Kujira USK will be a native Cosmos overcollateralized stablecoin soft-pegged to the US dollar, initially backed by ATOM. Users stake collateral to mint USK while users would burn USK to redeem their collateral. Further, if the value of a user’s collateral were to fall too low, it would be liquidated.USK is created or ‘minted’ by locking crypto assets such as $ATOM as collateral on smart contracts. USK is minted (after subtracting a 0.5% minting fee that is distributed across KUJI stakers) and borrowed at a 5% APR (with all interest accruing to the borrower’s CDP over time), then the borrower may swap the USK for other crypto assets such as ATOM or KUJI.

USK is an over-collateralised stablecoin, native to the Kujira network

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%name%: Latest News, Social Media Updates and Insights

Turbofish, a key contributor to Nomic, has revealed an impending interchain upgrade to Nomic. This non-custodial Bitcoin (BTC) bridge’s upgrade promises to drastically enhance interoperability, facilitating Cosmos’ decentralized finance (DeFi) users to access vital digital asset DeFi protocols like Osmosis seamlessly. In a recent interview with CryptoSlate, Turbofish CEO Matt Bell explained that the nBTC […]
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