Kujira 的迅速崛起改变了散户投资者对 DeFi 的可及性

Kujira 是一个民主化先进 DeFi 策略的 Cosmos 项目，在过去一个月经历了大幅增长。其 KUJI 治理代币飙升了 430%，而生态系统的总锁定价值 (TVL) 从 1600 万美元增加到 8600 万美元。这一增长是由货币市场 (GHOST) 活动的增加和原生稳定币 (USK) 的采用推动的，与成熟的稳定币 (2-6%) 相比，USK 的借款利率较低 (1%)。因此，DeFi 交易者正在利用 USK 来获得廉价的杠杆，从而在中小投资者中越来越受欢迎。

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

Kujira 的崛起： DeFi 可及性的范式转变

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 是一个基于 Cosmos 的项目，旨在为散户投资者彻底改变 DeFi，它经历了前所未有的增长，将其推向了区块链生态系统的最前沿。

KUJI Governance Token Skyrockets

KUJI 治理代币飙升

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 迅速崛起的催化剂是其 KUJI 治理代币的非凡表现。仅过去 30 天，KUJI 就飙升了惊人的 430%，反映出人们对该项目长期前景的信心不断增强。

TVL Surges as Ecosystem Flourishes

随着生态系统的繁荣，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.

除了代币的显着上涨之外，Kujira 生态系统内的总锁定价值（TVL）也见证了同样令人印象深刻的轨迹。 TVL 从 9 月初的 1600 万美元小幅增长到今天的 8600 万美元，突显了该项目的用户群和采用率呈指数级增长。

Driving Factors of Growth

增长的驱动因素

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 的指数级增长可归因于几个关键因素，主要是 GHOST（类似于 Aave 的货币市场）活动的增加，以及生态系统原生稳定币 USK 的迅速采用。

USK: A Catalyst for Leverage

USK：杠杆的催化剂

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 是一种超额抵押的稳定币，可以针对各种加密资产进行铸造，为散户投资者提供了一种以极低的成本获取杠杆的途径。目前，向 USK 借款人收取的利率仅为 1%，远低于 DAI 或 USDC 等成熟稳定币。这一有吸引力的主张吸引了 DeFi 交易者，推动了生态系统的发展。

Comparison with stETH Market

与stETH市场比较

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，根据 Defillama 的数据，目前在其他平台上以 Lido 的 stETH 借入稳定币的利率在 2% 到 6% 之间。 Kujira 显着降低的借贷成本已成为主要的差异化因素和增长催化剂。

Arbitrage Opportunities Fuel Premium

套利机会燃料溢价

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.

在活动激增的情况下，据观察，交易员更倾向于在二级市场上购买 USK，而不是直接铸造。因此，USK 目前的交易溢价为 2%。套利者预计会利用这一差异，以 1 美元铸造 USK，并以 1.02 美元出售，从而缩小差距。

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，最后一批已归属的 KUJI 代币被解锁，使流通总量达到约 1.22 亿个 KUJI。这一里程碑使 Kujira 成为加密货币项目领域的一个异类，在该领域，持续排放的通货膨胀代币经济学很普遍。

Origins and Mission

起源与使命

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 生态系统崩溃后的结果，其中 UST 稳定币的崩溃导致了投资者的重大损失。 Kujira 背后的团队的动机是希望使复杂的 DeFi 工具的使用民主化，防止散户投资者的抵押品再次被“精英集团”清算。该项目的名称“Kujira”在日语中是“鲸鱼”的意思，体现了这一愿望。

ORCA and FIN Apps: Empowering Retail Investors

ORCA 和 FIN 应用程序：为散户投资者赋能

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 生态系统中，ORCA 应用程序为散户投资者提供了对清算抵押品进行竞价的能力。 FIN 是主要的去中心化交易所 (DEX)，尤其是 Cosmos 首个利用订单簿的完全链上交易所。

Fee Flywheel: A Self-Sustaining Model

费飞轮：一个自我维持的模型

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 的代币经济结构旨在确保自我可持续性，而不需要额外的代币排放。 KUJI 的质押者累积 100% 的协议费用，随着生态系统内活动的增加吸引了大量质押者涌入。目前超过一半的 KUJI 供应量已被质押。

Adoption and Growth Trajectory

采用和增长轨迹

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用户数量自8月份以来经历了激增，并持续呈上升趋势。这种增长轨迹凸显了该项目日益受欢迎以及对可访问的 DeFi 解决方案不断增长的需求。

Future Outlook: Perpetual Futures

未来展望：永续合约

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.

展望未来，Kujira 计划进军永续期货市场。这种扩张符合交易者接受 dYdX 和 GMX 等去中心化永续交易所的日益增长的趋势。该产品的推出有可能为 KUJI 质押者带来可观的收入，进一步推动生态系统的增长。

Conclusion

结论

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 的显着崛起扰乱了 DeFi 格局，体现了其致力于让散户投资者民主化获得先进 DeFi 策略的承诺。该项目的创新功能，加上低成本的借贷和用户友好的工具，使 Kujira 成为不断发展的区块链生态系统中的一支强大力量。随着该项目的不断成长和发展，Kujira 将在 DeFi 领域飞翔多远还有待观察。