TFruchi

Today we are thrilled to announce a partnership between Kujira and @THORChain , making THORChain the platform for Kujira’s DeFi suite with tight integration of THORChain’s native apex assets and deep liquidity, accelerating Kujira into the future. THORChain enables native cross-chain swaps, without any wrapped or bridged assets. With their upcoming CosmWasm and IBC upgrades, THORChain will now become the new home of Kujira’s suite of leading DeFi products. With hundreds of millions in TVL and billions of dollars of volume in the last month, THORChain will help provide the liquidity and volume that will turbocharge the Kujira flywheel, tapping directly into native $BTC and native $ETH deposits amongst many others. Our apps will also help unlock the next phase of THORChain’s roadmap and growth, with the Kujira team supporting THORChain in building out their smart contracting layer, and making it the industry leading DeFi platform for both retail and institutional users. The past week has been challenging for the team and the community. We recognize that, despite the best of intentions, our lack of risk management has resulted in a deficit on the balance sheet that should never have been allowed to manifest. Our partnership with THORChain also brings an underwritten token raise, open to the community, clearing the debt and providing economic alignment between our two communities, discussed later, as well as key operational changes to ensure any similar situations are made impossible. This move also means a shake-up of the team, as well as our practices going forward. Kujira would not be what it is today without Dove’s leadership, and thus, it’s with great sadness that we part ways with Dove for our next chapter. Please take care Dove, we love you and wish you the best, and thank you for the years of dedication. Today we also welcome two trusted community members, @amitpr and @PragmaticMonkey, to the core team. We’ve worked closely with both for years, and couldn’t be happier to start this next phase together. PM will also be leading initiatives to overhaul treasury management and dApp configuration operations. We are committed to making these processes transparent, calculated, and accountable. Supported by @jpthor and the wider THORChain operations, we will be able to return to our roots and focus on what we excel at - building world class best DeFi products, delivering value for users and driving revenue from the ecosystem. Our next step is the PILOT raise, clearing out all debts. With our partnership, JPTHOR, founder of THORChain, has committed to backstop the raise with $3m, which will be the minimum raised via PILOT. Thanks to this, depositors of affected vaults will be guaranteed to be able to withdraw their funds after the conclusion of the sale.This is an incredibly strong start to our next chapter, and one that we’re incredibly grateful for. The sale will go live shortly after a successful community vote, ratifying the details outlined below. It will run for 3 days, with two concurrent auctions - one to repay the $USDC debt, and one to repay the $USK debt. You will be able to bid with both $USDC and $USK, as well as $xUSDC and $xUSK, allowing everyone, including current depositors, to participate. We believe that this partnership is truly the best next step on Kujira’s journey. The incredible amount of alignment, both in vision and in vibes, across both ecosystems is something truly special, and we can’t wait to see what the future holds. 🉐💙⚡️