Will Cosmos dark horse Kujira also see an ecological outbreak with the integration of USDC?

23-12-15 13:35
Read this article in 12 Minutes
Table of Contents:
· USDC Deposit Process
· Can Kujira Experience an Ecological Outbreak After Introducing USDC Liquidity?
· What are the Highlights of the Cosmos Newcomer Kujira Ecological Matrix?
· Kujira Made the Right Transformation by Joining Cosmos from Terra


On December 15th, Kujira, the L1 platform of the Cosmos ecosystem, announced that users can directly deposit native USDC from Coinbase into the Sonar Wallet of the Kujira ecosystem.



Due to this news, according to CoinGecko data, Kujira's native token KUJI has increased by 5.5% in the past 24 hours, with a current price of $5.25 at the time of writing.



USDC Deposit Process


Specifically, in order for a user to deposit USDC from Coinbase to Sonar Wallet, the following steps must be taken.


Firstly, users need to download Sonar Wallet. Although it is currently in beta version, it does not affect the user's usage.



Next, on the main screen of Sonar Wallet, scroll down a bit in the balance section and you will see the "Coinbase" option. Click the "Deposit" button.



Next, the user needs to copy the address provided in Sonar Wallet, then click the three dots next to USDC in Coinbase, click "Send", select Noble, paste the copied address, enter the amount, and click send.



Then Sonar Wallet will display the final confirmation button. Clicking on it will give you native USDC from Coinbase.


Introducing USDC liquidity, can Kujira reach an ecological tipping point?


The encryption industry almost every large ecosystem will usher in an ecological outbreak after accessing stablecoins such as USDC.


For example, at the end of 2021, Avalanche announced the integration of USDC. According to DeFiLlama data, during this period, Avalanche's TVL also soared and reached a historical high of $11.2 billion.



It is no coincidence that in October 2021, after Binance announced the integration of USDC and USDT on the Solana network, Solana's TVL reached an unprecedented $9 billion.


And in September of this year, Cosmos announced the official launch of native USDC, and its TVL has been rising ever since.



Currently, according to DeFillama data, the TVL of the Kujira ecosystem has grown by over 5 times since September, with the current TVL reaching 117 million US dollars, which is a remarkable speed. Therefore, after announcing the integration of USDC, Kujira's ecosystem may also experience a comprehensive outbreak, and the TVL is expected to reach a new high.



Cosmos new rising star Kujira ecosystem matrix, what are the highlights worth paying attention to?


Recently, Kujira has become a shining star in the Cosmos ecosystem, and its token KUJI has achieved nearly 400% growth in three months.



Kujira stands out with its ability to bridge multi-chain assets, focus on yield, and provide spot and limit trading functions and features. Its security features, including code review by SCV and construction using CosmWASM v1.0, significantly reduce the risks of re-entry and DoS attacks. At the same time, as a part of the Cosmos ecosystem, Kujira also has its own small ecosystem.


According to official statistics, Kujira's current ecosystem includes 22 products, covering collateral liquidation, DEX (margin trading, limit orders, etc.), liquidity farming, lending markets, Launchpad, wallets, automated trading, OTC trading, P2P trading, NFT marketplaces, LST, on-chain ETFs, and other areas.


Related reading: "KUJI up nearly 400% in three months, is Kujira the new dark horse of Cosmos?"


However, the core of Kujira still revolves around "trading & returns" on the L1 financial public chain. Notable products include Blue, Orca, FIN, BOW, and GHOST.


Blue is the core of the Kujira ecosystem and also the dashboard of KUJI. Users can shape the future of the protocol through governance, as well as stake and exchange KUJI, vote on governance, transfer tokens across IBC chains, and receive rewards. In addition, Blue can also be used to collateralize and mint USK, the over-collateralized stablecoin of the Kujira ecosystem.


FIN is the first decentralized, permissionless, 100% on-chain order book style exchange on Cosmos; BOW is an automated market maker that allows users to deepen pools by narrowing spreads, providing a better trading experience on FIN; GHOST is a full-featured money market where users can earn interest and mobilize assets by lending them out, ensuring liquidity by using them as collateral.


From Terra to Cosmos, Kujira made the most correct transformation


Kujira was founded in May 2021. Prior to the collapse of Terra in May 2022, Kujira was positioned as a collateral liquidation protocol on Terra, essentially providing limit orders below the liquidation price for Anchor lending.


Any user who wants to buy LUNA can bid on any form of collateral during the liquidation period through Kujira, and then buy discounted LUNA. This way, users can get discounted LUNA, while the project party can also improve the efficiency of liquidation.


However, after Terra suddenly collapsed, Kujira's original development plan was changed. On May 11, 2022, Kujira began to pivot and planned to leverage the Cosmos ecosystem and Cosmos SDK to build a Layer1 chain for quick restart and operation.


Related reading: "TVL surges 1,200%, in-depth analysis of Kujira, a popular project on Cosmos."


On July 4th, 2022, Kujira's new public chain officially launched. At that time, the team took a snapshot distribution of addresses holding KUJI on Terra. After transitioning to Cosmos, according to official descriptions, Kujira's positioning is a "blockchain that achieves real profits," providing a decentralized ecosystem for protocols, developers, and Web3 users seeking sustainable financial technology.


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