Terra (LUNA) Linked Project Introduces New Stablecoin: It Will Work on Altcoin Network!

terra Kujira, the crypto project that was built on the Classic Blockchain and switched to the layer 1 protocol Cosmos after the collapse of LUNA, announced in a blog post Monday that it is about to launch a stablecoin called USK.

Kujira’s team “inspired” to create USK decentralized lending protocol MakerDAO and his stablecoin from DAI He said he was coming.

Kujira Was Developing The Anchor Protocol On The Terra Network

Kujira was a Blockchain development project that was first active on the Terra network. Attempt, Anchor created ORCA, a liquidation broker on the lending platform.

Terra’s algorithmic stablecoin UST and its stabilizing token LUNC After (then LUNA) plunged into a death spiral that destroyed billions of dollars of investor money, Kujira Cosmos (ATOM) It was moved to develop on the protocol.

The following statements were included in the announcement made by the project:

“As we plan to focus on payments and trading and launch our own high-end Kujira wallet, we thought we would have much more flexibility for future integrations if we could launch our native stablecoin.

We rebuilt Kujira from the ashes of Terra Classic’s collapse. We understand how important it is to properly manage a stablecoin by pursuing transparency, community engagement and sustainable management while focusing on adoption and tangible value.”

As it is known, many stablecoins have been cryptocurrency It is struggling to maintain its stable prices as the market declines and some Blockchain companies are on the verge of bankruptcy.

Central banks around the world are raising interest rates, reducing liquidity, and prompting investors to exit riskier investments, including crypto, to combat rising inflation.

*Not investment advice.