This twitter space is hosted by Comdex, a DeFi infrastructure layer for the Cosmos appchain Ecosystem. They are joined by Dan Tanaka, head of growth at Kujira. He explains what Kujira is, what dApps they have built, and how their new stablecoin, USK works.
Read our notes below to learn more.
Comdex Development Updates
Rohit
Comdex is headed towards mainnet.
Development has gone through over 10 stress tests, working on some more things before launch.
What to Expect From Comdex
Comdex tries to promote synergy between the products in their ecosystem.
Comdex is also releasing their own stablecoin CMST which works similarly to Kujira’s USK.
Communities who will receive CMDX token aidrop has been announced.
Focus of airdrop is to get tokens to people who participate in governance regularly.
Team will post forum discussion for mainnet software upgrade proposal.
Background on Dan
Head of growth, runs business development.
Helps with marketing initiatives and general strategy.
Leading new venture builder program, called Kuji Labs.
What is Kujira?
Kujira is a permissioned Cosmos L1 blockchain.
The community selects projects that are created.
They then focus on building DeFi products with great UX that generate real revenue.
Looking at becoming a payment infrastructure platform.
Advantages of Kujira
Core team is passionate about building easy-to-use, aesthetically pleasing products.
They want to foster culture of respect, and promote interaction between dApps in their ecosystem, such as Orca and Fin.
“Grown-up DeFi”: they want to build sustainable DeFi, not just products for degens.
Main Kujira dApps include Orca, Fin, Blue, and Pod.
Kujira Pod
Kujira’s central hub, where users can engage in governance and see ecosystem stats.
Features a lite version of Fin with only market orders and crosschain bridge.
Includes unique ATOM staking interface to increase decentralization for Cosmos appchains.
Kujira Orca
Orca is the worlds 1st marketplace for liquidated collateral.
Team built it following 1st UST depeg in May 2021.
Market allows users to enter bidding wars over collateral instead of whales being able to buy it all at 30% discount.
In May 2022 average Orca discount was 3.5% on LUNA.
This also relieves pressure on money markets.
Orca worked seamlessly during LUNA liquidation cascade.
Kujira Fin
Fin is a CLOB (central limit orderbook) DEX.
Fair matching orderbook; don’t use a FIFO (first in first out), this helps avoid frontrunning since there is no priority given to trades based on size.
Doesn’t rely on liquidity pools, so no slippage.
Launching wide host of services including 10x margin perpetual trading.
Buyers and sellers pay same % fees no matter the size of trade.
Being onchain is good for scaling compared to other entrants.
Kujira USK Stablecoin
Core team saw brief opportunity to provide a stablecoin following UST stablecoin collapse.
USK is similar to DAI (stablecoin by Maker DAO) except is much less reliant on censorable collateral like USDC.
Team took lessons from UST when building USK; USK will be backed by an ever-growing diversified list of collateral.
Team is taking slow, stable, steady approach on developing USK.
High quality collateral, such as ATOM is deposited, creates loan in USK.
Value of collateral must never drop below 60% LTV (loan to value ratio).
If LTV falls below 60%, liquidation occurs.
New collateral options being added.
Orca and USK
Collateral at risk of liquidation is listed on Orca.
Bids take form of USK, increasing buy pressure on stablecoin.
Orca and Fin will collaborate to give rise to upcoming margin perpetuals product.
KUJI Token
Non-inflationary, current supply is over 105m out of 122m; don’t have to worry about being diluted.
All the 1st party Kujira dApps listed above share 95% of fees with KUJI stakers.
Remaining 5% goes to Kujira treasury.
Other dApps built on Kujira usually share 10% of revenue with KUJI stakers.
Caters to long-term investors, not short-term.
Future Updates
Introducing new form of governance, called the Senate.
Senate governance contract will be going live by end of the month.
Kujira wallet also coming.
📢 We're very proud to share a live build preview of the Kujira Wallet 🦾 A native mobile wallet app with the UX that you deserve. Cosmos projects that want to chat about integration, please get in touch, our DMs are open ✉️ Short 🧵 1/2Adding new high quality collateral options for USK including Nomic bridged BTC, Axelar (crosschain communication protocol) ETH, maybe DOT (native Polkadot blockchain token), as well as other possible liquid staking derivatives.
November 14th is Kujira’s anniversary: private sale vesting will be completed.
Q&A
Q: Will KUJI be listed on CEXs in the future?
A: Team doesn’t talk about listings until they happen.
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