Rujira@RujiraNetwork
GM all. We’d 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 time. This unfortunately coincided with a series of events over the last few months, including exploits, socially engineered attacks and fallouts within the ecosystem. This is in no way shifting blame, but important to note as it at least gives a fuller picture.
We worked hard to keep these positions safe, but the rate of selling made it impossible. Although 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’s affected price.
In terms of what is happening now. The team positions are at risk and this is causing 👇
A: Panic & further selling. Some have also mentioned certain ‘influencers’ saying it’s a “rug” on Twitter, which is not at all true, but again just adds fuel to the fire.
B: The team positions are requiring more bids in order to fire off even partial liquidations at the moment. So although the potential for some bad debt is there, this hasn’t actually happened yet. Please keep reading for proposed solutions.
An important note at this stage is to mention that there are still 14 million KUJI safe and sound in the treasury. Some people are trying to cause panic by saying the entire treasury is at risk, but that’s not the case at all.
We are committed to building a fair, transparent and sustainable DeFi ecosystem.
The events of today have demonstrated that we must be more transparent and more accountable in the way that the Kujira Treasury is managed, and how the core Kujira Protocols are operated.
We will shortly be posting a proposal to create the Kujira Operational DAO. This DAO will take ownership of the Kujira Treasury and core protocols, with an initial mandate to safely reduce debt. We will do this with Fuzion’s Bonds product, allowing us to offer the community discounted $KUJI, with a range of maturities and vesting schedules to minimise long-term price impact.
This DAO will also assume control of the configuration of the core Kujira Protocols. Combined with upcoming admin dashboards, this will create transparency over how these protocols run, and allow the community to propose changes that will be voted on by members of the DAO.
Lastly, we propose that the Community Pool is migrated to the Operational DAO. This will allow a longer and more considered voting period for grant requests, as opposed to the regular 48 hours. Over time, the Foundation staking positions will also be transferred to the DAO, providing a sustainable source of revenue into the future.
We’re actively looking for motivated and talented individuals to join the DAO. If you think you know one, please recommend them.
As a team we remain committed to the future of Kujira, and over the next months will deliver the roadmap for BOW v2, USK v2, GHOST v2 and Perps. With the new Operational DAO at the helm of managing and operating these protocol upgrades, we’re more optimistic than ever about the future of Kujira.
