Kujira: the new innovative and revolutionary DeFi project
Written by: unicornpoopwizard
The newly released Kujira ($KUJI) recently moved to the layer 1 protocol Cosmos. The project gained a lot of (bullish) attention and praise in a short amount of time, and it is said to be one of the highly anticipated projects within the Cosmos ecosystem.
Vision and mission
Kujira is committed to levelling the playing field in decentralized finance by building dApps for regular crypto users. Kujira is a team of finance, blockchain & software development experts specifically targeting areas of DeFi typically reserved for ‘techies’ or elites (people with access to bots or large capital). “Grown-up DeFi”, as they would like to call it.
According to the Kujira team, in order to be truly revolutionary, DeFi must generate income when the market is up AND when it’s down. Kujira is committed to helping retail investors go beyond exchanges, staking and ICOs to open up opportunities once reserved for whales, elites and insiders. The mission of Kujira and its team is to build tools that are easy and cost effective to use for everyone, from the novice crypto enthusiast to the seasoned retail investor, regardless of their chain of choice, without needing to risk more than they can afford to lose.
In short, Kujira allows you to buy liquidated assets at a discount in a fairer way (current system favours bots), as the assets are distributed equally. For traders this is huge, as it’s another way to make money regardless of the direction of the market.
Why Kujira?
A huge plus of Kujira is that in order for a contract to launch on Kujira, it needs to be voted in via governance. This ensures that the quality, sustainability, and longevity of the network are protected. A tight-knit hub of revenue generating products with great UX. “Grown-up DeFi” is not a meme.
The on-chain scheduler allows protocols to be designed with much less of a reliance on bots. This means there are far fewer wasted transactions. Protocols can be designed to operate more efficiently, and fees which were once required to incentivize bot usage can go back to the users of the network.
As you might know, the Cosmos SDK is an open-source framework for building multi-asset public Proof-of-Stake (PoS) blockchains, like the Cosmos Hub, as well as permissioned Proof-of Authority (PoA) blockchains. The Cosmos SDK is inspired by capabilities-based security and informed by years of wrestling with blockchain state-machines. This makes the Cosmos SDK a very secure environment to build blockchains. You can use Kujira to access the entire Cosmos ecosystem seamlessly in an environment with proven security and interoperability with IBC.
The KUJI token
$KUJI is the native token on the Kujira network. The total supply of $KUJI is 122,398,190.844391 (122.4M) tokens. The original supply of 150M tokens was slashed on 18 January 2022 after a governance vote passed to burn liquidity pool rewards. Network fees, as well as dApp fees are paid in $KUJI. All fees collected are distributed to $KUJI stakers.
The token generation event took place in November 2021 with the following release schedule:
Private Sale: 27.975M (12 month vesting)
Public Sale: 21M (6 month vesting)
Liquidity: 6M
Advisors: 7.5M (12 month vesting)
Team: 27M (24 month vesting)
Operational: 11.025M (24 month vesting)
Marketing: 6M (24 month vesting)
Airdrops: 500K (adjusted after burn)
Treasury: 6.75M (24 month vesting)
Rewards: 8.648M (adjusted after burn)
The release schedule will conclude on 12pm UTC, 9 November 2023 when all tokens will be fully vested.
Staking KUJI
Staking $KUJI with a Kujira validator will earn you a basket of apex assets over time. All fees that are collected are paid to stakers through our validators. Kujira does not rely on inflationary tokens in order to incentivize staking. Revenue (including gas) from Kujira’s internal dApps such as ORCA and FIN is sent back to stakers, as well as a portion of revenue from each external protocol that launches on the chain.
Distribution of Rewards
With Kujira all the protocols pay into the `fee_collector` account, which is a module account that feeds the “distribution” module
You can read more on the distribution of the module here
Fees are pooled within a global pool, as well as validator specific proposer-reward pools. The mechanisms used allow for validators and delegators to independently and lazily withdraw their rewards.
For the rewards collected by the team delegations, they have a script that collects them into another account, then sends them to fee_collector as well. For example look here
Finder reports them as “Fee” as anything sent to that address in a tx is listed as a fee.
Governance
As a $KUJI staker, you can participate in governance polls and help the future of Kujira. If you don’t vote, your vote is deferred to your staked validator(s), so it’s important to stake with a validator that you feel is aligned with your interests.
Not only can you vote on proposals, but you can make them too. You can submit a community pool spend proposal along with an initial deposit. The proposal details must be supplied via a JSON file.
https://blue.kujira.app/govern
dApps
FIN
FIN is Cosmos’ first decentralized, permissionless, 100% on-chain order book style token exchange. According to Kujira, liquidity pools are out of date and no longer fit for purpose. FIN creates a fully decentralized trading experience where the need for inflationary incentives and bots are no longer required, and the risk of impermanent loss falls away entirely. You might call it the future of DEX.
ORCA
With ORCA, you can liquidate multiple assets across the whole of Cosmos at the click of a button. No bots, no code, no problem! ORCA is the world’s first public marketplace for liquidated collateral. It’s no longer a bot only game. Now you can participate in securing your favorite assets while getting discounts on them (and earn interest while you wait). You can read more on Medium here.
BLUE
Blue is a very handy app that you can use as your KUJI dashboard. A way to bond KUJI, vote on governance, swap KUJI, bridge to Kujira Network, and claim rewards; all in one place. Basically, this is the heart of the Kujira ecosystem. The place where you help shape the future of the protocol via governance. It’s also where you can stake KUJI in order to earn a portion of every cent of Kujira’s revenue.
FINDER
The Finder webpage is where you can track addresses, transactions, validators and more on Kujira. Before using it, be sure to toggle your desired network in the upper right corner, whether testnet or mainnet. To bookmark an address, simply search it and click on the bookmark sign in the upper right corner. To view saved addresses, click the bookmark button directly beside the search bar. Try it out for yourself! It’s fun!
ChainTool have completed their work on gRPCui which you can check out here. We hope to work with Kujira once the front end code becomes available to integrate it in to Finder.
Links
https://kujira.app/
https://cosmos.network/
https://docs.cosmos.network/
https://wallet.keplr.app
https://fin.kujira.app/
https://orca.kujira.app/
https://blue.kujira.app/
https://finder.kujira.app/
