A decentralized finance (DeFi) altcoin is surging after saying plans to launch a next-generation stablecoin.
In a brand new blog post, 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 strong stablecoin.
Kujira, a layer-1 platform which migrated to the Cosmos (ATOM) ecosystem after the Terra collapse, goes on to elucidate,
“We got here to appreciate 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 venture 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” so as to retain venture sovereignty and keep away from the danger of censorship.
In addition to the brand new USK token, Kujira already offers three distinct DeFi merchandise for retail traders: ORCA for liquidating capital, the FIN decentralized trade (DEX), and the BLUE governance protocol. A local crypto pockets can be at present in improvement.
? Our largest ever announcement thus far ??
Please learn the Medium intimately because it’s jam full of all the information you want. Welcome to the beginning of one thing lovely ??$KUJI
— Kujira (@TeamKujira) August 8, 2022
Kujira has gone on a exceptional 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 worth of $1.63.
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