[GUEST ACCESS MODE: Data is scrambled or limited to provide examples. Make requests using your API key to unlock full data. Check https://lunarcrush.ai/auth for authentication information.]  Rujira [@RujiraNetwork](/creator/twitter/RujiraNetwork) on x 122.3K followers Created: 2024-08-03 12:50:23 UTC GM everyone. Thanks for bearing with us the last couple days. After a whole lot of discussions & taking on feedback from the community & various investors, chains & future partners, we'd like to announce our recovery plan 👇 1⃣ The operational debt will be repaid via two individual PILOT sales - one to repay the $USDC debt & one to repay the $USK debt. 2⃣ This will clear the debt on the main GHOST position, & also convert the BOW leverage LPs into protocol owned liquidity. 3⃣ The most significant element of this is that bidding can be in $USDC or $xUSDC for sale 1, and $USK or $xUSK for sale X. This will give all community members with funds locked in the GHOST lend vaults the opportunity to participate if they wish to use their xAssets. 4⃣ Through PILOT, you’ll bid for $rKUJI (recovery KUJI), which will be redeemable 1:1 for $KUJI once the required balance has been freed from collateral & undelegated. 5⃣ The specific terms - cliff, vesting, base price & max discount are all being worked out and we’ll be back soon with more details around this, as well as timings. 6⃣ Obviously there will be major structural changes in Kujira moving forward. These will require further discussions & votes etc, but the treasury will be handle by a trusted committee (TBD, & outside of the founding team). And will likely use @DA0_DA0 tooling for multisig wallets & other useful features. We understand the frustration at the team, & we will do whatever is required. 7⃣ Immediate solutions to ensure this never happens again would involve: - Max borrowing against $KUJI will be significantly reduced. - All treasury decisions being made openly & publicly by a risk committee not including founding team. We've seen that there is a real appetite for Kujira's technology across the wider ecosystem. There will be some very exciting partnerships that come out of this, but these need to be community driven & decided. This transparent & fair PILOT sale allows that. We want to say a huge shoutout of appreciation to everyone from the various ecosystems / DAOs & wider community for helping us on this. Your support has been touching & very welcome. Being able to combine forces with the community will be a real win. Special mention to @Brobyflanjoby, @ATOMAccelerator, @zmanian, @markfromdenmar_, @jpthor, @SumoKuji, @l_woetzel, @0xjordy, @ZeMariaMacedo and various others for jumping into action and working with us to find solutions 💙 The focus now is to make the community & system whole again, & then put all systems / people / partnerships in place to ensure that Kujira is much stronger than before. We've done this once & will do it again. Please standby for the PILOT sale details. Big love 🐋💙  XXXXXXX engagements  **Related Topics** [usk](/topic/usk) [$usdc](/topic/$usdc) [$7846t](/topic/$7846t) [debt](/topic/debt) [discussions](/topic/discussions) [$usk](/topic/$usk) [usdc](/topic/usdc) [coins made in usa](/topic/coins-made-in-usa) [Post Link](https://x.com/RujiraNetwork/status/1819717451350777870)
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Rujira @RujiraNetwork on x 122.3K followers
Created: 2024-08-03 12:50:23 UTC
GM everyone. Thanks for bearing with us the last couple days. After a whole lot of discussions & taking on feedback from the community & various investors, chains & future partners, we'd like to announce our recovery plan 👇
1⃣ The operational debt will be repaid via two individual PILOT sales - one to repay the $USDC debt & one to repay the $USK debt.
2⃣ This will clear the debt on the main GHOST position, & also convert the BOW leverage LPs into protocol owned liquidity.
3⃣ The most significant element of this is that bidding can be in $USDC or $xUSDC for sale 1, and $USK or $xUSK for sale X. This will give all community members with funds locked in the GHOST lend vaults the opportunity to participate if they wish to use their xAssets.
4⃣ Through PILOT, you’ll bid for $rKUJI (recovery KUJI), which will be redeemable 1:1 for $KUJI once the required balance has been freed from collateral & undelegated.
5⃣ The specific terms - cliff, vesting, base price & max discount are all being worked out and we’ll be back soon with more details around this, as well as timings.
6⃣ Obviously there will be major structural changes in Kujira moving forward. These will require further discussions & votes etc, but the treasury will be handle by a trusted committee (TBD, & outside of the founding team). And will likely use @DA0_DA0 tooling for multisig wallets & other useful features. We understand the frustration at the team, & we will do whatever is required.
7⃣ Immediate solutions to ensure this never happens again would involve:
Max borrowing against $KUJI will be significantly reduced.
All treasury decisions being made openly & publicly by a risk committee not including founding team.
We've seen that there is a real appetite for Kujira's technology across the wider ecosystem. There will be some very exciting partnerships that come out of this, but these need to be community driven & decided. This transparent & fair PILOT sale allows that.
We want to say a huge shoutout of appreciation to everyone from the various ecosystems / DAOs & wider community for helping us on this. Your support has been touching & very welcome. Being able to combine forces with the community will be a real win.
Special mention to @Brobyflanjoby, @ATOMAccelerator, @zmanian, @markfromdenmar_, @jpthor, @SumoKuji, @l_woetzel, @0xjordy, @ZeMariaMacedo and various others for jumping into action and working with us to find solutions 💙
The focus now is to make the community & system whole again, & then put all systems / people / partnerships in place to ensure that Kujira is much stronger than before. We've done this once & will do it again.
Please standby for the PILOT sale details.
Big love 🐋💙
XXXXXXX engagements
Related Topics usk $usdc $7846t debt discussions $usk usdc coins made in usa