Rujira Alliance (RUJI)

Basics

• Based in:
• Started in / Announced on:
• Testnet release:
• Mainnet release:

History

• Started out as Kujira, with multiple whitelisted projects under its banner. Then voted to become the Rujira Alliance, connecting with Levana, focusing on unifying the THORChain applayer, as they put it. From their announcement (9-9-2024):

"The Merge will seek to combine $KUJI, $FUZN, $WINK and $NSTK under the single $RUJI token, with the hope that $LVN will also join in due course. This allows for a valuation reset, higher fundraising benchmarks and higher potential for listings with top centralized exchanges and market makers. To support the growth and development of the app layer, the Rujira treasury will be capitalized with up to $10m. Kujira and its ecosystem apps will collectively receive 50% of the new $RUJI token supply, with allocations determined by a rule-based system using a 30-day average market cap to mitigate short-term volatility and risk of manipulation."

As this comes not too long after the Kujira foundation messed up trading with leverage, it is speculated that this merger and new token, including 15% towards 'new investors' and 30% towards operations and incentives, is mainly done to rejuvenate the lagging project.

Audits & Exploits

• Bug bounty program can be found [insert here].
• From their docs (1-2023):

1. ORCA Audit by SCV (Smart Contract Verification)
2. Kujira USK Stablecoin Contracts Audit by SCV (Smart Contract Verification)
3. Kujira Senate Smart Contracts Audit by SCV (Smart Contract Verification)

Governance

Admin Keys

• There is a team admin account which can deploy contracts, and on-chain gov can as well (30-8-2023). These have no other permissiones
• Plans to have a Sentinel technical council, chosen by the Kujira team (29-8-2023):

“The Kujira Sentinel is the technical version of the Senate. By providing the CW4 multisig contract address with chain-wide contract instantiate permissions, we'll create better development velocity and autonomy for protocol builders, without sacrificing security. Furthermore, by delegating contract instantiation permissions to a multisig of a select group of technical experts, deployed code can be assessed and verified more rigorously than is currently possible with the global governance deployments. Long-term, the Kujira Sentinel will create a foundation for a peer-led audit and review process, significantly reducing the cost to teams launching new protocols.”

On-chain Governance

• From the website (29-8-2023):

"In order for a contract to launch on Kujira, it needs to be voted in via governance."

Senate

• The Senate got taken down by the team (27-9-2023).
• From their blog (17-10-2022):

"The Senate is composed of no more than 9 and no fewer than 3 individuals. Senators do not serve for a set term and can be added to or removed from the Senate at any time. All that is required is a governance vote. Each has an equally weighted vote. They cast votes on proposals related to requests for grants from the community fund. A proposal requires a quorum of 75% and approval requires more than 50% support. We are initially limiting the Senate’s scope to community spend proposals.

The Senate is structured around two new smart contracts; a CW-4 “Group” contract and a CW-3 “Multisig” contract.

1. The CW-4 Group contract is owned by the native on-chain governance module, and as such, members of this Group can *only* be added and removed through a mass-participation governance poll.
2. The CW-3 Multisig contract is where treasury funds will now be held, and funding proposals will now be submitted, where they can run for anything up to 2 weeks until the required threshold of signatories have voted. This contract reads the state of the Group contract in order to determine who is allowed to vote and whether a proposal has passed or not."

Treasury

• Team got part of their treasury liquidated with leverage (1-8-2024).
• Community pool has a treasury of $170k. Most of it in axlUSDC (29-8-2023).
• From the docs (1-2023):

"It is replenished through the community fund, which accumulates 2% of network fees from gas and transactions on the Kuijra network's first-party dApps, as well as from revenue share on third-party Kujira dApps."

Token

Launch

• The KUJI token was released through a token generation event in November 2021. The release schedule will conclude on November 9, 2023 at 12pm UTC, when all tokens will be fully vested.

Token Allocation

• From the docs (1-2023):

"It has a total supply of 122,398,190.844391 (122.4 million) tokens. The original supply of 150 million tokens was reduced through a governance vote on January 18, 2022, which resulted in the burning of liquidity pool rewards."

Inflation

• KUJI is not an inflationary asset and relies on adoption of its decentralized applications and products to generate fees (5-2023).

Coin Distribution

• Top 10 validators have enough to reach quorum for a vote (33%).

Technology

• Whitepaper or docs can be found here.
• Code can be viewed here.
• Consensus mechanism: Tendermint Consensus and is powered by the Cosmos SDK.
• Algorithm: PoS
• Virtual Machine:
• Development language used: Rust and Cosmoswasm (29-8-2023)

Transaction Details

• Capacity (TPS):
• Latency:

Fees

• From their docs (2-2023):

"gas fees may be paid in any token on the Kujira network, so using our cross-chain bridge or IBC transfer on BLUE found here, simply move tokens to the Kujira network and then you can use those tokens to pay gas fees"

• From their docs (1-2023):

"All fees collected on the network are paid directly to stakers through the validators, rather than being converted to KUJI first. This makes it easy for users to accumulate a diversified staking yield rather than just more KUJI. Kujira is also adding the option to redeem staking rewards as KUJI based on popular demand."

Staking

• From their docs (6-2023):

"Staking KUJI on the Kujira network is an instantaneous process. Unstaking or unbonding KUJI is a bit more complicated. To unbond KUJI on the Kujira network, 14 days must lapse for the unbonding process to finish."

Validator Stats

Has 111 validators (31-8-2023).

Interoperability

• Uses IBC.

Their Other Projects

• Kujira has multiple 'whitelisted' projects deployed. Kujira Blue, Kujira Orca (a democratized liquidations queue), Kujira Fin (a clob DEX), Kujira Bow, Kujira Ghost, Pilot Kujira Fuzion, Kujira Pod, Sonar, Kujira Finder and more non-Kujira developed DApps.
• $USK, is an over-collateralized Cosmos stablecoin soft-pegged to the USD and initially backed by $ATOM, $DOT and $wETH (8-8-2023).

Roadmap

• Can be found [Insert link here].

Pros and Cons

Cons

• Team got part of their treasury liquidated with leverage (1-8-2024).

Team, Funding and Partners

Team

• Full team can be found [here].
• Dan Tanaka

(:

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