{"id":92715,"date":"2024-09-10T04:28:54","date_gmt":"2024-09-10T08:28:54","guid":{"rendered":"https:\/\/coinscreed.com\/staging\/?p=92715"},"modified":"2024-09-10T04:31:27","modified_gmt":"2024-09-10T08:31:27","slug":"kujira-team-develops-new-thorchain-app-layer","status":"publish","type":"post","link":"https:\/\/coinscreed.com\/staging\/kujira-team-develops-new-thorchain-app-layer\/","title":{"rendered":"Kujira Team Develops New THORChain App Layer After ‘Rujira’ Merge"},"content":{"rendered":"\n

DeFi project<\/a> Kujira partnered with three ecosystem partners to build THORChain's app layer with a new token.<\/p>\n\n\n\n

\"Kujira<\/figure>\n\n\n\n

The decentralized finance (DeFi) network Kujira, along with several of its key ecosystem projects, has decided to merge into a single entity called the “Rujira Alliance.” <\/p>\n\n\n\n

This new entity aims to create an application layer for THORChain\u2019s cross-chain liquidity protocol.<\/p>\n\n\n\n

According to THORChain<\/a> founder John-Paul Thorbjornsen, also known as “JP THOR,” this app layer will not be just another small project but a DeFi “behemoth” that could potentially compete with Solana. <\/p>\n\n\n\n

In a post on X on September 10, Thorbjornsen claimed the Rujira Alliance would feature a “combined treasury,” and he will serve as the project lead for the foreseeable future, allowing the Kujira team to focus on building the app layer.<\/p>\n\n\n\n

\nhttps:\/\/twitter.com\/jpthor\/status\/1833148437975761039\n<\/div><\/figure>\n\n\n\n

Thorbjornsen explained to Cointelegraph that “RUJIRA will allow THORChain to debut a safe, well-managed, and well-executed DeFi app layer,” positioning THORChain to become a leading DeFi chain. <\/p>\n\n\n\n

The app layer will include products for key DeFi sectors like order books, perpetual contracts, token launchpads, NFTs, lending, and money markets, all connected to eight different blockchains.<\/p>\n\n\n\n

One of the key innovations of THORChain, according to Thorbjornsen, is that it has “solved” the issue of maximum extractable value (MEV) by “splitting income between consensus and liquidity.” <\/p>\n\n\n\n

He claimed this results in a “much better” user experience without MEV on the platform.<\/p>\n\n\n\n

Kujira merged with three of its key partners \u2014 Fusion, Unstake, and Wink \u2014 to form the Rujira Alliance. <\/p>\n\n\n\n

The new app layer will be powered by a new token called RUJI. <\/p>\n\n\n\n

However, the existing KUJI token and Kujira's blockchain<\/a> network will remain unaffected, as migrating to RUJI will be optional.<\/p>\n\n\n\n

\n

The Merge will seek to combine $KUJI\r\n \r\n \r\n \r\n <\/g>\r\n \r\n \r\n \r\n <\/clipPath>\r\n <\/defs><\/svg><\/span><\/a>, $FUZN<\/use><\/svg><\/span><\/a>, $WINK<\/use><\/svg><\/span><\/a> and $NSTK<\/use><\/svg><\/span><\/a> under the single $RUJI<\/use><\/svg><\/span><\/a> token, with the hope that $LVN<\/use><\/svg><\/span><\/a> will also join in due course<\/p>— Rujira (@RujiraNetwork) September 9, 2024<\/use><\/svg><\/span><\/a><\/blockquote>

KUJI\u2019s August Controversy<\/h2>\n\n\n\n

In August, Kujira faced controversy when its team disclosed liquidity problems due to “exploits, socially engineered attacks, and fallouts within the ecosystem,” causing KUJI\u2019s price<\/use><\/svg><\/span><\/a> to drop 70% in just 24 hours. <\/p>\n\n\n\n

Currently, KUJI is trading at $0.38, down 13% on the day and more than 91% from its all-time high of $5.56, which reached December 13 last year, according to CoinGecko.<\/p>\n\n\n\n

\"Kujira
THORChains\u2019 RUNE token saw a jump following the announcement. Source: CoinGecko<\/em><\/figcaption><\/figure>\n\n\n\n

Following the announcement of the new app layer, THORChain\u2019s native RUNE token surged by 8%, climbing from $3.60 to $3.89. THORChain, a layer-1 blockchain and decentralized exchange (DEX) launched in June 2022, is built on Cosmos-SDK and Tendermint, focusing on enabling asset swaps across different layer-1 blockchains, which are generally siloed.<\/p>\n\n\n\n

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

DeFi project Kujira partnered with three ecosystem partners to build THORChain’s app layer with a new token. The decentralized finance (DeFi) network Kujira, along with several of its key ecosystem projects, has decided to merge into a single entity called the “Rujira Alliance.” This new entity aims to create an application layer for THORChain\u2019s cross-chain […]<\/p>\n","protected":false},"author":56,"featured_media":92735,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[7713,202,4122,1996,17431,197,5260],"class_list":["post-92715","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-altcoin","tag-blockchain","tag-cosmos","tag-decentralization","tag-decentralized-exchange-2","tag-defi","tag-thorchain"],"jetpack_featured_media_url":"https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2024\/09\/Kujira-Team-Develops-New-THORChain-App-Layer-After-Rujira-Merge.jpeg","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/92715","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\/56"}],"replies":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/comments?post=92715"}],"version-history":[{"count":0,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/92715\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media\/92735"}],"wp:attachment":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media?parent=92715"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/categories?post=92715"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/tags?post=92715"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}