Altcoin Built on Cosmos Quietly Rallies 327% This Month As Project Launches New Stablecoin

Decentralized finance (DeFi) altcoins are surging after announcing plans to release a next-generation stablecoin.

new blog postthe creators of Kujira (KUJI), said they set out to develop a more robust stablecoin, USK, in response to the May collapse of Terra and its related stablecoin, TerraUSD.

Kujira, a layer 1 platform that migrated to the Cosmos (ATOM) ecosystem after the fall of Terra, explains:

We realized that the sector needed a new, grown and sustainable model to establish a new foundation for DeFi and decentralized money so that this kind of collapse never happens again. .

USK [is] The over-collateralized Cosmos stablecoin was soft-pegged to the US dollar and initially backed by ATOM (KUJI soon followed).

The project also notes that “decentralized money needs a decentralized stablecoin” to maintain project sovereignty and avoid the risk of censorship. We want to avoid relying on larger centralized stablecoins such as USDT.

Besides the new USK token, Kujira already has offer Three different DeFi products for retail investors: ORCA, FIN Decentralized Exchange (DEX), and BLUE Governance Protocol for liquidating capital. A native crypto wallet is also currently in development.

The biggest announcement ever??

“Whale” $USK Stablecoin launch? https://t.co/LMiBKXTNfm

Please read the media for more information as it contains all the information you need. Welcome to the beginning of something beautiful$KUJI

Whale (@TeamKujira) August 8, 2022

Whales have been on an impressive run this past month, jumping 327% from a low of $0.41 on Monday to a high of $1.71.

KUJI has made a slight correction, but is up more than 11% at an asking price of $1.63.

Don’t Miss a Beat Subscribe to get encrypted email alerts delivered straight to your inbox

Price action confirmation

Please follow us twitter, Facebook When telegram

Surf The Daily Hodl Mix

Check out the latest news headlines

&nbsp

Disclaimer: Opinions expressed on The Daily Hodl are not investment advice. Investors should exercise caution before making risky investments in Bitcoin, cryptocurrencies or digital assets. Please note that your money transfers and transactions are made at your own risk and you are responsible for any losses you may incur. The Daily Hodl does not endorse the buying or selling of cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. The Daily Hodl participates in affiliate marketing.

Featured Image: Shutterstock/eliahinsomnia/WindAwake