wen @nomicbtc

Today we are thrilled to announce a partnership between Kujira and @THORChain , making THORChain the platform for Kujira’s DeFi suite with tight integration of THORChain’s native apex assets and deep liquidity, accelerating Kujira into the future. THORChain enables native cross-chain swaps, without any wrapped or bridged assets. With their upcoming CosmWasm and IBC upgrades, THORChain will now become the new home of Kujira’s suite of leading DeFi products. With hundreds of millions in TVL and billions of dollars of volume in the last month, THORChain will help provide the liquidity and volume that will turbocharge the Kujira flywheel, tapping directly into native $BTC and native $ETH deposits amongst many others. Our apps will also help unlock the next phase of THORChain’s roadmap and growth, with the Kujira team supporting THORChain in building out their smart contracting layer, and making it the industry leading DeFi platform for both retail and institutional users. The past week has been challenging for the team and the community. We recognize that, despite the best of intentions, our lack of risk management has resulted in a deficit on the balance sheet that should never have been allowed to manifest. Our partnership with THORChain also brings an underwritten token raise, open to the community, clearing the debt and providing economic alignment between our two communities, discussed later, as well as key operational changes to ensure any similar situations are made impossible. This move also means a shake-up of the team, as well as our practices going forward. Kujira would not be what it is today without Dove’s leadership, and thus, it’s with great sadness that we part ways with Dove for our next chapter. Please take care Dove, we love you and wish you the best, and thank you for the years of dedication. Today we also welcome two trusted community members, @amitpr and @PragmaticMonkey, to the core team. We’ve worked closely with both for years, and couldn’t be happier to start this next phase together. PM will also be leading initiatives to overhaul treasury management and dApp configuration operations. We are committed to making these processes transparent, calculated, and accountable. Supported by @jpthor and the wider THORChain operations, we will be able to return to our roots and focus on what we excel at - building world class best DeFi products, delivering value for users and driving revenue from the ecosystem. Our next step is the PILOT raise, clearing out all debts. With our partnership, JPTHOR, founder of THORChain, has committed to backstop the raise with $3m, which will be the minimum raised via PILOT. Thanks to this, depositors of affected vaults will be guaranteed to be able to withdraw their funds after the conclusion of the sale.This is an incredibly strong start to our next chapter, and one that we’re incredibly grateful for. The sale will go live shortly after a successful community vote, ratifying the details outlined below. It will run for 3 days, with two concurrent auctions - one to repay the $USDC debt, and one to repay the $USK debt. You will be able to bid with both $USDC and $USK, as well as $xUSDC and $xUSK, allowing everyone, including current depositors, to participate. We believe that this partnership is truly the best next step on Kujira’s journey. The incredible amount of alignment, both in vision and in vibes, across both ecosystems is something truly special, and we can’t wait to see what the future holds. 🉐💙⚡️

what if...

GM everyone. Thanks for bearing with us the last couple days. After a whole lot of discussions & taking on feedback from the community & various investors, chains & future partners, we'd like to announce our recovery plan 👇 1⃣ The operational debt will be repaid via two individual PILOT sales - one to repay the $USDC debt & one to repay the $USK debt. 2⃣ This will clear the debt on the main GHOST position, & also convert the BOW leverage LPs into protocol owned liquidity. 3⃣ The most significant element of this is that bidding can be in $USDC or $xUSDC for sale 1, and $USK or $xUSK for sale 2. This will give all community members with funds locked in the GHOST lend vaults the opportunity to participate if they wish to use their xAssets. 4⃣ Through PILOT, you’ll bid for $rKUJI (recovery KUJI), which will be redeemable 1:1 for $KUJI once the required balance has been freed from collateral & undelegated. 5⃣ The specific terms - cliff, vesting, base price & max discount are all being worked out and we’ll be back soon with more details around this, as well as timings. 6⃣ Obviously there will be major structural changes in Kujira moving forward. These will require further discussions & votes etc, but the treasury will be handle by a trusted committee (TBD, & outside of the founding team). And will likely use @DA0_DA0 tooling for multisig wallets & other useful features. We understand the frustration at the team, & we will do whatever is required. 7⃣ Immediate solutions to ensure this never happens again would involve: - Max borrowing against $KUJI will be significantly reduced. - All treasury decisions being made openly & publicly by a risk committee not including founding team. We've seen that there is a real appetite for Kujira's technology across the wider ecosystem. There will be some very exciting partnerships that come out of this, but these need to be community driven & decided. This transparent & fair PILOT sale allows that. We want to say a huge shoutout of appreciation to everyone from the various ecosystems / DAOs & wider community for helping us on this. Your support has been touching & very welcome. Being able to combine forces with the community will be a real win. Special mention to @Brobyflanjoby, @ATOMAccelerator, @zmanian, @markfromdenmar_, @jpthor, @SumoKuji, @l_woetzel, @0xjordy, @ZeMariaMacedo and various others for jumping into action and working with us to find solutions 💙 The focus now is to make the community & system whole again, & then put all systems / people / partnerships in place to ensure that Kujira is much stronger than before. We've done this once & will do it again. Please standby for the PILOT sale details. Big love 🐋💙

📢 We are delighted to announce our partnership with @confio_tech 🔥 This will make the most of Cosmwasm on Kujira while supporting a valuable and trusted partner 🔥 Learn more below 👇

Happy New Year! Thanks to the community for an incredible year; we've come so far together already and it truly feels like we're just getting started. There's so much I'm excited to deliver, including a new partnership for KNS and Ursula that's gonna blow people away. Get ready!

Just a few UI wires away and you all can have at it 🚀

I’m going to be giving away two 5,000 $KUJI grants to new projects being built on @TeamKujira. DM me if you’re building something!

After receiving a ton of requests from the $KUJI community we (@bidalihq) just integrated the Kujira network so you can now buy giftcards using @axelarnetwork axlUSDC and @noble_xyz USDC on Kujira 💥 giftcards.bidali.com/buy @TeamKujira @deadrightdove @CapSparr0w @KPeruggi

THORChain nodes voted to remove block rewards 🔥 From 25,000 $RUNE per day emitted from the Reserve down to 2 per day, eliminating inflation completely 100% of income is now from swap fees, with a deflationary burn of 5% system income

The road to perps on Kujira has begun 🛠️ Next week, we upgrade testnet to Cosmos SDK v0.50, which brings 2 second oracle times. The final piece of the puzzle for high leverage futures. You'll use $xUSK, our yield-bearing native stable coin, as your margin asset, place leveraged limit orders powered by FIN's new Oracle Order type, with on-chain oracle prices updated every single block.

Right then. USK v2 on @TeamKujira 👇🧵

It's here. Kujira v2 has arrived 🐳 Let's dig in, take a look round, and show you why we're so incredibly excited about what this means for the vision and future direction of Kujira 👇

Sneaky leaky peak... We’re here. We’re listening. And we’re building. $KUJI

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 time. This unfortunately coincided with a series of events over the last few months, including exploits, socially engineered attacks and fallouts within the ecosystem. This is in no way shifting blame, but important to note as it at least gives a fuller picture. We worked hard to keep these positions safe, but the rate of selling made it impossible. Although this was by design by a select few, we of course take full responsibility for the position getting to this point, and we are truly sorry that it’s affected price. In terms of what is happening now. The team positions are at risk and this is causing 👇 A: Panic & further selling. Some have also mentioned certain ‘influencers’ saying it’s a “rug” on Twitter, which is not at all true, but again just adds fuel to the fire. B: The team positions are requiring more bids in order to fire off even partial liquidations at the moment. So although the potential for some bad debt is there, this hasn’t actually happened yet. Please keep reading for proposed solutions. An important note at this stage is to mention that there are still 14 million KUJI safe and sound in the treasury. Some people are trying to cause panic by saying the entire treasury is at risk, but that’s not the case at all. We are committed to building a fair, transparent and sustainable DeFi ecosystem. The events of today have demonstrated that we must be more transparent and more accountable in the way that the Kujira Treasury is managed, and how the core Kujira Protocols are operated. We will shortly be posting a proposal to create the Kujira Operational DAO. This DAO will take ownership of the Kujira Treasury and core protocols, with an initial mandate to safely reduce debt. We will do this with Fuzion’s Bonds product, allowing us to offer the community discounted $KUJI, with a range of maturities and vesting schedules to minimise long-term price impact. This DAO will also assume control of the configuration of the core Kujira Protocols. 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. Lastly, we propose that the Community Pool is migrated to the Operational DAO. This will allow a longer and more considered voting period for grant requests, as opposed to the regular 48 hours. Over time, the Foundation staking positions will also be transferred to the DAO, providing a sustainable source of revenue into the future. We’re actively looking for motivated and talented individuals to join the DAO. If you think you know one, please recommend them. As a team we remain committed to the future of Kujira, and over the next months will deliver the roadmap for BOW v2, USK v2, GHOST v2 and Perps. With the new Operational DAO at the helm of managing and operating these protocol upgrades, we’re more optimistic than ever about the future of Kujira.

BREAKING NEWS! The devs have been cooking! @codehans1 cooked up a connector for @TeamKujira apps so they work with @DA0_DA0 and @noahsaso, shipped them in the "Apps" page! Absolutely legends! So now all your favourite $KUJI apps can be used by DAOs! (Apps UI very soon™ - for now, use the URLs under Custom) Rarma DAO, using ICA on Kujira, has minted some $USK using $STARS Placed an ORCA Bid on gPAXG at 6% Discount using some USK Submitted a FIN order for KUJI @ $3 using some of the treasuries USK And obviously, you can provide liquidity using Bow! This is very sick for DAOs! Expecting a lot of action on this, I know people have been waiting for this one!