The Kujira team wrote on the X platform to elaborate on the recent liquidity crisis and market panic. The team said that it had decided to use some of the working capital for the liquidity and activity promotion of the ecosystem, which was considered reasonable at the time. However, a series of subsequent events, including security bugs and social engineering attacks, led to instability in the market.
Some "influencers" on social media mistakenly referred to the situation as a "run", which is not true, but undoubtedly exacerbated the panic in the market. The team reiterated that 14 million KUJIs are still safe in the foundation's treasury, and that claims that the entire treasury is at risk are inaccurate.
To enhance transparency and accountability, Kujira will establish a Kujira Operational DAO, which will be responsible for managing the treasury and core protocols. The DAO's top priority is to safely reduce debt, plan to offer discounted KUJIs to the community through Fuzion's bond products, and set multiple maturities and vesting plans to reduce the impact on long-term prices.
Kujira: An operating DAO will be established to manage the treasury and core protocols
2024-08-01 14:50:29
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