{"id":88525,"date":"2024-08-02T08:16:14","date_gmt":"2024-08-02T12:16:14","guid":{"rendered":"https:\/\/coinscreed.com\/staging\/?p=88525"},"modified":"2024-08-02T08:16:14","modified_gmt":"2024-08-02T12:16:14","slug":"kujira-dao-to-handle-liquidity-security-issues","status":"publish","type":"post","link":"https:\/\/coinscreed.com\/staging\/kujira-dao-to-handle-liquidity-security-issues\/","title":{"rendered":"Kujira to Set up DAO to Handle Liquidity, Security Issues"},"content":{"rendered":"\n

DeFi platform<\/a> Kujira aims to establish a DAO to tackle substantial obstacles following the deployment of operational funds and enhance liquidity and activity within the ecosystem.<\/p>\n\n\n\n

\"Kujira
Kujira to Set up DAO to Handle Liquidity, Security Issues<\/figcaption><\/figure>\n\n\n\n

Market destabilization and rapid sell-offs resulted from “exploits, socially engineered attacks, and fallouts within the ecosystem” in response to this initiative.<\/p>\n\n\n\n

The Kujira team has announced that it will submit a proposal to establish the Kujira Operational DAO, a decentralized autonomous organization (DAO), in an official X post.<\/p>\n\n\n\n

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GM all. We\u2019d 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\u2026 pic.twitter.com\/qBw9w6y94b\r\n \r\n \r\n \r\n <\/g>\r\n \r\n \r\n \r\n <\/clipPath>\r\n <\/defs><\/svg><\/span><\/a><\/p>— Rujira (@RujiraNetwork) August 1, 2024<\/use><\/svg><\/span><\/a><\/blockquote>

Community backlash and the impact<\/h2>\n\n\n\n

The team clarified that they had “made a concerted effort” to maintain their positions; however, the sales rate rendered this untenable.<\/p>\n\n\n\n

\n

\u201cAlthough 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\u2019s affected price.\u201d<\/em><\/p>\n<\/blockquote>\n\n\n\n

The Kujira team also denied any mentions from “certain influencers” on X, speculating that the current situation is a “rug.”<\/p>\n\n\n\n

The DeFi platform team's public statement elicited a mixed response from the community, with Blockchain Ecologists<\/use><\/svg><\/span><\/a> characterizing the decision as “extremely irresponsible management.”<\/p>\n\n\n\n

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Ffs; extremely irresponsible management<\/p>— ecologist.sonic (@block_ecologist) August 2, 2024<\/use><\/svg><\/span><\/a><\/blockquote>

Proposed solution for the Kujira Treasury status <\/h2>\n\n\n\n

In response to allegations that the entire treasury is at risk, the team clarified that 14 million native KUJI tokens are “safe and sound” in the treasury.<\/p>\n\n\n\n

The Kujira Operational DAO proposal would entail the DAO assuming ownership of the Kujira Treasury and fundamental protocols, with an initial objective of safely reducing debt.<\/p>\n\n\n\n

\n

\u201cWe will do this with Fuzion\u2019s Bonds product, allowing us to offer the community discounted $KUJI, with a range of maturities and vesting schedules to minimise long-term price impact.\u201d<\/em><\/p>\n<\/blockquote>\n\n\n\n

Kujira community pool proposal<\/h2>\n\n\n\n

The team also suggested that the Community Pool<\/a> be transferred to the Operational DAO to facilitate “a more thorough and extended voting period for grant requests, as opposed to the standard 48 hours.”<\/p>\n\n\n\n

\u201cOver time, the Foundation staking positions will also be transferred to the DAO, providing a sustainable source of revenue into the future.\u201d<\/em><\/p>\n\n\n\n

Per the Kujira X announcement, the team intends to provide the roadmap for “BOW v2, USK v2, GHOST v2, and Perps” in the upcoming months.<\/p>\n\n\n\n

<\/p>\n","protected":false},"excerpt":{"rendered":"

DeFi platform Kujira aims to establish a DAO to tackle substantial obstacles following the deployment of operational funds and enhance liquidity and activity within the ecosystem. Market destabilization and rapid sell-offs resulted from “exploits, socially engineered attacks, and fallouts within the ecosystem” in response to this initiative. The Kujira team has announced that it will […]<\/p>\n","protected":false},"author":12,"featured_media":88531,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[3932,21053,1933],"class_list":["post-88525","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-dao","tag-kujira","tag-liquidity"],"jetpack_featured_media_url":"https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2024\/08\/kuja.webp","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/88525","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/users\/12"}],"replies":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/comments?post=88525"}],"version-history":[{"count":0,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/88525\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media\/88531"}],"wp:attachment":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media?parent=88525"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/categories?post=88525"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/tags?post=88525"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}