A decentralized finance (DeFi) altcoin is surging after announcing plans to release a next-generation stablecoin.
In a new blog post, the creators of Kujira (KUJI) say that in response to the May collapse of Terra and its affiliated stablecoin TerraUSD, they set out to develop USK, a more robust stablecoin.
Kujira, a layer-1 platform which migrated to the Cosmos (ATOM) ecosystem after the Terra collapse, goes on to explain,
“We came to realize that the space needed a new grown-up sustainable model to set a new foundation for DeFi and for decentralized money, so that this sort of collapse would never happen again.
USK [is] an over-collateralized Cosmos stablecoin soft-pegged to the US dollar and initially backed by ATOM (with KUJI to follow soon after).”
The project also wants to avoid relying on the bigger centralized stablecoins like USD Coin (USDC) and Tether (USDT), noting that “decentralized money needs decentralized stablecoins” in order to retain project sovereignty and avoid the risk of censorship.
Besides the new USK token, Kujira already offers three distinct DeFi products for retail investors: ORCA for liquidating capital, the FIN decentralized exchange (DEX), and the BLUE governance protocol. A native crypto wallet is also currently in development.
? Our biggest ever announcement to date ??
Please read the Medium in detail as it’s jam packed with all the info you need. Welcome to the start of something beautiful ??$KUJI
— Kujira (@TeamKujira) August 8, 2022
Kujira has gone on a remarkable run over the past month, leaping by 327% from a $0.41 low to as high as $1.71 on Monday.
KUJI has corrected slightly but remains up over 11% on the day with an asking price of $1.63.
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