also showed unwavering support with all 57 participants including Allnodes, Interstellar Lounge, HappyCattyCrypto, Luna Station 88 voted “Yes”.
As reported by CoinGape, the IBC client 07-tendermint-178 will be upgraded to IBC client 07-tendermint-246 to restore the connection between the blockchains and free up frozen funds.
Meanwhile, the community has also approved multiple proposal Genuine Labs’ proposal to decrease MaxBlockSize from 5mb to 2mb as an initial security measure to counter peer-to-peer spam, increasing minimum commission for validators to 2.5%, and changing the reward share distribution of the burn tax.
Also Read: Terra Luna Classic Community Revises LUNC Burn Tax
LUNC Price Jumps 5% LUNC price jumped 5% in the last 24 hours, with the price currently trading at $0.0001076. The 24-hour high and low are $0.0001039 and $0.0001145, respectively. Moreover, trading volume increased by 80% in the last 24 hours, indicating a rise in interest among traders. The community remains confident on LUNC price hitting $1.
Terra Luna Classic (LUNC) futures open interest has climbed by over 10% across exchanges in the last 24 hours, Coinglass. Whereas, 1000LUNC futures OI has jumped 16% on Binance and Bybit in the past 24 hours as Terraform Labs (TFL) announced to restrict access to some Terra products and features from users in the US.
Meanwhile, USTC price also jumped over 2%, with the price changing hands at $0.01892. The price climbed 20% higher last week. The 24-hour low and high are $0.01857 and $0.01957, respectively.
Also Read:
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Key developments within the Terra Classic community are shifting LUNC price prediction positively. After two weeks of market doldrums, the token woke up strongly midweek to trade at $0.0001089 on Thursday. Other altcoins have also been moving in tandem with Bitcoin. The largest cryptocurrency is back above $66,000 and looks to close the gap to $70,000 in May.
Developments like the Inter-Blockchain Communication (IBC) client will ensure interoperability between the Terra Class network and Kujira. Based on the prevailing technical structure, the LUNC price prediction affirms a potentially massive bullish outcome in the next few weeks and months.
Terra Classic Community Developments Could Pave The Way for LUNC Bull Rumor this week is that Coinbase is considering reinstating support for LUNC. As reported in the Terra Classic price analysis, the push for such a move may be motivated by a spike in staking, not to mention the increase in market activity.
Coinbase relisting Terra Classic could build FOMO for the token and accelerate the move above $0.001. LUNC price prediction shows the token hovering at $0.0001022 on Wednesday.
Despite the spike in community, Terra Classic has mirrored the general sluggishness of cryptocurrency assets where major movements are scarce. A 1% loss in the last 24 hours in conjunction with a 10% decline in the trading volume to $20.4 million, underpins decreasing investor interest.
Terra Classic also posted a 3% drop in the market cap to $592 million. The token ranks #111 among other cryptos according to CoinMarketCap data.
Developers recently announced a major upgrade for the LUNC token, expected to ignite a bullish momentum toward the coveted target of $0.001.
Moreover, a vote on overhauling the LUNC burn tax was also passed. The idea is to ensure that the burn tax is optimized via the Oracle Pool and in the end enhance network efficiency.
LUNC Price Prediction: Fighting For A Breakout Terra Classic price has fiercely defended support at $0.0001 as shown on the daily chart. A recovery from this level is gaining strength, with LUNC expected to breach resistance at $0.0001060, highlighted by the 20-day Exponential Moving Average (EMA) (the blue line overlaying the chart).
LUNC price prediction chart | Tradingview The Relative Strength Index (RSI) position at 45 and its potential for recovery above the midline, reinforces the growing bullish grip. Should the RSI breach the descending trendline resistance, it could ignite a fire in LUNC paving the way for gains beyond $0.001.
A death cross pattern formed when the 50-day EMA (the red line overlaying the chart) recently flipped below the 200-day EMA (the purple line on the chart), emphasizing that sellers have a say and cannot be ignored, especially with the crypto market still unsure of the direction to take.
Therefore, traders should be ready to DCA if LUNC dips to or below $0.0001 support keeping in mind the double bottom support around $0.00008.
On the upside, a break above the dotted trending might catapult LUNC 66% higher, marking the validation of the double-bottom pattern.
Kujira token’s price has dropped by over 47% below $0.5. The team is currently facing massive liquidation events on some leveraged LP positions. In a Telegram post, the Kujira team said their positions were being attacked. Cosmos crypto project Kujira is facing a massive liquidation event that has seen its token KUJI tank by over 47% since early Thursday. The team claims their leveraged positions were attacked.
Kujira Foundation is said to have four leveraged LP positions – KUJI/USDC, KUJI/ATOM, KUJI/USK, and USDC/USK – on its Ops wallet. These positions are now being liquidated as prices drop further. The liquidations have led to the wallet balance dropping to $8.7 million from over $12.4 million earlier today.
Kujira still has $5 million debt pending liquidation In a Telegram post, the Kujira team said people are targeting their positions.
“As a team we thought the best use of a portion of ops funds would be to leverage and deploy across the ecosystem in order to bootstrap liquidity and activity,” the post said. “Sadly this coincided with various attacks. People targetted the team positions, and it’s been a constant fight since these positions were created.”
With over $3 million in KUJI feared to have been liquidated already, another $5 million still remains in outstanding debt pending liquidation, according to the analysis posted by Rarma on X.
KUJI’s price has dropped by 47.9% to $0.4818 from today’s opening price of $0.9251. At the current price, KUJI is down over 91% from its all-time high. A day earlier, Kujira’s stablecoin USK also briefly got de-pegged, dropping to $0.94.
Kujira insists this is not a Terra situation The situation has had some people in the crypto space say Kujira project is a “slow rug” and others have dubbed it the next Terra, especially since both projects are based on Cosmos blockchain. However, the Kujira team refuted the speculation, saying “This isn’t a Terra type situation.”
“It’s a contained amount of debt, that will be dealt with one way or another. It is hurting KUJI price which we realise, but can only ‘spiral’ so much,” Kujira said.
It’s worth mentioning that Kujira started off on the Terra Classic blockchain before moving to its layer-one network on Cosmos after Terra imploded.
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Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.
Ibiam Wayas
Ibiam Wayas has covered the crypto news beat since 2019. He studied Computer Science at National Open University of Nigeria. His work has appeared on various crypto news platforms, including Coinfomania, Crypto News Australia, and AltcoinBuzz. Drawing on his background in Computer Science, he now focuses on crypto, robotics, and longevity news.
The price of Kujira token (KUJI) has dropped by 42.68% in 24 hours, standing at $0.5451. The Kujira Foundation is facing a liquidation crisis with $5 million outstanding debt. The team insists that the situation is not comparable to the collapse of Terra, despite speculation. Kujira, a project based on the Cosmos blockchain, is going through a significant crisis that has led to a 42.68% drop in the price of its KUJI token, which now stands at $0.5451.
This collapse has been caused by a series of massive liquidations that have deeply impacted the stability of the project.
The Kujira Foundation currently has several leveraged positions in its Ops wallet, including cryptocurrency pairs such as KUJI/USDC, KUJI/ATOM, KUJI/USK, and USDC/USK.
These positions are being liquidated due to falling prices, which has reduced the wallet balance from $12.4 million to $8.7 million in a short period.
Additionally, it is estimated that more than $3 million in KUJI has already been liquidated, while the outstanding debt amounts to $5 million.
Kujira (KUJI) token has seen a 42.25% drop over the past 24 hours, trading at $0.5485 according to CoinMarketCap.
This drastic decline in value is the result of a series of mass liquidation events that have severely affected the stability of the project.
The drop in price reflects the current difficulties facing the Kujira Foundation, with a liquidation crisis in its leveraged positions having intensified market volatility.
The team has communicated that its positions are under attack and has attempted to manage the impact of these liquidations.
In a recent message, they explained that the decision to leverage and deploy funds to stimulate liquidity and activity in the ecosystem coincided with targeted attacks on their positions.
Although these attacks have exacerbated the situation, the team says they are not seeking sympathy, but are trying to explain the events that have led to the current crisis.
Situation Management and Kujira Team Response The Kujira team has addressed the situation by acknowledging responsibility for the impact on KUJI’s price and apologizing to the community.
They say they are working on different strategies to manage the debt and that a detailed plan will be communicated shortly.
Despite speculation that this crisis could be comparable to the collapse of Terra, the team emphasizes that the debt is contained and manageable.
According to them, although the situation is affecting the price of the token, this drop cannot continue indefinitely.
The team has also stated that they are re-evaluating their roles and strategies to ensure the community is best served.
They recognize that trust has been damaged and are committed to restoring it and focusing on what is best for everyone involved.
Although Kujira faces significant challenges, the team believes the technology and potential of the project remain strong.
The current situation is considered a critical point for the evaluation and continuous improvement of the project, always seeking the well-being and stability of the community.
The Kujira team says the treasury is not at risk, and proposes the formation of a DAO to manage the treasury and core protocol.
Kurjia’s native token KUJI is plummeting after the foundation was liquidated on its leveraged liquidity positions.
Kujira’s KUJI token is down 42% on the day, and the chain's total value locked (TVL) is down 22% to $38 million in the past 48 hours according to DeFiLlama.
KUJI Price - CoinGeckoThe foundation attributes the liquidations to poor timing, as their leveraged deployments coincided with “exploits, socially engineered attacks and fallouts within the ecosystem” and the rate of selling made defending their positions “impossible,” according to a statement it published on social media.
Kujira is a decentralized finance (DeFi) and fintech-focused Layer 1 blockchain built on the Cosmos software-development kit (SDK). The chain is semi-permissioned, meaning new dApps must be approved by governance prior to their launch. Kujira launched in July 2022, and reached an all-time high TVL on March 8, 2024.
Moving forward, the foundation proposes to create the Kujira Operational DAO, which will take ownership of the remaining treasury and core protocols. They also proposed that the community pool be migrated to the DAO.
The migration process will use Fuzion’s OTC Bonds product, which would offer the community vested KUJI at a discounted rate.
Kujira is looking for a potential bailout amid a series of losses and bad debts. The team confirmed they have engaged with AADAO and other foundations in the Cosmos ecosystem. KUJI’s price dropped further to $0.39. After seeing its token KUJI crash by more than 50% on Thursday due to overleveraged positions, the Kujira team is now in talks for a bailout to salvage the project.
In a Telegram post on Friday, the team confirmed they were in talks with Atom Accelerator DAO (AADAO) and other foundations for a solution. AADAO is a community-oriented fund for projects building under the Cosmos (ATOM) ecosystem.
“We had a really good call with AADAO and it’s looking like there’s a good solution,” the team wrote. “We’ve had incredible support from various cosmos teams and foundations and it looks like a bright future is ahead.”
KUJI’s problems started with the liquidation of its leveraged positions The trouble for Kujira escalated yesterday as the team’s overleveraged positions on KUJI got liquidated on the claim that “people targeted the team positions.” The cascade of liquidations that ensued led to KUJI price tanking by over 50% below $0.5 as of August 1.
At the time of writing, the price of KUJI’s stablecoin, USK has yet to make a full recovery. The stablecoin USK fell to as low as $0.87 before also recovering to $0.91. KUJI fell by another 22% to $0.39 on Coingecko. It had dropped to $0.258 early in the day before slightly recovering to the current price.
USK stablecoin price chart, Coingecko. Kujira needs a bailout Kujira needs as much bailout as it can receive, as the situation seems more dire than the project has been willing to let on. USDC lenders on Kujira are currently stuck with their holdings on the protocol.
Oh shit! $KUJI$USDC pic.twitter.com/eBIGQvExvY
— Liquid E.T. (@natlozart) August 2, 2024 Kujira’s USDC treasury has been depleted to the extent that the liquidation engine does not have enough to repay lenders. Currently, there are still millions that need to be repaid. Although the USDC deposit rate has gone up to over 290% APR, it appears too risky for potential investors. Many of them are cautious there is a slim chance they will be able to regain their asset if they lend their USDC.
If Kujira secures a bailout large enough to cover the USDC borrowed from its treasury, it could help clear the backlog of pending USDC withdrawals by lenders. It could also mark the beginning of a resolution, starting with lowering the utilization and APR rates. This will allow for the loans to be settled without the liquidation bids kicking, which will, in turn, save prices from dipping further.
Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.
Ibiam Wayas
Ibiam Wayas has covered the crypto news beat since 2019. He studied Computer Science at National Open University of Nigeria. His work has appeared on various crypto news platforms, including Coinfomania, Crypto News Australia, and AltcoinBuzz. Drawing on his background in Computer Science, he now focuses on crypto, robotics, and longevity news.
Updated Aug 2, 2024, 11:55 a.m. Published Aug 2, 2024, 11:52 a.m.
2 min read
(Unsplash)Lack of risk management in financial bets by the Kujira Foundation led to a 55% drop in KUJI token prices within 24 hours.Liquidations of leveraged positions by Kujira's operational wallet resulted in significant losses and further price declines.Kujira plans to establish a DAO to manage its treasury and core protocols, aiming to reduce debt and increase transparency.The team behind Kujira, a decentralized finance (DeFi)-focused blockchain, put up leveraged liquidity positions that backfired, wiping 55% off the value of the network's KUJI tokens in 24 hours.
Wallets belonging to the Kujira Foundation, which builds and contributes to running Cosmos-based Kujira, started to see their KUJI holdings automatically liquidated on Thursday as some of their leveraged positions on the protocol became bad debt to the tune of millions of dollars.
Another day... sadly, another Cosmos event.
This time, it looks like the Kujira Foundation Ops wallet is being liquidated on their leveraged LP positions.
Dropping the price from 86c to 60c, so far.
You can see the balance of the ops wallet (it doesn't show Leveraged LP… pic.twitter.com/yMquKOMdai
— Rarma (@Rarma_) August 1, 2024 The liquidations occurred as loans taken by Kujira from their publicly allocated KUJI tokens became undercollateralized during a period of general market volatility. The liquidations sent KUJI lower, leading to more liquidations, even lower prices and a downward spiral.
Liquidations are the automatic closure of a trader’s leveraged position due to a partial or total loss of their initial margin. They can be stopped in time if a trader tops up funds to keep their position open.
In a Telegram broadcast message on Thursday, a Kujira team member said the leverage positions were taken out in the hope they would drive value across the network’s set of applications.
“As a team, we thought the best use of a portion of ops funds would be to leverage and deploy across the ecosystem to bootstrap liquidity and activity,” a @team_kujira member wrote on Telegram. "We genuinely felt like this was the correct course of action.”
“Sadly this coincided with various attacks. Not trying to feel sorry for ourselves but just explaining the sequence of events. People targetted the team positions, and it’s been a constant fight since these positions were created,” they wrote.
Kujira had more than $124 million worth of funds locked at its March 2024 peak. The value was down to $50 million earlier this week and $35 million on Friday morning following the KUJI token liquidations.
In a Friday post on X, the team said it would create a decentralized autonomous organization (DAO) – an organization managed in whole or in part using a blockchain-based voting system – to take ownership of the Kujira Treasury and core protocols “with an initial mandate to safely reduce debt.” It said there was 14 million KUJI, worth $5.5 million at current prices, in the treasury.
“This DAO will also assume control of the configuration of the core Kujira Protocols,” the team wrote. “Combined with upcoming admin dashboards, this will create transparency over how these protocols run, and allow the community to propose changes that will be voted on by members of the DAO.”
GM all. We’d like to address the current events.
As a team we thought the best use of a portion of ops funds would be to leverage and deploy across the ecosystem in order to bootstrap liquidity and activity. We genuinely felt like this was the correct course of action at the… pic.twitter.com/qBw9w6y94b
The plan involves several critical steps designed to stabilize the platform and position it for future growth. First, the recovery plan focuses on repaying the operational debt through two distinct PILOT sales. The first sale is targeted at clearing the $USDC debt, while the second will address the $USK debt. This dual approach will not only resolve the existing liabilities. Also, it helps in converting the BOW leverage liquidity positions into protocol-owned liquidity, enhancing the platform’s financial stability.
Steps to Resolve Debt and Improve Stability Another significant aspect of this recovery strategy is the opportunity it provides for community members. The PILOT sales will accept bids in both $USDC or $xUSDC for the first sale, and $USK or $xUSK for the second sale. This setup allows participants with funds locked in the GHOST lend vaults to use their xAssets to bid, making the process more inclusive and providing broader engagement opportunities.
Source: X Bidders will be vying for $rKUJI (recovery KUJI) tokens through the PILOT sales. These $rKUJI tokens will be redeemable 1:1 for $KUJI once the necessary balance is freed from collateral and undelegated. This mechanism is designed to ensure that participants who contribute to the recovery effort are compensated with tokens that will have future value as the platform stabilizes.
Details regarding the specific terms of the PILOT sales, including the cliff, vesting schedules, base price, and maximum discount, are still being finalized. The Kujira team has committed to providing further information on these aspects and the overall timing of the recovery process shortly. Here are more info about the recovery plan:
Source: X Additionally, the recovery plan includes significant structural changes within Kujira. These changes will necessitate further discussions and votes from the community. To manage the treasury and ensure transparency, a trusted committee—separate from the founding team—will be established. This committee will likely employ DA0 DA0 tooling for multisig wallets and other essential features to enhance governance and security.
Disclaimer The information discussed by Altcoin Buzz is not financial advice. This is for educational, entertainment, and informational purposes only. Any information or strategies are thoughts and opinions relevant to the accepted levels of risk tolerance of the writer/reviewers and their risk tolerance may be different than yours. We are not responsible for any losses that you may incur as a result of any investments directly or indirectly related to the information provided. Bitcoin and other cryptocurrencies are high-risk investments so please do your due diligence. Copyright Altcoin Buzz Pte Ltd.
Kujira and THORChain Unite to Enhance DeFi Capabilities and Liquidity This partnership is expected to accelerate Kujira’s growth and solidify its position in the DeFi sector. A key component of this partnership is an underwritten token raise designed to clear existing debt. It also aims to align the economic interests of both the Kujira and THORChain communities.
This token raise is unique in that it is open to the community, ensuring broad participation and support. Importantly, this initiative is accompanied by operational changes aimed at preventing similar financial challenges in the future. These changes will strengthen the overall resilience of the Kujira platform.
Source: X JPTHOR, the founder of THORChain, has committed to backstop the token raise with $3 million. This set a minimum threshold for the funds raised via the PILOT platform. This commitment ensures that depositors in affected vaults can withdraw their funds after the conclusion of the sale.
It offers a significant layer of security and confidence to all participants. This move signals the partnership’s potential and the commitment of both parties to its success.
The upcoming token sale is expected to be a pivotal moment for Kujira. It will go live shortly after a community vote ratifies the outlined details. The sale will run for three days and will feature two concurrent auctions—one aimed at repaying the $USDC debt, and the other at repaying the $USK debt.
Source: X Participants will have the flexibility to bid with both $USDC and $USK, as well as their respective wrapped tokens, $xUSDC and $xUSK. This inclusive approach allows current depositors to participate fully, ensuring that the entire community has a stake in the future of Kujira.
Disclaimer The information discussed by Altcoin Buzz is not financial advice. This is for educational, entertainment, and informational purposes only. Any information or strategies are thoughts and opinions relevant to the accepted levels of risk tolerance of the writer/reviewers and their risk tolerance may be different than yours. We are not responsible for any losses that you may incur as a result of any investments directly or indirectly related to the information provided. Bitcoin and other cryptocurrencies are high-risk investments so please do your due diligence. Copyright Altcoin Buzz Pte Ltd.
Decentralized cross-chain liquidity protocol THORChain experienced a price surge of 14% on Aug. 14 morning, making it one of the leading gainers in the crypto market.
With a one-day trading volume above $272 million, THORChain (RUNE) gained nearly 13.6% and exchanged hands around $3.70 at the time of writing. RUNE allows crypto users to exchange digital tokens across several blockchains, including Bitcoin.
RUNE 24-hour price chart — Aug. 14 | Source: crypto.news This recent uplift in THORChain‘s market performance is partly due to its new partnership with Kujira, which aims to enhance the liquidity within Kujira’s suite of decentralized finance applications. This collaboration seeks to bolster growth and stability for both platforms.
A distinctive feature of their partnership is the community-driven token raise, which contrasts with traditional fundraising methods by allowing wider community involvement. The initiative is designed to manage existing financial obligations and synchronize the economic interests of both the Kujira and THORChain communities, fostering a stronger interconnection and resilience within their ecosystems.
Additionally, the partnership encompasses strategic and operational adjustments to mitigate similar financial issues in the future.
THORChain has also formed alliances with SwapKit and Noble to integrate stablecoins into the THORChain AppLayer. Noble will facilitate this integration by providing native USDC issuance, enhancing the user experience by simplifying deposits into the AppLayer with single-click functionality.
These collaborative efforts are indicative of a larger trend in the defi space, where platforms are joining forces to improve liquidity, user engagement, and overall financial stability.
Additionally, Bitcoin’s (BTC) recent surge past the $61,000 mark on Aug. 13 likely played a significant role in THORChain’s upturn. BTC, the largest cryptocurrency, rose by over 3%, with trading volumes around $29.2 billion.
BTC’s market cap also increased by 3.14% to $930 billion as of press time. This surge in Bitcoin’s metrics came a day after spot BTC exchange-traded funds experienced net positive flows, which were more than five times greater than those of spot Ethereum ETFs.
Meanwhile, the global crypto market cap also saw a 2.3% increase in the last 24 hours, standing at $2.14 trillion at the time of writing.
THORChain’s RUNE price experienced a 13% rally, catapulting it to the forefront of the market’s gainers. This surge was not merely the result of market whims but rather a strategic play intertwined with Bitcoin’s bullish momentum and a pivotal partnership with Kujira.
Key to the rise is THORChain’s fresh collaboration with Kujira, which improves liquidity and community interaction.
The Kujira collaboration is noteworthy for its community-driven approach to fundraising. Unlike traditional methods, this project empowers the broader community to participate actively, ensuring a more inclusive financial model.
This approach aims to address existing financial challenges and promote stability within both ecosystems, fostering a more resilient DeFi environment.
Partnerships and Integrations Bolster THORChain Price In addition to the Kujira partnership, THORChain has been busy expanding its network through alliances with SwapKit and Noble. These partnerships are crucial for integrating stablecoins into THORChain’s AppLayer, enhancing the platform’s usability and liquidity.
Noble’s role in providing native USDC issuance is particularly key, streamlining the deposit process with single-click functionality and further integrating stablecoins into the THORChain ecosystem.
The partnerships between THORChain, SwapKit, and Noble illustrate a growing DeFi trend where platforms collaborate to boost liquidity, improve user experience, and strengthen financial stability. By tackling current issues and adding new features, these alliances could significantly benefit the RUNE ecosystem’s long-term success.
These strategic moves are indicative of a larger trend within the DeFi space, where collaboration is key to improving liquidity, user engagement, and financial stability. By integrating stablecoin support, THORChain is positioning itself as a more versatile and user-friendly platform in the competitive DeFi landscape.
Bitcoin’s Impact on the Broader Market The current price explosion by THORChain also corresponds with an evident rise in the value of Bitcoin. Bitcoin exceeded the $61,000 barrier on August 13, which set off a strong knock-on effect throughout the crypto market
A surge in trading volumes, reaching approximately $29.2 billion, accompanied Bitcoin’s rise of over 3%. The increase in Bitcoin’s market cap, which grew by 3.14% to $930 billion, has undoubtedly played a role in the bullish sentiment surrounding THORChain and the general market.
The broader crypto market also saw an uplift, with the global market cap increasing by 0.39% to $2.09 trillion.
This narrative of surges, alliances, and data-driven innovations points towards a future where decentralized finance takes center stage, showcasing the power of strategic collaborations and visionary movements in the ever-evolving world of cryptocurrencies.
Disclaimer
The contents of this page are intended for general informational purposes and do not constitute financial, investment, or any other form of advice. Investing in or trading crypto assets carries the risk of financial loss. The forecasted data (also called “price prediction”) on this page are subject to change without notice and are not guaranteed to be accurate.
Varuni Trivedi
Varuni has been in the web3 space for half a decade, witnessing the changing dynamics of DLT, Blockchain and Web3. With 8 years of journalistic expertise, she has a keen interest in emerging technology and their impact on society. She has published news and on-chain analysis articles on Nasdaq as well as some of the top web3, crypto news firms. Currently, she heads The Coin Republic as the Editor-In-Chief.
In This Article THORChain Founder Claims That Rujira Could Rival SolanaThe RUJIRA Alliance Has Been Born Out Of Necessity After The Kujira Team Mishandled Its Treasury Decentralized finance (DeFi) network Kujira and three major ecosystem projects have announced plans to merge into a single entity called the “Rujira Alliance.” The alliance aims to build a new application layer for the cross-chain liquidity protocol THORChain.
The alliance will see Kujira merge with three of its “key ecosystem” partners: Fusion (FUZN), Unstake (NTSK), and Wink (WINK). The four teams will work together to develop the new app layer on THORChain, which will be powered by a new token called RUJI.
THORChain Founder Claims That Rujira Could Rival Solana I'm super excited to have the opportunity to build alongside @TeamKujira ecosystem and ship a flagship COSM-WASM chain with massive liquidity.
– well funded
– well organised
– well supported
– single brand and identity
– cohesive ecosystem
What is on offer here is not "another…
— JP.THOR | ACEL (@jpthor) September 9, 2024
The merge will not affect the functionality of Kujira’s existing KUJI token or the project’s native blockchain network. The Kujira and THOR teams have stressed that merging into RUJI will be voluntary.
John-Paul Thorbjornsen aka ‘JP THOR’, is the founder of THORChain and has been speaking on the alliance. In a post on his X account, JP said that Rujira can rival Solana.
“What is on offer here is not “another little project” – it is an L1 DeFi behemoth that can rival Solana – simply because it has worked out: security, decentralization, liquidity, governance, and no MEV. Bringing back Terra 2020 app-chain vibes LFG!!!” Thorbjornsen said.
In an interview with Cointelegraph, JP said that the new project would feature a “combined treasury” and that he would be the project lead for the foreseeable future, allowing the Kujira team to focus solely on building out the Rujira app layer.
He went on to say that the new app layer will feature a product for each major DeFi vertical, including order books, perps, a token launchpad, non-fungible tokens (NFTs), lending, and money markets, which is “fully plumbed to eight chains already.”
Brand new fully onchain orderbook DEX is launching
$200m+ in starting seed liquidity, including $42m+ $BTC
Complete full featured DeFi ecosystem right out of the gate
Native crypto deposits, revenue paid out to stakers
The RUJIRA Alliance Has Been Born Out Of Necessity After The Kujira Team Mishandled Its Treasury This new alliance is necessary for the Kujira network. It was announced last month (August 1) that its founding team was facing a series of liquidity issues stemming from “exploits, socially engineered attacks, and fallouts within the ecosystem.”
The team started a KUJI sale to pay for the bad debt, with the token available at a discounted price. JP participated in the sale and bought between $2-3 million worth of KUJI on a pre-agreed condition that Kujira would migrate to THORChains new applayer.
GM all. We’d like to address the current events.
As a team we thought the best use of a portion of ops funds would be to leverage and deploy across the ecosystem in order to bootstrap liquidity and activity. We genuinely felt like this was the correct course of action at the… pic.twitter.com/qBw9w6y94b
— Rujira (@RujiraNetwork) August 1, 2024
At the time of the August 2 announcement, the KUJI token tanked around 70% in less than 24 hours. It is currently trading for $0.38, down 13.4% in the past 24 hours. KUJI has fallen over 93% from its all-time high of $5.56 on December 13, 2023.
On the other hand, following the announcement, THORChain’s native RUNE token has been up 7% in the last 24 hours. It is currently trading at around $3.92. All token data is from Coingecko.
(COINGECKO)
Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
#DeFi
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Alex Ioannou
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The Kujira team has announced a new merger with fellow DeFi ecosystems called the Rujira alliance. The alliance also plans to merge the respective ecosystems’ tokens into one $RUJI token. DeFi projects have become quite huge in number in the past few months. Partnerships between different web3 ecosystems are a cornerstone of DeFi advancements. Recently, the DeFi project Kujira has announced a partnership with three other ecosystems to build the layer 2 THORChain app.
Notably, the ThorChain is utilized by Kujira as a Layer 2 shifting from its initial L1 due to several issues. The recent alliance aims to build a THORChain app according to the Wink Hub’s official announcement. Additionally, the partnership includes Wink, Unstake, and Fuzion, the other DeFi ecosystem projects of Kujira in the Rujira alliance.
Furthermore, the Rujira alliance also aims to launch a new token called the RUJI that will be issued on the THORChain. Kujira team’s detailed article also stated the partnership will include web3 protocol Levana in the coming months. It stated that the alliance will attempt to combine the tokens of the aforementioned projects – $KUJI, $FUZN, $WINK, and $NSTK into the $RUJI token.
Moreover, the Kujira partnership with THORChain occurred on August 9, after the project faced issues in its L1 blockchain. Separately, the Kujira team discussed how the Rujira partnership would aid them in addressing liquidity issues that they faced previously. They also highlighted other benefits that they expect from the partnership.
How will the Rujira Alliance Operate? The official announcement states the Rujira project shares for each ecosystem and the RUJI tokenomics in detail. It states that for the Project allocation, KUJI will receive 45.57% of RUJI supply. Meanwhile, FUZN, NSTK, and WINK will receive 1.56%, 1.44%, and 1.43% respectively.
On the other hand, the team has allocated the remaining 50% of RUJI for acquisitions, ecosystem funds, operations, and new investors. Meanwhile, the Kujira ecosystem will receive 91.1% weight of the market cap.
Finally, in the last few days, other DeFi projects also announced advancements. Relatedly, BounceBit announced the launch of its CeDeFi V2 in September.
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A passionate writer who is exploring the world of crypto. In my spare time I write poetry and read novels.
