Decentralized finance (DeFi) network Kujira and some of its top projects are coming together to form a new group called the “Rujira Alliance.” Their aim is to develop a new application layer for the cross-chain liquidity protocol THORChain.
This isn’t just another small project; according to THORChain’s founder, John-Paul Thorbjornsen, also known as “JP.THOR,” in a Sept. 10 post on X, it’s set to become a major player in DeFi that could potentially compete with Solana in the future. Thorbjornsen shared that the new project will have a “combined treasury,” with him leading the effort for now.
This setup will let the Kujira team concentrate on developing the Rujira app layer. Additionally, he mentioned that this new app layer will include products for all major DeFi areas, such as order books, perpetual contracts, a token launchpad, NFTs, and lending and money markets. It’s already connected to eight different chains.
THORChain’s MEV solution boosts token by 8%
Thorbjornsen highlighted that THORChain addressed the issue of maximum extractable value by distributing earnings between consensus and liquidity. He argued that this approach eliminates MEV on THORChain, resulting in a significantly better user experience.
Kujira has teamed up with three of its main partners, Fusion, Unstake, and Wink, to form a new alliance. This partnership introduces a new app layer powered by a fresh token named RUJI.
Importantly, this merge won’t impact the Kujira (KUJI) token or its blockchain network. Switching to the Rujira (RUJI) token will be entirely optional. On Aug. 2, Kujira hit a rough patch when its founding team announced it struggled with liquidity problems due to “exploits, social engineering attacks, and issues within the ecosystem.”
As a result, the KUJI token dropped a dramatic 70% in just one day. Currently, KUJI is trading at $0.38, down 13% for the day. According to CoinGecko, KUJI has plummeted more than 91% from its peak of $5.56 on Dec. 13, 2023. The THORChain token surged by 8% after announcing a new app layer, rising from $3.60 to $3.89.
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