Kujira, a decentralized finance (DeFi) platform, encountered difficulties when operational funds were used to enhance liquidity and activity, leading to exploits and market instability. The team plans to establish a decentralized autonomous organization (DAO) named Kujira Operational DAO to address the situation. Despite accusations of irresponsible management, the team assured that a significant portion of native KUJI tokens is secure. The proposed DAO aims to manage the treasury and core protocols, focusing on reducing debt safely. Additionally, the team suggests migrating the Community Pool to the DAO for extended voting periods. Future plans include upgrading BOW, USK, GHOST, and Perps. This incident highlights the importance of governance and security in the DeFi space, amidst concerns about rug pulls and malicious activities by crypto bots. Read more AI-generated news on: https://app.chaingpt.org/news
Challenges Faced by DeFi Platform Kujira and Proposed Solutions
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