TVL soared 1200%, understand the popular project Kujira in the universe in one article

区块律动BlockBeats

特邀专栏作者

2023-12-12 09:37

This article is about 1235 words, reading the full article takes about 2 minutes

KUJI has a number of bullish catalysts on the horizon.

AI Summary

Expand

KUJI has a number of bullish catalysts on the horizon.

Original title: Hottest project on Cosmos?》

Original author: Jake Pahor

Original compilation: Luccy, BlockBeats

Editors note:

There have been frequent trends in the Cosmos ecosystem recently. Today, the official governance forum Cosmos Hub community launched a proposal to deploy smart contracts with a licensing model, aiming to use the smart contract platform CosmWasm for governance. In addition, the prices of TIA and INJ both rose. As of the time of writing, TIA rose to briefly exceed $11.5, with a 24-hour increase of 14.9%, a record high. INJ briefly broke through $25, with a 24-hour increase of 20.02%.

Last month, encryption researcher Jake Pahor conducted research on the Cosmos ecosystem L1 platform Kujira and listed Kujira’s bullish catalysts. BlockBeats compiled the original text as follows:

The Cosmos ecosystem is booming, and Kujira is leading the way.

TVL has soared 1,200% this year and shows no signs of slowing down.

This is my November 2023 research report on KUJI.

Overview

Kujira is a decentralized Layer 1 ecosystem focused on building sustainable fintech solutions and tools. Its DeFi product suite continues to expand, including:

Liquidity engine
DEX
currency market
liquidation
Stablecoin
On-chain order book

Use Cases

Kujira creates an ecosystem of dApps and infrastructure that brings institutional-grade tools to everyone. Heres what sets them apart:

Build with Cosmos SDK
Fast block generation time (2.2 s)
specific application chain
Avoid network congestion and block space issues

Despite being canceled after the 2022 Luna Classic crashed, the team showed remarkable resilience. They quickly pivoted and built a fully semi-permissioned blockchain on Cosmos in less than 6 weeks.

The project now has a thriving ecosystem of dapps and tools.

use

Kujira TVL has seen strong growth in 2023 and is currently at just over $42 million.

In the last month alone, TVL has grown by 50%. Here are the details for each product:

Ghost: $18.7 million
USK: $12.2 million
FIN: $5.6 million
Bow: $5.3 million
Orca: $212,000

income

The protocol’s main source of revenue comes from its dApp. Users pay network and dApp fees using KUJI tokens, and all fees and rewards are then distributed to KUJI stakers.

In the past 90 days, the agreement has generated $100,000 in revenue.

Tokenomics

The native token KUJI has multiple uses:

Pay network and dApp fees
pledge
governance

Unlike inflationary assets, KUJI relies on the adoption of its dApps and products to generate fees, ensuring the sustainability of the protocol.

Through the governance vote in January 22, the total token supply was reduced from 150 million to 122.4 million, and all vesting will be completed in November 23. Current supply statistics:

Circulating supply = 116.9 m
Maximum supply = 122.4 m
Market cap = $186 million
FDV = $194 million
Market cap/FDV = 0.96

Ministry of Finance

A community pool is a collection of tokens used to fund projects, partnerships, and other initiatives that benefit the community. The current total holdings are US$5.7 million (mostly KUJI), and the holdings include:

US$3.59 million KUJI
$530,000 PEPE
$2700MNTA
$131ATOM
1,USD 300USK

governance

Members of the Kujira community have the ability to submit governance proposals that address a variety of topics.

Anyone who holds KUJI can participate in voting on these proposals.

Currently, $62 million in KUJI tokens have been pledged (50% of the circulating supply).

Team and investors

Founded in May 2021, Kujira was originally built as a decentralized clearing platform on Luna classic. Founders include:

@cryptoslang 1
@deadrightdove
@codehans 1

KUJI was launched in November 2021 through a token generation event (StarTerra platform).

competitors

Kujira’s closest competitors, Frax and Injective, are also developing a suite of DeFi products consisting of DEX, stablecoins, and order books.

However, Kujira stands out with its unique features, including liquidation, multi-chain wallet support, and cross-chain staking.

Risk and Audit

The project has the following security features:

Code review done by SCV
Built using CosmWASM v1.0

This significantly reduces the risk of reentrancy and DoS attacks. However, as with any DeFi project, there are always residual risks such as centralization and liquidity.