Kujira 的快速崛起改變了散戶投資者對 DeFi 的可近性

Kujira 是一個民主化先進 DeFi 策略的 Cosmos 項目，在過去一個月經歷了大幅成長。其 KUJI 治理代幣飆升了 430%，而生態系統的總鎖定價值 (TVL) 從 1,600 萬美元增加到 8,600 萬美元。這一增長是由貨幣市場 (GHOST) 活動的增加和原生穩定幣 (USK) 的採用推動的，與成熟的穩定幣 (2-6%) 相比，USK 的借款利率較低 (1%)。因此，DeFi 交易者正在利用 USK 來獲得廉價的槓桿，從而在中小投資者中越來越受歡迎。

Kujira's Meteoric Rise: A Paradigm Shift in DeFi Accessibility

Kujira 的崛起： DeFi 可近性的典範轉移

October 8, 2023

2023 年 10 月 8 日

Kujira, a Cosmos-based project poised to revolutionize DeFi for retail investors, has experienced an unprecedented surge in growth, propelling it to the forefront of the blockchain ecosystem.

Kujira 是一個基於 Cosmos 的項目，旨在為散戶投資者徹底改變 DeFi，它經歷了前所未有的成長，將其推向了區塊鏈生態系統的最前沿。

KUJI Governance Token Skyrockets

KUJI 治理代幣飆升

The catalyst for Kujira's meteoric ascent has been the extraordinary performance of its KUJI governance token. Over the past 30 days alone, KUJI has soared by an astonishing 430%, reflecting the growing confidence in the project's long-term prospects.

Kujira 迅速崛起的催化劑是其 KUJI 治理代幣的非凡表現。光是過去 30 天，KUJI 就飆升了驚人的 430%，反映出人們對該計畫長期前景的信心不斷增強。

TVL Surges as Ecosystem Flourishes

隨著生態系統的繁榮，TVL 激增

Alongside the token's remarkable rally, the total value locked (TVL) within the Kujira ecosystem has witnessed an equally impressive trajectory. From a modest $16 million in early September, TVL has surged to $86 million today, underscoring the exponential growth of the project's user base and adoption.

除了代幣的顯著上漲之外，Kujira 生態系統內的總鎖定價值（TVL）也見證了同樣令人印象深刻的軌跡。 TVL 從 9 月初的 1,600 萬美元小幅增長到今天的 8,600 萬美元，突顯了該項目的用戶群和採用率呈指數級增長。

Driving Factors of Growth

成長的驅動因素

The exponential growth of Kujira can be attributed to several key factors, primarily the heightened activity on GHOST, a money market akin to Aave, and the burgeoning adoption of USK, the ecosystem's native stablecoin.

Kujira 的指數級增長可歸因於幾個關鍵因素，主要是 GHOST（類似於 Aave 的貨幣市場）活動的增加，以及生態系統原生穩定幣 USK 的迅速採用。

USK: A Catalyst for Leverage

USK：槓桿的催化劑

USK is an overcollateralized stablecoin that can be minted against various crypto assets, offering retail investors an avenue to access leverage at remarkably low costs. Currently, the interest rate charged to USK borrowers is a mere 1%, significantly lower than established stablecoins such as DAI or USDC. This attractive proposition has enticed DeFi traders, fueling the growth of the ecosystem.

USK 是一種超額抵押的穩定幣，可以針對各種加密資產進行鑄造，為散戶投資者提供了一種以極低的成本獲取槓桿的途徑。目前，向 USK 借款人收取的利率僅為 1%，遠低於 DAI 或 USDC 等成熟穩定幣。這個有吸引力的主張吸引了 DeFi 交易者，推動了生態系統的發展。

Comparison with stETH Market

與stETH市場比較

For context, borrowing stablecoins against Lido's stETH on other platforms currently incurs interest rates ranging from 2% to 6%, as per data from Defillama. Kujira's significantly lower borrowing costs have emerged as a major differentiator and catalyst for growth.

就背景而言，根據 Defillama 的數據，目前在其他平台上以 Lido 的 stETH 借入穩定幣的利率在 2% 到 6% 之間。 Kujira 顯著降低的借貸成本已成為主要的差異化因素和成長催化劑。

Arbitrage Opportunities Fuel Premium

套利機會燃料溢價

Amid the surge in activity, traders have been observed favoring purchasing USK on secondary markets rather than minting it directly. Consequently, USK currently trades at a premium of 2%. Arbitrageurs are anticipated to exploit this discrepancy by minting USK at $1 and selling it for $1.02, thereby closing the gap.

在活動激增的情況下，據觀察，交易員更傾向於在二級市場上購買 USK，而不是直接鑄造。因此，USK 目前的交易溢價為 2%。套利者預計會利用這一差異，以 1 美元鑄造 USK，並以 1.02 美元出售，從而縮小差距。

KUJI Emission Milestone

KUJI 排放里程碑

On November 9, the final tranche of vested KUJI tokens was unlocked, bringing the total circulating supply to approximately 122 million KUJI. This milestone positions Kujira as an outlier within the crypto project landscape, where inflationary tokenomics with ongoing emissions are prevalent.

11 月 9 日，最後一批已歸屬的 KUJI 代幣解鎖，使流通總量達到約 1.22 億個 KUJI。這一里程碑使 Kujira 成為加密貨幣項目領域的一個異類，在該領域，持續排放的通貨膨脹代幣經濟學很普遍。

Origins and Mission

起源與使命

Kujira's genesis lies in the aftermath of the Terra ecosystem's collapse, where the UST stablecoin's implosion resulted in significant investor losses. The team behind Kujira was motivated by a desire to democratize access to sophisticated DeFi tools, preventing a recurrence of retail investors' collateral being liquidated by "elite groups." The project's name, Kujira, is the Japanese word for whale, embodying this aspiration.

Kujira 的起源是 Terra 生態系統崩潰後的結果，其中 UST 穩定幣的崩潰導致了投資者的重大損失。 Kujira 背後的團隊的動機是希望使複雜的 DeFi 工具的使用民主化，防止散戶投資者的抵押品再次被「精英集團」清算。該項目的名稱“Kujira”在日語中是“鯨魚”的意思，體現了這一願望。

ORCA and FIN Apps: Empowering Retail Investors

ORCA 和 FIN 應用程式：為散戶投資者賦能

Within the Kujira ecosystem, the ORCA app empowers retail investors by enabling them to bid on liquidated collateral. FIN serves as the primary decentralized exchange (DEX), notably being Cosmos's first fully on-chain exchange utilizing order books.

在 Kujira 生態系統中，ORCA 應用程式為散戶投資者提供了對清算抵押品進行競價的能力。 FIN 是主要的去中心化交易所 (DEX)，尤其是 Cosmos 第一個利用訂單簿的完全鏈上交易所。

Fee Flywheel: A Self-Sustaining Model

費飛輪：一個自我維持的模型

KUJI's tokenomics are structured to ensure self-sustainability without the need for additional token emissions. Stakers of KUJI accrue 100% of protocol fees, attracting an influx of stakers as activity within the ecosystem increases. Over half of the KUJI supply is currently staked.

KUJI 的代幣經濟結構旨在確保自我可持續性，而不需要額外的代幣排放。 KUJI 的質押者累積 100% 的協議費用，隨著生態系統內活動的增加吸引了大量質押者湧入。目前超過一半的 KUJI 供應量已被質押。

Adoption and Growth Trajectory

採用和成長軌跡

The number of Kujira users has experienced a surge since August and continues to trend upwards. This growth trajectory underscores the project's increasing popularity and the growing demand for accessible DeFi solutions.

Kujira用戶數量自8月以來經歷了激增，並持續呈上升趨勢。這種成長軌跡凸顯了該專案日益受歡迎以及對可存取的 DeFi 解決方案不斷增長的需求。

Future Outlook: Perpetual Futures

未來展望：永續合約

Looking ahead, Kujira plans to venture into the perpetual futures market. This expansion aligns with the growing trend among traders to embrace decentralized perpetual exchanges such as dYdX and GMX. The introduction of this product has the potential to generate substantial revenue for KUJI stakers, further fueling the ecosystem's growth.

展望未來，Kujira 計劃進軍永續期貨市場。這種擴張符合交易者接受 dYdX 和 GMX 等去中心化永續交易所的日益增長的趨勢。該產品的推出有可能為 KUJI 質押者帶來可觀的收入，進一步推動生態系統的成長。

Conclusion

結論

Kujira's remarkable ascent has disrupted the DeFi landscape, demonstrating its commitment to democratizing access to advanced DeFi strategies for retail investors. The project's innovative features, coupled with its low-cost borrowing and user-friendly tools, position Kujira as a formidable force in the ever-evolving blockchain ecosystem. As the project continues to grow and evolve, it remains to be seen how far Kujira will soar in the realm of DeFi.

Kujira 的顯著崛起擾亂了 DeFi 格局，體現了其致力於讓散戶投資者民主化獲得先進 DeFi 策略的承諾。該專案的創新功能，加上低成本的借貸和用戶友好的工具，使 Kujira 成為不斷發展的區塊鏈生態系統中的強大力量。隨著該計畫的不斷成長和發展，Kujira 將在 DeFi 領域飛行多遠還有待觀察。