# Kujira Empowers Everyone

Sustainable Sovereign Layer 1 Ecosystem

## The Kujira blockchain

[Kujira](https://www.Kujira.network) is a decentralized ecosystem revolutionizing FinTech to provide sustainable solutions for web 3 protocols, builders, and users.

An innovation hub of revenue-generating products with great user experience, Kujira allows retail investors to access opportunities previously only available to the wealthy and elite.

## Our vision

Our mission is to build a range of easy-to-use, cost-effective financial tools.

Our products suit anyone: novice enthusiasts, seasoned retail investors, and even institutions.

We aim to allow you to generate income regardless of market direction.

Furthermore, we are inclusive of all blockchains and networks.

## Key features

* A [layer 1](https://101blockchains.com/layer-1-blockchain/) blockchain ecosystem: *sovereign*, *sustainable*, and *decentralized*
* *Sustainable FinTech solutions for web 3* protocols, builders, and users
* A range of *innovative*, *user-friendly*, and *revenue-generating* products
* *Built for every level of crypto experience* (including the general public)
* **You do not need to risk more than you can afford to lose**
* *Access to financial opportunities* previously exclusive to the wealthy and elite
* *People can generate income in any market environment*
* *Inclusive of every blockchain and network*


# Ecosystem

First-Class Product Suite

## Application Ecosystem

Kujira is a blockchain ecosystem driven first and foremost by its suite of synergistic, ground-breaking, and sustainable decentralized applications & infrastructure.

Check out our expansive ecosystem [here](https://kujiraecosystem.com/).

## Our Signature Products

<table data-view="cards"><thead><tr><th align="center"></th><th></th><th></th><th data-hidden data-card-cover data-type="files"></th><th data-hidden data-card-target data-type="content-ref"></th></tr></thead><tbody><tr><td align="center"><a href="/pages/wbCrdg60VZXHr8Krj3a1">SONAR</a></td><td><strong>Next generation wallet</strong></td><td><p>Now you can pay, trade, stake, and vote right from your phone.</p><p></p><p>Sonar does everything you'd normally do through your desktop and much more.</p></td><td><a href="/files/arwYpCYI3IucBt4yfZPv">/files/arwYpCYI3IucBt4yfZPv</a></td><td><a href="/pages/wbCrdg60VZXHr8Krj3a1">/pages/wbCrdg60VZXHr8Krj3a1</a></td></tr><tr><td align="center"><a href="/pages/FTSF5grGstrofWO2qyjb">BLUE</a></td><td><strong>The heart of Kujira</strong></td><td><p>The place where you help shape the future of Kujira via governance. </p><p></p><p>It's also where you can stake KUJI in order to earn a portion of every cent of Kujira's revenue.</p></td><td><a href="/files/uMeGHjL6WV0hKwzoZJ6e">/files/uMeGHjL6WV0hKwzoZJ6e</a></td><td><a href="/pages/FTSF5grGstrofWO2qyjb">/pages/FTSF5grGstrofWO2qyjb</a></td></tr><tr><td align="center"><a href="/pages/Kc9glqnQuQMTZpcEyQVJ">ORCA</a></td><td><strong>Liquidate assets across Cosmos at the click of a button. No bots, no code, no problems.</strong></td><td><p>The world’s first public marketplace for liquidated collateral.</p><p></p><p>Liquidations are no longer a bot only game.</p><p></p><p>Now you can participate in securing your favorite assets, get discounts on them, and earn interest while you wait.</p></td><td><a href="/files/xilr2TKqrXAWmPvdHCAk">/files/xilr2TKqrXAWmPvdHCAk</a></td><td><a href="/pages/Kc9glqnQuQMTZpcEyQVJ">/pages/Kc9glqnQuQMTZpcEyQVJ</a></td></tr><tr><td align="center"><a href="/pages/JotNcvmbsRm143jt02ki">FIN</a></td><td><strong>100% on-chain, fair matching, decentralized, permissionless, order book style token exchange</strong></td><td><p>FIN offers a fully decentralized trading experience. </p><p></p><p>Constant incentives and bots aren't required while the risk of impermanent loss falls away. </p><p></p><p>Welcome to the future of the DEX.</p></td><td><a href="/files/h1bYAYX5nRm09ilHYyBB">/files/h1bYAYX5nRm09ilHYyBB</a></td><td><a href="/pages/JotNcvmbsRm143jt02ki">/pages/JotNcvmbsRm143jt02ki</a></td></tr><tr><td align="center"><a href="/pages/tH1oGSyKHFJavBA7RALt">BOW</a></td><td><strong>When you provide value, you deserve profit.</strong> </td><td><p>BOW, our liquidity hub, delivers a better trading experience on FIN by narrowing price spreads &#x26; deepening liquidity pools.</p><p></p><p>BOW shares fees with liquidity providers along with additional incentives to create sustainable yield for the entire ecosystem.</p></td><td><a href="/files/Jh7vcWt6XWEnS6DTZjz5">/files/Jh7vcWt6XWEnS6DTZjz5</a></td><td><a href="/pages/tH1oGSyKHFJavBA7RALt">/pages/tH1oGSyKHFJavBA7RALt</a></td></tr><tr><td align="center"><a href="/pages/dgM8R3UmrmvgVdcXtA5S">GHOST</a></td><td><strong>Welcome to Kujira's money market.</strong></td><td><p>Mobilize your assets by lending them out to earn interest or secure liquidity by using them as collateral. </p><p></p><p>Whether short or long term, lending or borrowing, this is where value does more.</p></td><td><a href="/files/OkwopYm7zaMJXCXy6nVP">/files/OkwopYm7zaMJXCXy6nVP</a></td><td><a href="/pages/dgM8R3UmrmvgVdcXtA5S">/pages/dgM8R3UmrmvgVdcXtA5S</a></td></tr><tr><td align="center"><a href="/pages/MxUBTqXq3LACvb4oKEZQ">USK</a></td><td><strong>Decentralized over-collateralized stablecoin fully backed by collateral.</strong></td><td><p>Your golden ticket to the many advantages of the unique applications in the expansive Kujira ecosystem. </p><p></p><p>USK is soft-pegged to the US $ and backed by various collateral including ATOM, wBTC, wETH, wBNB, wSOL, LUNA, and gPAXG. A full list can be found <a href="https://blue.kujira.network/mint">here</a>.</p><p></p><p>USK is backed at a 166% minimum collateralization which maintains its stability and reduces liquidation risk.</p></td><td><a href="/files/nsyqI0PPDtSDeGdFySqo">/files/nsyqI0PPDtSDeGdFySqo</a></td><td><a href="/pages/MxUBTqXq3LACvb4oKEZQ">/pages/MxUBTqXq3LACvb4oKEZQ</a></td></tr><tr><td align="center"><a href="/pages/SpXwFw6qutiw7ZKtrWhw">PILOT</a></td><td><strong>This is where capital and ideas, meet, connect, and create something amazing.</strong></td><td><p>Our ecosystem's fair, decentralized launchpad with a unique sale method that makes participation equal for everyone.</p><p></p><p>PILOT accomplishes this by removing chance and speed from its launchpad process.</p></td><td><a href="/files/Hfa4AR882KuUdC0ft7nq">/files/Hfa4AR882KuUdC0ft7nq</a></td><td><a href="/pages/SpXwFw6qutiw7ZKtrWhw">/pages/SpXwFw6qutiw7ZKtrWhw</a></td></tr><tr><td align="center"><a href="/pages/CmaCUCk1vnISYeZQ0HWi">Pond</a></td><td><strong>Efficiently build applications on Kujira</strong></td><td><p>Pond creates an entire local Kujira network, complete with price feeders, and scaffolds out a dApp template that you can start building on straight away.</p><p></p><p>Pond will have pre-installed contracts for key Kujira apps: USK, FIN, GHOST, BOW, ORCA, PILOT, etc.</p><p></p><p>Teams can PR to have their applications included too.</p></td><td><a href="/files/9iEyNRmLINN0Nwo4riOK">/files/9iEyNRmLINN0Nwo4riOK</a></td><td><a href="/pages/CmaCUCk1vnISYeZQ0HWi">/pages/CmaCUCk1vnISYeZQ0HWi</a></td></tr><tr><td align="center"><a href="/pages/WRKnj9x54NsQc8mxX3tG">POD</a></td><td><strong>Decentralizing Cosmos.</strong></td><td><p>Token holders contribute to the security of a chain by delegating to validators. </p><p></p><p>The more validators, the more secure the chain.</p><p></p><p>POD helps token stakers quickly and easily delegate to as many, or as few, validators as they like, on any Cosmos chain.</p></td><td><a href="/files/CFAksEP1OWdkgkSA6x6r">/files/CFAksEP1OWdkgkSA6x6r</a></td><td><a href="/pages/WRKnj9x54NsQc8mxX3tG">/pages/WRKnj9x54NsQc8mxX3tG</a></td></tr><tr><td align="center"><a href="/pages/w6St5UBto6lLVtUF4nDO">FINDER</a></td><td><strong>A tool to search for present and historical data on the Kujira blockchain.</strong></td><td>Use this to find information regarding transactions, wallet addresses, contract IDs and more.</td><td><a href="/files/rQezGWrbYqcPbq3kXbZH">/files/rQezGWrbYqcPbq3kXbZH</a></td><td><a href="/pages/w6St5UBto6lLVtUF4nDO">/pages/w6St5UBto6lLVtUF4nDO</a></td></tr><tr><td align="center"><a href="/pages/Nw46lQw1oTsJei8HGHcH">The Kujira Senate</a></td><td><strong>Retired governance mechanism intended to enhance the agility and decentralization of Kujira.</strong></td><td><p>A community-elected body of 7-9 members that oversaw ecosystem grants.</p><p></p><p>The Senate assessed the pros and cons of teams who applied for funding to launch protocols or build infrastructure on Kujira.</p></td><td><a href="/files/nc0HtcmO9Re6VfLwTW0W">/files/nc0HtcmO9Re6VfLwTW0W</a></td><td><a href="/pages/77RxcSE3Z8iuxyxzehyj">/pages/77RxcSE3Z8iuxyxzehyj</a></td></tr></tbody></table>

## Further reading

Learn in detail about our core products, tools, and infrastructure [here](/kujira-ecosystem/our-products).

Check out the rest of the Kujira ecosystem [here](/kujira-ecosystem/wider-ecosystem).


# Where Everyone Can Be a Whale

A Grand Whalecome to Kujira

## The Beginning

At Kujira, **we have always been determined to provide fair and equal opportunities for all investors** in the decentralized finance (DeFi) space.

On May 2021, a liquidation cascade on the [Anchor platform](https://twitter.com/anchor_protocol?lang=en) caused the price of [Terra](https://docs.terra.money/) LUNA to drop from $16 to $4 in just one week. **Many retail investors who had leveraged their assets were liquidated at large discounts by a small group of elites** that were able to buy the liquidated assets at a steep discount using expensive bots.&#x20;

This liquidation event, which wiped out over a billion dollars worth of LUNA, exposed the weaknesses of DeFi markets and the **need for a sustainable foundation that could withstand market fluctuations**.

In response to this event, Team Kujira created the first decentralized liquidations platform. Available to retail and institutional investors alike, the protocol provided a level playing field and prevented the paying of higher prices for faster or better liquidations. **Within just four months, we opened up Anchor liquidations to over 50,000 users** who did not need advanced bots or coding expertise to participate.

<figure><img src="/files/BNyQpqoW4GD74pNxDsN7" alt="" width="563"><figcaption><p><a href="/pages/Kc9glqnQuQMTZpcEyQVJ">ORCA</a> on Terra</p></figcaption></figure>

## Learning from the Past

**As we saw the inherent weaknesses of DeFi markets, we realized the need for a robust infrastructure layer that would allow investors to make money in all market environments**. Our thesis was validated by multiple events in 2022, including the collapses of Terra, 3AC, and various centralized exchanges.

In response, we introduced FIN, the first decentralized, permissionless, 100% on-chain, non-FIFO order book style token exchange on the Terra blockchain.

When the Terra blockchain was halted, we decided to launch our own semi-permissioned Cosmos sovereign chain, and in just six weeks, we built & launched a new layer 1 (L1) and relaunched FIN on it.

<figure><img src="/files/BQTkNzrlf1uLXX419NNb" alt=""><figcaption><p><a href="https://kujira.network/">Kujira main page</a></p></figcaption></figure>

## Everyone Can Be a whale

At Kujira, *we believe that* *everyone has the opportunity to be a "whale"* – to have access to large amounts of funds, strategic market information, and time. That's why we are building an ever-growing suite of interconnected dApps that provide our users with detailed analytics and automated innovation to level the playing field in the DeFi space.

**Our goal is to empower all investors to make informed decisions and succeed in the fast-moving world of DeFi**. Whether you are a retail investor or an institution, Kujira is here to help you navigate the complex and constantly evolving landscape of decentralized finance.

So, we welcome you to the Kujira ecosystem – *where everyone can be a whale*.


# Grown-Up DeFi (GUD)

The next evolution of decentralized finance

> "The secret of change is to focus all of your energy, not on fighting the old, but on building the new."

## GUD Principles

At Kujira, we believe that **DeFi can be a respected and aboveboard part of the financial system**, and we are committed to building technologies that revolutionize the way the world thinks about finance.

But we also believe that **DeFi needs to mature in order to realize its full potential**. That is why we have adopted a set of principles that guide our approach to building GUD:

* **Decentralized finance can and should be ethical**. We will not advertise large, unrealistic, inorganic yields and we will always be transparent about our practices.
* We will never embrace endlessly inflationary governance tokens that do not derive underlying value from revenue generation. We believe that **DeFi needs a rigorous foundation that will not crumble even as leverage is wiped out of the system**.
* **Proper risk management, underpinning incentives, decentralization, and community voice are all critical to GUD success**. *We will always strive to balance these values in order to create a sustainable and thriving ecosystem*.

<figure><img src="/files/colNwciZnBkT8WfFXnVY" alt="" width="563"><figcaption></figcaption></figure>

## Wake-Up Call

2022 was a wake-up call for the DeFi space, with multiple high-profile failures and collapses. It's clear that we need a new approach to DeFi that prioritizes sustainability and long-term value.

At Kujira, we are committed to building the foundation for the Grown-Up DeFi revolution. Join us as we work to create a better future for decentralized finance.  <img src="https://abs-0.twimg.com/emoji/v2/svg/1f40b.svg" alt="🐋" data-size="line">


# Why Kujira

Embrace Excellence

Here are some of the reasons why Kujira stands out:

* Ecosystem-wide staking: Kujira is a Proof of Stake network, which means that **all of our core dApps use a shared pool of tokens** to secure the network. Furthermore, **third party applications share a portion of their revenue with** [**KUJI**](/tokenomics/kuji-token) **stakers**. This allows users to earn rewards for participating in the network, regardless of which dApp they use.
* Cross-chain functionality: Kujira is built on the Cosmos SDK, which means that it has the ability to connect with other blockchains through the Inter-Blockchain Communication (IBC) protocol. *This makes it simple for developers to build dApps that interact with other networks and for users to access a wide range of services and assets*.
* Robust infrastructure: Kujira has a strong infrastructure layer that provides a stable foundation for dApps to build on. Our ecosystem is built from the ground up to be composable, circular, and complete. This includes features like governance, staking, cross-chain interoperability, and a long list of synergistic base-layer infrastructure that is essential for any decentralized ecosystem.
* Strong community: Kujira has a vibrant and engaged community of developers, users, and stakeholders who are committed to the success of the network. Whether you're looking for support, feedback, or just want to connect with like-minded individuals, Kujira has a strong sense of community that makes it a great place to be.

Overall, Kujira is a powerful and flexible ecosystem that is well-suited for developers and users who want to build and use decentralized applications that are sustainable, reliable, and user-friendly. Whether you're a developer looking for a platform to build on, or a user looking for a wide range of services and assets, Kujira has a lot to offer.


# User and Developer Experience

### Semi-Permissioned

In order for a contract to launch on Kujira, it needs to be voted in via governance. By deciding as a community, we protect the quality, sustainability, and longevity of the network. The result is that Kujira becomes a tight-knit hub of revenue-generating products with great UX.

### On-Chain Scheduler

The on-chain scheduler allows protocols to be designed with far less reliance on bots. This means there are far fewer wasted transactions. Protocols can be designed to operate more efficiently, and fees which were once required to incentivize bot usage can go back to the users of the network.

### Native Token Generation

Smart contract developers no longer need to handle two individual entry points into their contracts, only needing to design for a native denomination.

In doing so, every token on the network will be a 'native' Cosmos token, and associated Kujira product revenue from trading, liquidations, borrowing, etc. will all accrue to KUJI stakers.

### Build with Cosmos SDK

Access the entire Cosmos ecosystem seamlessly in an environment with proven security and interoperability via IBC.

### CosmWasm Support & Confio Integration

Leverage Rust’s expressive type system and CosmWasm’s best in class architecture to fearlessly build safe and secure smart contracts.

Moreover, as one of the first few chains to sign up for Confio's subscription model, our developers have unparalleled access to CosmWasm's tooling and utility & dedicated support from CosmWasm experts.&#x20;

### Thriving Community

With 100K+ active users and a very engaged Twitter, Discord, and Telegram community, this is a welcoming home for Web 3 novices and professionals alike.

### Built to Last

A long term view for real-world use, revenue, and sustainability, for builders, validators, and users.

### Better Tokenomics

All projects launching on Kujira can propose to list their token on [FIN](/dapps-and-infrastructure/fin), our CLOB DEX. Our liquidity engine, [BOW](/dapps-and-infrastructure/bow), plays off the special nature of FIN to drastically reduce liquidity needed to incentivize trading. Projects are therefore able to save on tokens that would otherwise be needed for liquidity pools, which gives them stronger tokenomics appeal than their competitors.

Projects can also take advantage of Kujira's unique on-chain tooling that allows them to make the most of their funds and tokens in various ways while preserving liquidity and capital. &#x20;

### Sophisticated On-Chain Price Oracle

Kujira's [price oracle](/validators/run-a-node/oracle-price-feeder) is submitted by all 75 active validators as a part of Kujira's [consensus](/governance/staking#consensus) mechanism. The prices are measured by at least 3 independent sources, guaranteeing reliability, stability, and high quality performance over time. Our oracle can also be directly queried by protocols in their smart contracts giving them a solid edge against developers based on other blockchains.&#x20;

### Cryptographically Verifiable On-Chain Randomness via Entropy Beacon

Entropic Labs' [Entropy Beacon](/developers/smart-contracts/entropy-beacon) is a decentralized source of randomness for blockchain developers. Beacon provides secure random number generation in trustless on-chain environments, the first to do so on Cosmos-based blockchains. Furthermore, as part of our feegrant program, protocols consuming randomness do not need to take on any extra fees or pass them to users.


# Values

Our values are at the heart of everything we do. They drive us to create top-quality products and infrastructure that meet the highest standards. Our values shape our motivations and inspire us to always strive for excellence in all we do.&#x20;

<figure><img src="/files/n8gy1SkWH2o4hy8fnkyf" alt="" width="375"><figcaption></figcaption></figure>

We believe that by staying true to our values, we can create a positive impact on the world around us and make a difference in the lives of our users and community. We are committed to upholding our values as we work towards our goals and vision for the future.


# Principles

These are the Kujira principles we hold for the team and community

**Collaboration and cooperation lead to success.**

We believe in collaboration and cooperation to build sustainable projects with transparent, honest business models and passionate builders.

As a tight-knit community, we can achieve great things if we all work together.

**Honesty, transparency, exceeding expectations.**

We value honesty and transparency and aim to exceed expectations.

**Building the future of DeFi with value**.

We're building valuable, composable technology with partners that can make a difference.

**Supporting substance, longevity for community.**

We support projects with substance and longevity for the benefit of our community.

**We are open-minded and focused on growth.**

We are open to new ideas and perspectives, and we don't spread hate or negativity.&#x20;

We focus on building value and challenging the status quo.


# Sustainability

Sustainability is a core value at Kujira.&#x20;

We believe that decentralized finance needs a strong and resilient foundation to survive and thrive.

That's why we've prioritized sustainability in all of our products and initiatives.

* We adopt and encourage capital efficient implementations of traditionally inflationary incentives such as airdrops or liquidity pool rewards. We do this to avoid harming the long-term health of the Kujira ecosystem. [**KUJI**](/tokenomics/kuji-token) **is a non-inflationary asset and will never be airdropped to anyone**.
* We have focused on building high-quality, fee-charging dApps that generate real yield from genuine demand for our products.
* We've minimized dApp fees to make them more accessible to users, while still ensuring a sustainable revenue model.
* 98% of our dApp revenue is shared with KUJI stakers, and all staking rewards from our 13.8 million KUJI staked with genesis validators are redistributed back to stakers. This helps to increase the yield for everyone in the Kujira ecosystem.

Another essential aspect of sustainability is giving back. Charity is an important aspect of the Kujira ecosystem. We believe in supporting disadvantaged communities. Our team and community have demonstrated this commitment through various charitable initiatives.

Here are a few examples of our charitable efforts:

* Kujira joined the Angel Alliance, a charity alliance on the Terra blockchain, headed by Angel Protocol. As part of our commitment to charity, we contributed approximately 0.2% of our genesis supply (131000 KUJI) to Angel Protocol. These funds will be used to generate staking revenue for those in need.
* Kujira started discussions to help fundraise for TerraSpaces, an important public good that has helped record thousands of Twitter Spaces for various Cosmos chains and communities.
* We will be involved in various other charity-focused efforts in the future. Stay tuned for updates.

We are proud of the charitable efforts of our team and community, and we will continue to support and participate in initiatives that align with our overarching vision of sustainable decentralized finance.


# Meet Team Kujira

Team Kujira is a dedicated group of individuals working to build and grow the Kujira platform. Here is a brief introduction to the team:

### Our 3 Founders

Brett [@Cryptoslang1](https://twitter.com/cryptoslang1) | Golden retriever, central front-end developer for Kujira

Dove [@Deadrightdove](https://twitter.com/deadrightdove) | Dove, CEO and public face of Kujira

Hans [@Codehans1](https://twitter.com/codehans1) | Hen, central back-end & smart contract developer for Kujira                                                                                                                          &#x20;

### Wider Team

Alex [@Unconumb](https://twitter.com/Unconumb) | Community manager, [Rorcual](https://twitter.com/Rorcual_nodes) validator

Amit [@Const\_amit](https://twitter.com/const_amit) | Smart Contract Wizard&#x20;

Dan Tanaka [@Dantanakakujira](https://twitter.com/dantanakakujira) | Growth & biz dev

Daniel Lux [@Thuxo\_Lux](https://twitter.com/Thuxo_Lux) | Writing & Research, [WinkHUB](/community/kujira-socials/winkhub) team, [KujiDAO](https://twitter.com/kuji_DAO) validator

Dave [@Brinstar\_Kuji](https://twitter.com/Brinstar_Kuji) | CFA Charterholder, moderator, advisor

Mint [@mintthemoon](https://twitter.com/mintthemoon) | Kujira Name Service, [Gojira](https://winkhub.app/posts/kujira-name-system-is-launching-on-the-gojira-nft-marketplace) dev, Kujira relayer/validator

Starsquid [@starsquid\_io](https://twitter.com/starsquid_io) | Kujira Price Oracles & [Kujira Pond](/dapps-and-infrastructure/pond)                                    &#x20;


# Our Products

Core Infrastructure and Decentralized Applications

### Overview

Kujira offers a complete base layer of high quality composable first-party products that allow users to participate in the decentralized financial ecosystem based on their risk appetite and expected return.&#x20;

{% tabs %}
{% tab title="Applications" %}

<table><thead><tr><th width="106">Name</th><th>Description</th></tr></thead><tbody><tr><td><a href="/pages/FTSF5grGstrofWO2qyjb">BLUE</a></td><td>Kujira’s central hub. View ecosystem analytics, send and swap tokens, bridge, stake, govern Kujira, and mint USK </td></tr><tr><td><a href="/pages/tH1oGSyKHFJavBA7RALt">BOW</a></td><td>Highly capital efficient market making framework for FIN that ensures optimal trading conditions and incentivizes liquidity providers</td></tr><tr><td><a href="/pages/JotNcvmbsRm143jt02ki">FIN</a></td><td>Orderbook-style DEX for cross-chain asset trading with high liquidity, low fees, and customizable design</td></tr><tr><td><a href="/pages/dgM8R3UmrmvgVdcXtA5S">GHOST</a></td><td>Money Market bringing leverage to Kujira</td></tr><tr><td><a href="/pages/Kc9glqnQuQMTZpcEyQVJ">ORCA</a></td><td>Democratizing liquidations. Public marketplace for purchasing liquidated collateral at a discount through Dutch auctions with a user-friendly interface and instant settlement</td></tr><tr><td><a href="https://pilot.kujira.app/">PILOT</a></td><td>Launchpad–built in partnership with Fuzion–streamlining the new gold standard of fair raise mechanics for buyers and builders</td></tr></tbody></table>
{% endtab %}

{% tab title="Infrastructure" %}

<table><thead><tr><th width="144.5">Name</th><th>Description</th></tr></thead><tbody><tr><td><a href="/pages/w6St5UBto6lLVtUF4nDO">FINDER</a></td><td>Official blockchain explorer for the Kujira network. Track addresses, transactions, validators, and more </td></tr><tr><td><a href="/pages/77RxcSE3Z8iuxyxzehyj">Kujira Senate</a></td><td>Grant committee of 9 community-elected representatives who make funding decisions to maintain the platform's integrity and decentralization</td></tr><tr><td><a href="/pages/WRKnj9x54NsQc8mxX3tG">POD</a></td><td>Custom staking user interface designed to support decentralization throughout the Cosmos network</td></tr><tr><td><a href="https://blue.kujira.app/sentinel">Sentinel</a></td><td>A technical Senate creating better development velocity and autonomy for protocol builders without sacrificing security. By establishing a peer-led audit and review process, Sentinel will significantly reduce protocol launch costs</td></tr><tr><td><a href="/pages/wbCrdg60VZXHr8Krj3a1">SONAR</a></td><td>Native mobile wallet for seamless blockchain interaction and a real world payment framework supporting native tokens and integrations</td></tr><tr><td><a href="/pages/MxUBTqXq3LACvb4oKEZQ">USK</a></td><td>Decentralized, overcollateralized, exogenous stablecoin - the first native stable to replace UST in Cosmos - using ORCA as a liquidation settlement layer for secure &#x26; transparent liquidations</td></tr></tbody></table>
{% endtab %}

{% tab title="Tooling" %}

<table><thead><tr><th width="167.5">Name</th><th>Description</th></tr></thead><tbody><tr><td><a href="https://docs.kujira.app/developers/smart-contracts/entropy-beacon">Entropy Beacon</a></td><td>Created by <a href="https://entropiclabs.io/">Entropic Labs</a>, it brings cryptographically verifiable on-chain randomness to Kujira </td></tr><tr><td><a href="https://docs.kujira.app/developers/smart-contracts/oracle">Price Oracle</a> </td><td>On-chain source of truth queryable by UI front-ends, the CLI, and smart contracts. Powered by our active validator set and aggregated from various sources</td></tr><tr><td><a href="https://docs.kujira.app/developers/smart-contracts/scheduler">Scheduler</a> </td><td>Allows automated smart contract execution reducing reliance on bots</td></tr><tr><td><a href="https://docs.kujira.app/developers/smart-contracts/token-factory">Token Factory</a> </td><td>Makes every asset on the Kujira blockchain a native asset</td></tr></tbody></table>
{% endtab %}
{% endtabs %}

Aside from reading the docs sections linked above, you can learn more about our core applications [here](https://kujira.network/dapps) on [Kujira's landing page](/dapps-and-infrastructure/welcome-to-kujira-landing-page).&#x20;


# Wider Ecosystem

Community Infrastructure and Decentralized Applications

Other than our first party dApps, there are a variety of third party projects built on the Kujira ecosystem. These projects are led by teams and community members from all over, and can be found on the ecosystem projects page on the Kujira website. These projects are an integral part of the Kujira chain, just as important as the first party products themselves. By hosting and supporting these third party projects, Kujira aims to foster a diverse and thriving ecosystem that benefits all of its users.

Community members can explore these projects at length on our Kujira ecosystem page [here](https://kujira.network/ecosystem).&#x20;

Public projects building on Kujira include [Aqualibre](https://twitter.com/AQLA_Token), [Blend](https://twitter.com/Blend_protocol), [CALC Finance](https://twitter.com/CALC_Finance), [DLOYAL Refer](https://twitter.com/dloyalrefer), [Eris Protocol](https://twitter.com/eris_protocol?lang=en), [Fuzion](https://twitter.com/Fuzion_App) ([PILOT](/dapps-and-infrastructure/pilot-launchpad), [PLASMA](https://plasma.fuzion.app/), etc.), [Gojira](https://winkhub.app/posts/gojira-kujiras-revolutionary-nft-marketplace), [Kujira Index](https://twitter.com/KujiraIndex), [Kujira Name System](https://winkhub.app/posts/kujira-name-system-is-launching-on-the-gojira-nft-marketplace), [Local Money](https://twitter.com/TeamLocalMoney), [MantaDAO](https://twitter.com/Manta_DAO?ref_src=twsrc%5Egoogle%7Ctwcamp%5Eserp%7Ctwgr%5Eauthor), [Nami Protocol](https://twitter.com/NamiProtocol), [Plankton](https://twitter.com/Planktonkoin), [Quark](https://twitter.com/Quark_Protocol)[ Protocol](https://twitter.com/Quark_Protocol), [ShrimpSwap](https://twitter.com/Shrimp_Swap), [WinkHUB](/community/kujira-socials/winkhub), and [Yield Harbour](https://twitter.com/yieldharbour).

At the moment, public partnerships & integrations with Kujira include [Axelar](https://twitter.com/axelarcore), [CacaoSwap](https://twitter.com/CacaoSwap), [CoinGecko](https://twitter.com/coingecko), [Confio](https://twitter.com/confio_tech), [Cross-Chain Transfer Protocol](https://developers.circle.com/stablecoins/docs/cctp-getting-started#:~:text=Cross%2DChain%20Transfer%20Protocol%20\(CCTP,using%20USDC%20across%20blockchain%20networks.), [DefiLlama](https://twitter.com/DefiLlama), [Entropic Labs](https://twitter.com/Entropic_Labs), [Funttastic Labs](https://twitter.com/FunttasticLabs), [Kado](https://twitter.com/kado_money), [Leap Wallet](https://www.leapwallet.io/chain/kujira), [Maya Protocol](https://twitter.com/Maya_Protocol), [Nomic](https://twitter.com/nomicbtc), [Persistence](https://twitter.com/PersistenceOne), [Coinhall](https://twitter.com/coinhall_org), [Rango](https://twitter.com/RangoExchange), [Nansen Portfolio](https://twitter.com/nansenportfolio), [Stargaze](https://twitter.com/StargazeZone), [Stride](https://twitter.com/stride_zone), and [WooCommerce](https://twitter.com/WooCommerce).


# Kujira Roadmap

Kujira's constantly evolving roadmap encompasses a variety of tooling, protocols, integrations, events, and other exciting developments. This dedicated page is meant to introduce general ecosystem users to everything happening in Kujira and let them read more information about the different teams involved in the ecosystem and the order of what's happening next.&#x20;

Here is a fraction of what is currently shipping by the wider Kujira ecosystem:

Kujira Core Team improvements:

<table><thead><tr><th width="169">CORE/MODULE</th><th width="225">Improvement</th><th>Timeline</th><th>Link</th></tr></thead><tbody><tr><td><a href="https://www.blue.kujira.network">Staking</a></td><td>Revenue Converter</td><td>A few days</td><td><a href="https://twitter.com/TeamKujira/status/1767231977340477755">Here</a></td></tr><tr><td><a href="https://blue.kujira.network/stake">Staking</a></td><td>Ultra cheap batch claim</td><td>A few days</td><td>No link</td></tr><tr><td><a href="/pages/HCxkMdyRaQnCgHnacbTh">Oracle</a></td><td>6x speed upgrade</td><td>TBA</td><td><a href="https://winkhub.app/posts/kujira-transforming-defi-your-complete-financial-hub-team-update#h-why-is-this-important">Here</a></td></tr><tr><td>Database</td><td>Chain Speed ++</td><td>TBA</td><td><a href="https://twitter.com/TeamKujira/status/1776202415659799005">Here</a></td></tr></tbody></table>

Improvements for developers:

<table><thead><tr><th width="173">Core/Module</th><th width="239">Improvement</th><th>Timeline</th><th>Link</th></tr></thead><tbody><tr><td><a href="/pages/CmaCUCk1vnISYeZQ0HWi">Pond</a></td><td>General upgrades</td><td>TBA</td><td><a href="https://twitter.com/TeamKujira/status/1772288604770906418">Here</a></td></tr><tr><td>Pond Ex</td><td>Scalability upgrade</td><td>TBA</td><td>No link</td></tr><tr><td><a href="https://build.kujira.app/">Developer Hub</a></td><td>Frictionless dev exp</td><td>TBA</td><td><a href="https://twitter.com/Thuxo_Lux/status/1771874296853578099">Here</a></td></tr><tr><td>CW - ICA</td><td>ICA/IQC CosmWasm</td><td>TBA</td><td><a href="https://winkhub.app/posts/kujira-transforming-defi-your-complete-financial-hub-team-update#h-ibc-ica-and-icq">Here</a></td></tr><tr><td>Kujira Ex</td><td>Architecture overhaul</td><td>TBA</td><td><a href="https://t.me/team_kujira/487768">Here</a></td></tr></tbody></table>

Core Team new features:

<table><thead><tr><th width="150">dApp</th><th width="311">Type</th><th>Timeline</th><th>Link</th></tr></thead><tbody><tr><td><a href="https://fin.kujira.network/futures/">Kujira Futures</a></td><td>Perpetuals</td><td>TBA</td><td><a href="https://winkhub.app/posts/kujira-transforming-defi-your-complete-financial-hub-team-update">Here</a></td></tr><tr><td><a href="/pages/JotNcvmbsRm143jt02ki">FIN</a></td><td>Oracle Orders</td><td>A few days</td><td><a href="https://twitter.com/technologypoet/status/1772024871536431326">Here</a></td></tr><tr><td><a href="/pages/JotNcvmbsRm143jt02ki">FIN</a></td><td>Margin Trading</td><td>TBA</td><td>No link</td></tr><tr><td><a href="/pages/tH1oGSyKHFJavBA7RALt">BOW</a></td><td>Oracle Order MM Vaults</td><td>TBA</td><td>No link</td></tr><tr><td><a href="/pages/tH1oGSyKHFJavBA7RALt">BOW</a> / <a href="/pages/MxUBTqXq3LACvb4oKEZQ">USK</a></td><td>USK minting from BOW leveraged LPs</td><td>TBA</td><td>No link</td></tr><tr><td><a href="/pages/tH1oGSyKHFJavBA7RALt">BOW</a> / <a href="/pages/MxUBTqXq3LACvb4oKEZQ">USK</a></td><td>Self-repaying leveraged LPs</td><td>TBA</td><td>No link</td></tr><tr><td><a href="/pages/dgM8R3UmrmvgVdcXtA5S">GHOST / USK</a></td><td>Transferrable Debt</td><td>TBA</td><td><a href="https://twitter.com/codehans1/status/1766782267806957883">Here</a></td></tr><tr><td><a href="https://sonar.kujira.network/">Sonar</a></td><td>Seedless wallets</td><td>TBA</td><td><a href="https://twitter.com/TeamKujira/status/1773077024405434482">Here</a></td></tr><tr><td><a href="https://sonar.kujira.network/">Sonar</a></td><td>KYC-less deposits</td><td>TBA</td><td>No link</td></tr><tr><td><a href="https://sonar.kujira.network/">Sonar</a></td><td>DAODAO integration</td><td>TBA</td><td><a href="https://winkhub.app/posts/kujira-transforming-defi-your-complete-financial-hub-team-update#h-ibc-ica-and-icq">Here</a></td></tr><tr><td><a href="https://sonar.kujira.network/">Sonar</a></td><td>EVM wide CCTP support</td><td>Soon</td><td>No link</td></tr><tr><td><a href="https://unstake.fi/">Unstake.Fi</a></td><td>Unstake Stride LSTs</td><td>TBA</td><td>No link</td></tr><tr><td><a href="https://unstake.fi/">Unstake.Fi</a></td><td>Unstake Osmosis LPs</td><td>TBA</td><td>No link</td></tr><tr><td><a href="https://unstake.fi/">Unstake.Fi</a></td><td>Analytics</td><td>TBA</td><td>No link</td></tr><tr><td><a href="https://unstake.fi/">Unstake.Fi</a></td><td>Dashboard</td><td>TBA</td><td>No link</td></tr></tbody></table>

Wider Ecosystem - new products:

<table><thead><tr><th width="201">dApp</th><th width="245">Type</th><th>Timeline</th><th>Link</th></tr></thead><tbody><tr><td><a href="https://twitter.com/TheWinkTeam">Gojira</a></td><td>NFT marketplace</td><td>+1 week</td><td><a href="https://winkhub.app/posts/gojira-kujiras-revolutionary-nft-marketplace">Here</a></td></tr><tr><td><a href="https://twitter.com/mintthemoon">Kujira Name System</a></td><td>Domain name server + more</td><td>a few weeks</td><td><a href="/pages/v3xJ0SXhWGzG4iUmVYqb">Here</a></td></tr><tr><td><a href="https://www.namifi.app/en">Nami Protocol</a></td><td>Savings &#x26; Yield</td><td>Q2</td><td><a href="https://twitter.com/NamiProtocol/status/1769318876548898876">Here</a></td></tr><tr><td><a href="https://quarkprotocol.com/">Quark Protocol</a></td><td>Self repaying loans</td><td>TBA</td><td>No link</td></tr><tr><td><a href="https://dashboard.fuzion.app/">Airdrops</a></td><td>Fuzion Whitelist Tool</td><td>TBA</td><td><a href="https://docs.fuzion.app/roadmap/roadmap/">Here</a></td></tr><tr><td><a href="https://twitter.com/yieldharbour">Yield Harbour</a></td><td>Options Trading</td><td>TBA</td><td><a href="https://twitter.com/TeamKujira/status/1773096689961701690">Here</a></td></tr><tr><td><a href="https://twitter.com/Planktonkoin">Plankton</a></td><td>Raffles &#x26; Giveaways</td><td>TBA</td><td><a href="https://twitter.com/Planktonkoin/status/1729446426827162096">Here</a></td></tr><tr><td><a href="https://twitter.com/KujiraIndex">Kuijra Index</a></td><td>Index fund</td><td>TBA</td><td><a href="https://twitter.com/KujiraIndex/status/1747588575791570990">Here</a></td></tr></tbody></table>

Wider ecosystem - product improvements

<table><thead><tr><th width="184">dApp</th><th width="303">Type</th><th width="133">Timeline</th><th>Link</th></tr></thead><tbody><tr><td><a href="https://mantaswap.app/">MantaSwap</a></td><td>Multi-route swaps</td><td>TBA</td><td>No link</td></tr><tr><td><a href="https://mantaswap.app/">MantaSwap</a></td><td>CALC Integration</td><td>TBA</td><td><a href="https://app.mantafi.com/mantadao/proposal/173">Here</a></td></tr><tr><td><a href="https://mantadao.app/">MantaDAO</a></td><td>DAODAO integration</td><td>TBA</td><td><a href="https://twitter.com/PragmaticMonkey/status/1775290501622608085">Here</a></td></tr><tr><td><a href="https://www.google.com/search?q=mantafi&#x26;oq=mantafi&#x26;gs_lcrp=EgZjaHJvbWUyBggAEEUYOTIHCAEQABiABDIJCAIQLhgKGIAEMg0IAxAuGK8BGMcBGIAEMgkIBBAAGAoYgAQyBwgFEAAYgAQyBggGEEUYPDIGCAcQRRg80gEHNzI3ajBqNKgCALACAA&#x26;sourceid=chrome&#x26;ie=UTF-8">MantaFi</a></td><td>V2 Analytics</td><td>TBA</td><td>No link</td></tr><tr><td><a href="https://quarkprotocol.com/">Quark Protocol</a></td><td>Interchain Asset Support</td><td>Imminent</td><td>No link</td></tr><tr><td><a href="https://www.erisprotocol.com/kujira/amplifier/KUJI">Eris Protocol</a></td><td>Interchain Asset Support</td><td>Imminent</td><td>No link</td></tr><tr><td><a href="https://plasma.fuzion.app/">Plasma (Fuzion) </a></td><td>UI upgrades + new features</td><td>TBA</td><td><a href="https://docs.fuzion.app/roadmap/roadmap/">Here</a></td></tr><tr><td><a href="https://twitter.com/AQLA_Token">Aqualibre</a></td><td>AQLA staking</td><td>Imminent</td><td><a href="https://twitter.com/AQLA_Token/status/1774074097770668493">Here</a></td></tr><tr><td><a href="https://twitter.com/TheWinkTeam">Wink Team</a></td><td>WINK staking</td><td>Imminent</td><td>I say - Lux</td></tr><tr><td><a href="https://twitter.com/TheWinkTeam">Wink</a> &#x26; <a href="https://quarkprotocol.com/">Quark</a></td><td>qcWINK</td><td>Soon</td><td>I say - Lux</td></tr><tr><td><a href="https://winkhub.app/">WinkHUB</a></td><td>Community docs +  other upgrades</td><td>TBA</td><td><a href="https://winkhub.app/posts/this-is-winkhub#Roadmap">Here</a></td></tr><tr><td><a href="https://winkhub.app/">WinkHUB</a></td><td>All team articles ported over</td><td>A few weeks</td><td>I say - Lux</td></tr></tbody></table>

Airdrops / Lockdrops / Claimdrops:

| Protocol                                                               | Ticker | Timeline | Link                                                                      |
| ---------------------------------------------------------------------- | ------ | -------- | ------------------------------------------------------------------------- |
| [CACAO](https://cacaoswap.app/)                                        | $YUM   | TBA      | [Here](https://twitter.com/CacaoSwap/status/1772570379308896561)          |
| [ERIS](https://www.erisprotocol.com/kujira/amp-governance/delegations) | $ERIS  | TBA      | [Here](https://medium.com/@eris_protocol/eris-1-0-claimdrop-dbb34f723549) |

Pilot Launches:

| Protocol                                                                                                                        | Ticker | Timeline | Link                                                                                                  |
| ------------------------------------------------------------------------------------------------------------------------------- | ------ | -------- | ----------------------------------------------------------------------------------------------------- |
| [Nami Protocol](https://www.namifi.app/en)                                                                                      | $NAMI  | TBA      | [Here](https://x.com/KujiKast/status/1775873491918602424)                                             |
| [CACAO](https://cacaoswap.app/?swapTolerance=5\&swapFrom=BTC.BTC\&swapTo=ETH%2FUSDC-0XA0B86991C6218B36C1D19D4A2E9EB0CE3606EB48) | $YUM   | TBA      | [Here](https://medium.com/@CacaoSwap/introducing-yum-the-token-powering-cacao-swap-34f2d174dcbc#b769) |

Kujira Events:

<table><thead><tr><th width="160">Event Name</th><th width="329">Description</th><th width="133">Timeline</th><th>Link</th></tr></thead><tbody><tr><td><a href="https://twitter.com/AwesomWasm">AwesomWasm</a></td><td>Kujira x Neutron Hackathon in Berlin</td><td>May 28 - 30 </td><td><a href="https://twitter.com/TeamKujira/status/1776288379228835978">Here</a></td></tr><tr><td></td><td></td><td></td><td></td></tr><tr><td></td><td></td><td></td><td></td></tr></tbody></table>

NDAs:

NDA #1

NDA #2

Once again, this is just a fraction of publicly confirmed developments coming soon on Kujira. There is also a whole lot more stuff happening behind the scenes that we are finalizing before shipping.&#x20;

Current roadmap reflects information as of April 5th 2024.


# How to Participate

How to get involved in the Kujira ecosystem

### Overview

Kujira offers a variety of ways for individuals to get involved in the ecosystem. Developers can create new products on the Kujira blockchain by referencing [POND](/dapps-and-infrastructure/pond), while validators can help secure and decentralize the chain on [BLUE](/dapps-and-infrastructure/blue). Community members can also have a say in the direction of the chain by voting on changes and participating in the various features and infrastructure offered on BLUE.

The [SONAR](/dapps-and-infrastructure/kujira-wallet) wallet offers the best possible experience for anyone on Kujira. SONAR is your DeFi gateway with a bevy of applications all at your fingertips on mobile or desktop. Download it [here](https://sonar.kujira.network/).

The Kujira blockchain can easily integrate [ORCA](/dapps-and-infrastructure/orca) with EVM and Cosmos money markets, providing numerous benefits such as increased capital efficiency and reduced risk of insolvency. Liquidators can also bid on integrated money market liquidations with [USK](/dapps-and-infrastructure/usk-stablecoin) (Kujira's native stablecoin that sees use all over the Kujira ecosystem)or various yield bearing assets to purchase discounted collateral at up to a 44% discount while passively earning as liquidation bids wait to fill.

Lenders can provide assets on [GHOST](/dapps-and-infrastructure/ghost-money-market) to receive liquid yield bearing assets in their wallet and see their deposited assets appreciate in value over time via borrow interest from borrowers of those assets on GHOST. Stablecoins like USDC & USK are seeing 20%+ average APR . Borrowers can deposit collateral to take out loans to long or short various assets that can be borrowed against the deposited collateral.&#x20;

On BLUE, [KUJI](/tokenomics/kuji-token) stakers can collect interest bearing apex assets [xKUJI and xUSK](/dapps-and-infrastructure/ghost-money-market/lend) from fee revenue collected via use of Kujira dApps as a portion of total protocol revenue based on their staked KUJI.&#x20;

Users interested in staking on other Cosmos chains in an effective way that promotes greater decentralization can use [POD](/dapps-and-infrastructure/pod) to stake on any other Cosmos chain via the POD application on Kujira.

Eager would-be investors can use [PILOT](/dapps-and-infrastructure/pilot-launchpad) to get in on the ground floor of new project launches and fundraises. This gives you access to opportunities previous limited to the wealthy and elite who were the only individuals with any hope of seeing early rounds to invest in an asset. On the flip side, for aspiring founders, PILOT provides a premier launch mechanism that empowers teams with control of the quantity of tokens and the price range they are sold for. PILOT removes the anxiety of first come, first served, and eliminates the randomness of lotteries for participation queues.&#x20;

New projects can apply to be listed on [FIN](/dapps-and-infrastructure/fin). Projects can also advertise to the entire Kujira community by providing incentives on [BOW](/dapps-and-infrastructure/bow). Users can also provide liquidity and stake it on BOW to farm incentives and earn rewards. Developers who want to build on Kujira can apply to participate in [Kujira Labs](/our-venture-builder-program/overview)$$-$$our virtual & in-person accelerator program in Lisbon, Portugal.

FIN also allows for margin that can be used for leveraged long positions. And minting USK is a way to go long on many different types of deposited collateral such as ATOM, wBTC, wETH, wBNB, LUNA, DOT, and gPAXG, or to invest in different projects within the Kujira ecosystem, etc.

Users and developers can track real-time wallet activity, wallet balances, past transaction history, token characteristics, smart contract addresses, etc. all on our blockchain explorer, [FINDER](/dapps-and-infrastructure/finder).

Funding your wallet has never been easier if you want to make the most of participating in the Kujira ecosystem. There's [a bunch of methods](/kujira-ecosystem/how-to-deposit-assets-into-the-ecosystem) at your disposal. Check out [this article](https://winkhub.app/posts/depositing-funds-to-kujira) for a more in-depth tutorial. Easily offramp by using Circle's Cross-Chain Transfer Protocol, bridging assets to other chains, or just buying real goods and service after first purchasing prepaid gift cards with your crypto.

Finally, our ecosystem has other products & dApps offering exciting use cases such as [an education hub for learning about Kujira](https://winkhub.app/);  [a revolutionary NFT marketplace](https://winkhub.app/posts/gojira-kujiras-revolutionary-nft-marketplace); [custom addresses](https://winkhub.app/posts/kujira-name-system-is-launching-on-the-gojira-nft-marketplace); [AI-boosted dollar cost averaging](https://calculated.fi/); [a product suite for launching, growing, and/or developing new or existing protocols](https://dashboard.fuzion.app/); [liquid staked tokens with composability built on top](https://quarkprotocol.com/app/stake?asset=KUJI); [a way to instantly unstake liquid staked tokens and locked liquidity pool positions (which is cheaper than swapping via a DEX)](https://unstake.fi/);  [a DAO enhancing ecosystem liquidity](https://mantadao.app/) & running [a decentralized, automated market maker & aggregation router built on top of FIN](https://mantaswap.app/); [community-owned market making bots](https://hummingbot.org/); [a way to deposit money to passively earn interest for savers](https://www.namifi.app/en); [peer-to-peer off-ramp services](https://app.localmoney.io/); [NFT collections](https://kujira.network/ecosystem), [user-defined raffles](https://plank.fi/), etc.&#x20;

The Kujira ecosystem can be explored at length in this [entry](/kujira-ecosystem/wider-ecosystem).&#x20;


# Moving Funds to Kujira

How to deposit funds in the ecosystem

There are several options available for moving funds to the Kujira blockchain. Depending on your level of experience with decentralized finance (DeFi) and where your funds are located, you can choose the most appropriate method for your needs.

### Option 1: Using a Fiat Onramp

If you are new to DeFi, it may be easiest to use a fiat onramp to move your funds to Kujira in one step. Kado and Local Money are two examples of fiat onramps that can be used to onramp funds to Kujira.

### Option 2: Migrating Terra KUJI

If you were a KUJI holder on Terra and held KUJI or sKUJI at 1:58 AM UTC on May 13, 2022 after the UST collapse, you can migrate your Terra KUJI to the Kujira network to receive a corresponding amount of native KUJI. We have a detailed migration guide available to help you through this process.

### Option 3: Bridging & Cross-chain Tools

If you are an experienced DeFi user, there are several bridging tools available that you can use to move your funds to Kujira. Some examples include Axelar, IBC, Squid, Maya, and Rango. Another popular method involves moving native USDC across chains or from Coinbase to Kujira and vice versa using Circle's Cross-Chain Transfer Protocol (CCTP). Our detailed guide below breaks down the different options and provides more information on how to use these tools.

## On-Ramping Funds to Kujira

If you are new to cryptocurrencies, one easy way to move funds into the Kujira blockchain is to use a user-friendly on-ramping tool. These tools allow you to transfer funds directly from your bank account into the Kujira ecosystem. Below is a list of some of the easiest on-ramping tools for beginners to use:

### Kado Money

[Kado](/dapps-and-infrastructure/basics#funding-your-wallet-using-kado) is a platform that allows users to easily enter and exit the DeFi ecosystem without the need for a centralized exchange. It offers low fees and enables users to move between fiat and web3 directly from their wallets, as well as off-ramp from DeFi to their bank accounts. Kado believes in the importance of self-custody and aims to empower users to take control of their financial freedom.

### Local Money

[Local](https://localmoney.io/) is a decentralized P2P marketplace for the multi-chain world with fast and easy on-off ramps. Local Money enables peer to peer transactions that greatly reduce the burden of moving funds on or off chain. Created as a decentralized alternative built on the success of P2P giants Binance P2P, Localbitcoins, and LocalCryptos who have more than 10 million monthly visits–Local Money is set to expand crypto-fiat access.

## Migrating Terra KUJI to Kujira

If you held KUJI tokens on Terra Classic and held them during the snapshot (13th of May, 2022 at 1:58 AM UTC), you can migrate them to the Kujira blockchain by following the guide provided in this article. sKUJI holders will receive KUJI at a ratio of 1sKUJI = 1.228 KUJI. KUJI holders will receive KUJI at a ratio of 1 Terra KUJI = 1 Kujira KUJI. LPers will need to reach out directly to Jan or Alex for assistance.&#x20;

<https://medium.com/team-kujira/migration-to-kujira-mainnet-cc04d88da338>

## Bridging & Cross-chain Tools

Experienced users with funds already in DeFi

### Gravity Bridging

The Gravity Bridge is a purpose-built, fully decentralized, trustless blockchain which bridges assets between the Ethereum and Cosmos ecosystems. Ethereum and EVM compatible tokens can be transferred across the Gravity Bridge to a Cosmos wallet and then onto other Cosmos wallets or DEXs (such as FIN or Gravity DEX). Cosmos SDK based blockchains can similarly send tokens across Gravity Bridge to the Ethereum ecosystem, making them available for transfer or potentially trading on Uniswap or other ETH DEXs. <https://bridge.blockscape.network/>

### Axelar Bridging

The Axelar Bridge is a decentralized network that enables cross-chain communication and asset transfers between different blockchain networks. It utilizes Gateway smart contracts, validators, and relayer servers to facilitate cross-chain transactions and pass messages between chains. The Axelar Bridge aims to provide a secure and efficient way for users to access a wider range of assets and utilize the benefits of the Axelar network, including low fees and improved trade execution. <https://satellite.money/>

#### Bridging to the Kujira Ecosystem

The Kujira ecosystem offers several options for bridging assets from other networks to Kujira mainnet. This allows users to access a wider range of assets and take advantage of the benefits of the Kujira ecosystem, such as low fees and improved trade execution.

Here is a step-by-step guide to the bridging process:

1. Go to[ https://blue.kujira.app/bridge](https://blue.kujira.app/bridge).
2. Connect your Keplr wallet and configure the bridge to show the network where you currently have your axlUSDC (Avalanche, Polygon, or Fantom) on the left, and axlUSDC on the right.
3. Click "Connect Wallet" next to "Source Balance" and approve the popup on MetaMask.
4. Input the amount of axlUSDC you wish to migrate to Kujira, remembering to have some AVAX/MATIC/FTM for fees. You'll need to pay both a bridge fee and the normal gas fee to transfer between wallets.
5. Click "Initiate Bridge". Once a deposit address has been created, the "Initiate Bridge" button should change to say "Sign and Send". Click this and approve the transaction to finish the bridging process.
6. Bridging can take up to 5 minutes to complete, so you can track the progress by clicking the text in the green box.

If you have native USDC on Ethereum, you can bridge it to Kujira mainnet by following the same steps as above, but configuring the left side of the bridge to show "Ethereum" instead.

Alternatively, you can deposit USDC directly from a centralized exchange (CEX) into Kujira. To do this, navigate to the "Crosschain Bridge" section of the bridging page and follow the steps

### Cross-Chain Transfer Protocol

Kujira's native wallet [SONAR](/dapps-and-infrastructure/kujira-wallet) integrates Circle's Cross-Chain Transfer Protocol (CCTP) by leveraging the power of IBC under the hood to facilitate sending native USDC stablecoins from Kujira to Coinbase and vice versa.

Please note that you cannot directly send your native USDC to any other destination. Once your USDC is in Coinbase, you can then send it to other supported DeFi networks.

This is one of the **simplest and cheapest** onboarding mechanisms for DeFi beginners. The only thing to keep in mind is that if you move your USDC on-chain to a new SONAR wallet, you'll need to change your wallet gas fees to being USDC, so that you are able to perform further transactions. You can find a guide on how to do this [here](/dapps-and-infrastructure/kujira-wallet/setup/customize-your-settings#technical-aspects).

### Nomic Bridging

The Nomic bridge is a design for a Bitcoin sidechain that enables decentralized networks to manage reserves of Bitcoin and use custom application code and smart contracts. It uses the Tendermint consensus protocol and timestamps the sidechain on the Bitcoin blockchain for security and BFT finality. It also includes mechanisms to prevent loss of funds and disincentivize malicious behavior.

### IBC Bridging

The Inter-Blockchain Communication (IBC) Protocol allows blockchains to communicate with each other and exchange data about state or transactions. It is particularly useful for application-specific blockchains in the Cosmos network and offers a standardized way for applications on different chains to communicate. IBC is a permissionless way to relay data packets between blockchains and relies on the security of the participating chains. It is much more secure than traditional bridging methods.&#x20;

[Here](https://winkhub.app/posts/depositing-funds-to-kujira#Cosmos-Chains) is a quick guide on how to use IBC to bridge assets to the Kujira ecosystem.

### 0xSquid

Squid is a protocol for cross-chain swaps and liquidity routing on the Axelar Network. It enables the easy exchange of any native token between different chains and can be used with custom smart contracts. It connects all applications and users on all chains with a single click and is built on top of the Axelar Network, which allows for secure communication and execution of any action between any chain.

### Maya Protocol

Maya Protocol is a powerful cross-chain DEX. MAYAChain is a cross-chain AMM that facilitates cross-chain swaps without the need for bridging or wrapped assets. Maya is a powerful tool for empowering KUJI and USK decentralized self-custody swaps to and from native BTC, ETH, USDT (ERC20), USDC (ERC20), RUNE, DASH and more upcoming assets. This allows for secure asset onboarding without ever needing to use a centralized exchange.&#x20;

### Rango

Rango is a multi-chain DEX and bridge aggregator that facilitates the transfer of funds between different blockchains. Integrated with Kujira, Rango empowers blockchain users on many different chains to efficiently and smoothly transfer assets from Kujira to other networks and vice-versa.

## Further Reading

If you would like to explore more resources about how to move funds to Kujira check out [this detailed guide](https://winkhub.app/posts/depositing-funds-to-kujira) by Kujira Academy on [WinkHUB](/community/kujira-socials/winkhub). And [here](/developers/indexers) are even more articles and videos about how to onboard funds to Kujira.


# Shipping Lane

### Overview

Every now and then people need a helping hand navigating the treacherous seas of decentralized finance so they can coexist peacefully with the giant whales 🐋 and other sea life lurking beneath the surface. As we help steer the Kujira community through saccharine and bitter times alike, we guide our constituents through our safe yet performant shipping lane. Detailed below are the past events and landmarks along our long, long shipping lane as we take our stand on shipping, payments, and commerce.

[Here](https://docs.google.com/document/d/16vf3V5pCFrOCeEd5AZrwC5Vi_SI_GjAC_n91Y1LkEQA/edit#) is the monthly Kujira Shipping Lane since inception&#x20;

## What's Next?

The Shipping Lane will be updated bi-monthly to allow more resources to be focused on development while preserving the integrity and quality of all underlying documentation. We plan to continue delivering like crazy from here on out. The Kujira Blockchain is just getting started.


# Security

Security is essential for decentralized finance and decentralized commerce to run smoothly. At Kujira, we strive to provide top-level security for all of our products and underlying infrastructure. Our USK and ORCA contracts have undergone thorough audits, as detailed in the following links:

[**ORCA Audit by SCV**](https://assets.kujira.app/kujira-orca-audit-1-0.pdf) **(Smart Contract Verification)**

[**Kujira USK Stablecoin Contracts Audit by SCV**](https://github.com/SCV-Security/PublicReports/blob/main/Kujira/stable-USK/Kujira%20-%20USK%20Stablecoin%20Contracts%20-%20Audit%20Report%20v1.0.pdf) **(Smart Contract Verification)**

To protect yourself and your assets, it is important to familiarize yourself with the following security concepts:

**What is a Private Key?**

<https://www.ledger.com/academy/basic-basics/owning-and-using-it/what-is-a-private-key>

Private keys are the keys that give you access to your cryptocurrency wallet. In this guide by Ledger, you can learn about the difference between private and public keys, and how to keep your private keys safe.

**What is a Smart Contract Security Audit?**

<https://academy.binance.com/en/articles/what-is-a-smart-contract-security-audit>

A smart contract security audit is a process where the code behind smart contracts is scrutinized by a professional third party to provide an additional layer of security. Binance Academy's guide covers what a smart contract security audit is and why it is important.

**General Security Principles**

<https://academy.binance.com/en/articles/general-security-principles>

Security is an important aspect of the cryptocurrency world, as there have been many instances of major exploits. Binance Academy's guide covers general principles for maintaining security in the world of crypto.

**5 Common Crypto Scams and How to Avoid Them**

<https://academy.binance.com/en/articles/5-common-cryptocurrency-scams-and-how-to-avoid-them>

There are many scams that target cryptocurrency users, including giveaway scams, phishing attacks, and more. Binance Academy's guide covers some of the most common crypto scams and how to protect yourself from them.

**How to Secure Your Crypto**

<https://academy.binance.com/en/articles/how-to-secure-your-cryptocurrency>

"Not your keys, not your crypto" is a well-known phrase in the crypto community, but there are many other ways to keep your crypto assets safe. Binance Academy's guide covers various methods for securing your cryptocurrency.

**What are Cookies?**

<https://academy.binance.com/en/articles/what-are-cookies>

Cookies are small pieces of data that are stored by your web browser. In this article, Binance Academy covers what cookies are used for and the potential risks associated with them.

**How to Spot Scams in DeFi**

<https://academy.binance.com/en/articles/how-to-spot-scams-in-decentralized-finance-defi>&#x20;

As the total value locked (TVL) in decentralized finance (DeFi) increases, so does the incentive for scammers to target DeFi users. Binance Academy's guide covers some red flags to watch out for when investing in DeFi to help you protect yourself from scams.

**How to Stay Safe on Discord**

<https://www.ledger.com/academy/how-to-stay-safe-on-discord>

Discord is a popular communication platform for the crypto community, but it is important to stay safe while using it. Ledger Academy's guide covers some best practices for staying safe on Discord, including how to protect yourself from phishing attacks and scams.

**What are Rug Pulls**

<https://www.ledger.com/academy/what-is-a-rug-pull>

A rug pull is a type of exit scam where a project's creators suddenly withdraw all of the funds from the project, leaving investors with nothing. Ledger Academy's guide covers what rug pulls are and how to protect yourself from them.

#### Crypto Scams

In this section, you will find six examples of common scams in the cryptocurrency world and how to best avoid them. Please note that this is not an exhaustive list, and as a participant in the crypto market, you may encounter other types of scams.

**Imposter Scams**

<https://support.kraken.com/hc/en-us/articles/4660909653908-Impostor-scams>&#x20;

Imposter scams occur when scammers pretend to be a legitimate entity, such as a well-known cryptocurrency exchange or a celebrity, in order to trick you into sending them money or personal information. Kraken's guide covers how to identify and avoid imposter scams.

**Phishing Scams**

<https://support.kraken.com/hc/en-us/articles/115012482687-Beware-of-phishing-scams>

Phishing scams are attempts by scammers to trick you into giving them your personal information or login credentials by pretending to be a legitimate entity, such as a bank or a cryptocurrency exchange. Kraken's guide covers how to recognize and avoid phishing scams.

**Phone Scams**

<https://support.kraken.com/hc/en-us/articles/115012482487-Beware-of-phone-scams>

Phone scams are attempts by scammers to trick you into giving them personal information or money over the phone. Kraken's guide covers how to recognize and avoid phone scams.

**Crypto Giveaway Scams**

<https://support.kraken.com/hc/en-us/articles/360057159411-Beware-of-crypto-giveaway-scams>

Crypto giveaway scams are attempts by scammers to trick you into sending them money or personal information by claiming to be giving away free cryptocurrency. Kraken's guide covers how to recognize and avoid crypto giveaway scams.

**Different Investment Scams**

<https://support.kraken.com/hc/en-us/articles/360056707972-Beware-of-investment-scams>

There are many different types of investment scams in the crypto world, including Ponzi schemes, pyramid schemes, and more. Kraken's guide covers how to recognize and avoid different types of investment scams.

**Computer Malware Scams**

<https://support.kraken.com/hc/en-us/articles/360057212951-Beware-of-computer-malware>

Computer malware scams are attempts by scammers to trick you into installing malware on your computer, which can be used to steal your personal information or login credentials. Kraken's guide covers how to recognize and avoid computer malware scams.


# Media Coverage

Kujira has been featured in various media, including:

{% tabs %}
{% tab title="Articles" %}
[How a Terra App Allows Users to Buy Ethereum At Big Discount](https://www.forbes.com/sites/youngjoseph/2021/12/28/how-a-terra-app-allows-users-to-buy-ethereum-at-big-discount/?sh=5dad9cd73dc7) - Forbes

[Here’s How Traders Capitalize on Crypto Market Crashes and Liquidations](https://cointelegraph.com/news/here-s-how-traders-capitalize-on-crypto-market-crashes-and-liquidations) - Coin Telegraph

[Kujira: The Terra Luna Survivor That Now Has Its Own Blockchain](https://blog.hedgehog.app/kujira-being-a-terra-project-during-the-collapse-to-creating-their-own-blockchain/) - Hedgehog

[Kujira: Everyone Deserves to be a Whale](https://blog.bybit.com/en-US/post/kujira-everyone-deserves-to-be-a-whale-blt775ca9f6ea3cb5eb/) - Bybit

[Kujira: An Inclusive Approach to Crypto Wealth](https://learn.bybit.com/defi/what-is-kujira-crypto-kuji-token/) - Bybit

[Former Terra-Affiliated Project Kujira to Issue Stablecoin](https://www.coindesk.com/markets/2022/08/09/former-terra-affiliated-project-kujira-to-issue-stablecoin/) - CoinDesk

[Growing Up with Kujira](https://research.thetie.io/growing-up-with-kujira/) - The Tie

[What is Kujira? Decentralisation Meets Sustainable Fintech](https://zerocap.com/insights/research-lab/what-is-kujira-kuji/) - Zerocap
{% endtab %}

{% tab title="Twitter Spaces" %}
[Kujira Founders Chinwag 1](https://terraspaces.org/2022/10/06/kujira-wine-and-chinwag-a-night-with-hans-brett/)

[Kujira Founders Chinwag 2](https://terraspaces.org/2023/03/30/a-chinwag-with-hans-brett-dove-special-guests/)

[Kujira Founders Chinwag 3](https://terraspaces.org/2023/10/24/a-full-team-kujira-chinwag/)

[NFTs on Kujira](https://terraspaces.org/2024/03/07/nfts-on-kujira/)

[The Kuji Kast Spaces with Nami](https://terraspaces.org/2023/10/17/the-kuji-kast-spaces-with-nami/)

[Kujira x Injective the evolution of onchain orderbooks](https://terraspaces.org/2024/01/19/kujira-x-injective-the-evolution-of-onchain-orderbooks/)

And many others. Check out an exhaustive list of Kujira spaces [here](https://terraspaces.org/kujira/).
{% endtab %}

{% tab title="Video Interviews" %}
[Dove at Shade Stablecoin Summit part 1](https://www.youtube.com/watch?v=75XOwmF6bl8)

[Dove at Shade Stablecoin Summit part 2](https://www.youtube.com/watch?v=wA8ZzK3KTDo)
{% endtab %}
{% endtabs %}

These articles, spaces, and interviews cover Kujira's technology, products, and impact on the decentralized financial ecosystem. Be sure to check out this coverage to learn more about what Kujira is doing and what people are saying about us.


# Links

* Visit our main website: [kujira.n](https://kujira.app/)[etwork](https://www.kujira.network)
* Visit Kujira’s DeFi hub: [blue.kujira.n](https://blue.kujira.app/)[etwork](https://www.blue.kujira.network)
* Visit Kujira’s decentralized liquidations platform: [orca.kujira.](https://orca.kujira.app/)[network](https://orca.kujira.network)
* Visit Kujira’s 100% on-chain CLOB DEX: [fin.kujira.](https://fin.kujira.app/)[network](https://www.fin.kujira.network)
* Visit Kujira’s Cosmos-wide decentralization-friendly staking UI: [pod.kujira.n](https://pod.kujira.app/kaiyo-1)[etwork](https://www.pod.kujira.network)
* Visit Kujira’s blockchain explorer: [finder.kujira.n](https://finder.kujira.app/kaiyo-1)[etwork](https://www.finder.kujira.network)
* Visit Kujira's native [content platform](/community/kujira-socials/winkhub): <https://winkhub.app/>
* Join our Telegram main channel: <https://t.me/team_kujira>
* Join our Telegram price discussion channel: <https://t.me/KUJI_Price_Discussion>
* Join our Telegram announcements channel: <https://t.me/kujira_announcements>
* Join our Telegram [amplifier](/community/kujira-amplifier) channel: <https://t.me/kujiraamplifier>
* Join our Discord: <https://discord.gg/u3Hj32EXDT>
* Follow our Twitter: <https://twitter.com/TeamKujira>
* Follow Dale the Mail Whale on Twitter: <https://twitter.com/DaleMailWhale>
* Follow our [WinkHUB](/community/kujira-socials/winkhub): <https://winkhub.app/creators/dale-the-mail-whale>
* Follow our Medium: <https://medium.com/team-kujira>
* Follow our Instagram: <https://www.instagram.com/teamkujira/>
* Join our Reddit: <https://www.reddit.com/r/TeamKujira/>
* Read our docs: <https://docs.kujira.app/introduction/readme>
* Learn in our Kujira Academy:  [Kujira Academy](/help-center/kujira-academy)
* Review our code: <https://github.com/Team-Kujira/>
* Buy KUJI: <https://blue.kujira.network/swap>
* Contact us: [hello@kujira.app](http://hello@kujira.app)


# Basics

Helpful tips and tricks for navigating Kujira's 1st party products

### Overview

We have included a helpful primer meant to make using our decentralized applications (dApps) easier for our users. Here are some basic tips and tricks that you can use to make the most of your experience on Kujira.

### Connecting Your Wallet

When navigating to any of our dApps, it is important to connect your wallet to be able to use the applications. By connecting your wallet, you grant permission to our applications to interact with your wallet which allows you to start using your funds to perform transactions. All transactions must be initiated and approved by users. You can find the connect wallet symbol on the top right corner of the screen on all of our dApp webpages (except on FINDER which does not require you to connect your wallet).&#x20;

### Funding your Wallet using Kado

One convenient feature that has been added to [blue.kujira.app](https://blue.kujira.app/) is the ability to add funds directly to the Kujira network using Kado Money, an on-ramp for directly moving funds into the Kujira ecosystem. On BLUE, simply connect your wallet as explained above, and then hover over your wallet address in the same place where you just connected it. Then at the bottom of your listed wallet balances, you should see a white K on a blue background and the writing Fund with Kado. Clicking on that text will bring up a handy little pop up that allows you to directly send money from your bank account to Kujira via Kado. You can sign up for Kado [here](https://www.kado.money/) or directly in the Kujira app as a part of this process.

### Changing Gas

One very important aspect of the Kuijra blockchain is that all tokens on the network are native tokens. This means that gas fees may be paid in any token that is allow-listed. If you are trying to accumulate USK, KUJI, or some other token, there is no need to spend USK, KUJI, etc. for every transaction on the chain. Only some tokens are currently allow listed to pay gas.

To change the token used to pay gas fees, simply hover above your wallet address on the top right corner of the webpage and select + click on a token that you wish to use for gas fees. Once successful, the desired gas fee token should display with a small gas pump symbol next to it.

### Navigating Between dApps

For ease of use, we have added a small grid at the top right of all of our dApps, next to the wallet. This allows for seamless navigation between all of our dApps right in one ago.&#x20;


# Welcome to Kujira (Landing Page)

Everything you need in Kujira right at your fingertips

[Kujira.network](https://kujira.network/)

## Overview

Welcome to the Kujira blockchain. Our landing page is filled with handy links to many useful resources. It provides an essential overview of everything our ecosystem has to offer. <img src="/files/wIhI4GEQwC54SvNOhZnB" alt="" data-size="line">

<figure><img src="/files/hHDykS8ceuNh40nKmISS" alt=""><figcaption><p>Kujira landing page</p></figcaption></figure>

## Top Tabs

The tab at the top of the page redirect you to our various products, applications, and use cases.&#x20;

### Trade Tab

<figure><img src="/files/IlkaI0pbyg7CSIHsYYxH" alt="" width="557"><figcaption><p>Trade tab</p></figcaption></figure>

**Spot Trading:** Kujira [FIN](/dapps-and-infrastructure/fin) is a 100% on-chain, fair matching, decentralized, permissionless, orderbook  style token exchange. [Here's how to buy KUJI on FIN](https://winkhub.app/posts/how-to-buy-kuji-on-fin).

<figure><img src="/files/9xZMw5EfXQfLaoFfx6N2" alt=""><figcaption><p>Kujira FIN logo</p></figcaption></figure>

**Token Swap**: You can use the [swap tab](/dapps-and-infrastructure/blue/swap) on [BLUE](/dapps-and-infrastructure/blue) to exchange assets for[ KUJI](/tokenomics/kuji-token) and swap between other assets for a small fee.&#x20;

<figure><img src="/files/pkuJjgpm3w3hSkS0748G" alt="" width="360"><figcaption><p>Kujira BLUE logo</p></figcaption></figure>

**Futures**: Kujira Futures is a [perpetual trading platform](https://winkhub.app/posts/perpetual-trading-coming-to-kujira-the-bullish-case-for-kuji-stakers) letting you open leveraged long and short positions with both spot and margin positions. Built on top of [FIN](/dapps-and-infrastructure/fin), it will allow you to trade perpetual contracts for almost anything, maybe even property prices.&#x20;

<figure><img src="/files/23RPCV9LeETRdEw4sFUD" alt="" width="375"><figcaption><p>Kujira Futures logo</p></figcaption></figure>

**Bots**: [Funttastic Labs](https://twitter.com/FunttasticLabs) is integrating [Hummingbot](https://twitter.com/_hummingbot) to Kujira. This allows you to create automated trading bots which can [perform sophisticated strategies on FIN](https://winkhub.app/posts/kujira-debi-decentralised-binance#Grid-Trading).

<figure><img src="/files/wB5WWAzEimMvKpnsO2ul" alt="" width="300"><figcaption><p>Funttastic Labs logo</p></figcaption></figure>

### Earn Tab

<figure><img src="/files/k2cN9Pgqzshzbz49ymqg" alt="" width="563"><figcaption><p>Earn tab</p></figcaption></figure>

**Stake**: [Stake](/dapps-and-infrastructure/blue/stake) your [KUJI](/tokenomics/kuji-token) with (a) [validator](/validators/run-a-node)(s) to earn your share of Kujira network revenue. 98% of all revenue generated by Kujira will soon be distributed to KUJI stakers as [xKUJI](/dapps-and-infrastructure/ghost-money-market/lend#how-does-lending-work-on-ghost) and x[USK](/dapps-and-infrastructure/usk-stablecoin).

<figure><img src="/files/V3YGZ4cJifcKM0UiXyDF" alt="" width="563"><figcaption><p>Validators are ordered from smallest to largest to promote decentralization</p></figcaption></figure>

**Liquidity Pools**: By adding liquidity to specific pools on [BOW](/dapps-and-infrastructure/bow), you can earn a slice of all profits made on [FIN](/dapps-and-infrastructure/fin) from trading that pair + any extra third party [incentives](/dapps-and-infrastructure/bow/product-guides/how-to-provide-incentives) for the pool.

<figure><img src="/files/WdeAhvGNyd4kCoWvWOE1" alt="" width="563"><figcaption><p>Kujira's liquidity engine</p></figcaption></figure>

### Market Tab

<figure><img src="/files/13rj8Xu8tXgtKKcf5fgk" alt=""><figcaption><p>Market tab</p></figcaption></figure>

**Mint USK**: You can mint USK by using your tokens as collateral. USK is the access pass to the dApp suite of the Kujira ecosystem. Learn more [here](/dapps-and-infrastructure/usk-stablecoin).

<figure><img src="/files/p6ru2gMx3w2PahpQa9hU" alt="" width="563"><figcaption><p>Mint USK in <a href="/pages/FTSF5grGstrofWO2qyjb">BLUE</a></p></figcaption></figure>

**Lend & Borrow**: Kujira's Money Market, [GHOST](/dapps-and-infrastructure/ghost-money-market), connects would-be lenders and borrowers to allow you to make your assets do more. Earn interest on lent assets or enter leveraged positions by borrowing against your supplied collateral.

<figure><img src="/files/kUXqUXeHbz4BWWKDDYvr" alt="" width="563"><figcaption><p>Lend your assets in <a href="/pages/dgM8R3UmrmvgVdcXtA5S">GHOST</a> to make them work for you</p></figcaption></figure>

**Liquidate**: Kujira's fair liquidations engine, [ORCA](/dapps-and-infrastructure/orca), is the world's first public decentralized liquidation marketplace. Participate in Dutch auctions to purchase assets at up to a 30% (or 44%) discount (when liquidating shorts).

<figure><img src="/files/sdMOHsviD61w6TXKjUWC" alt="" width="563"><figcaption><p>The <a href="/pages/Kc9glqnQuQMTZpcEyQVJ">ORCA</a> liquidation queue</p></figcaption></figure>

**Fund Projects**: [PILOT](/dapps-and-infrastructure/pilot-launchpad), is a joint project between the Kujira and [Fuzion](https://twitter.com/Fuzion_App) teams, and functions as a unique, fair platform that allows founders to raise capital from token launches and community members to participate in token sales at ground floor valuations.&#x20;

<figure><img src="/files/U5FZQBlb6nwGQ0I9PMsp" alt="" width="563"><figcaption><p>The outcome of the WINK <a href="/pages/SpXwFw6qutiw7ZKtrWhw">PILOT</a> sale</p></figcaption></figure>

### Discover Tab

<figure><img src="/files/XZhtwYyj8J6cbWYgzX5E" alt=""><figcaption><p>Discover tab</p></figcaption></figure>

**Ecosystem**: The Kujira ecosystem [page](https://kujira.network/ecosystem) displays a list of the various teams and integrations built on the Kujira ecosystem.

<figure><img src="/files/coWzY8XxsVJENblN1u9d" alt="" width="563"><figcaption><p>Kujira's premier applications</p></figcaption></figure>

**Native dApps**: Discover the [building blocks](/introduction/readme/appchain-ecosystem) of our composable, tight-knight DeFi powerhouse.&#x20;

<figure><img src="/files/jp4oUx1VHE54QiOeVwnF" alt="" width="563"><figcaption><p><a href="/pages/tnPMaCzKLO86aSD4tMxb">The Kujira product stack</a></p></figcaption></figure>

**Developers**: *Kujira is built for builders*. [Find out everything](https://kujira.network/developers) you need to know about what makes Kujira such a great place to build.&#x20;

<figure><img src="/files/WOdsPhgFhHuxlXXRsdh4" alt="" width="563"><figcaption><p>Kujira's excellence at a glance</p></figcaption></figure>

<figure><img src="/files/yjHQyByLtM3XTFwRvMoS" alt="" width="563"><figcaption><p>Kujira has a host of unique features</p></figcaption></figure>

**Documentation**: These extensive docs you're reading right now cover pretty much everything you might want to know about Kujira. To supplement your knowledge, you can also check out [WinkHUB](/community/kujira-socials/winkhub) which has [Kujira Academy](https://winkhub.app/creators/kujira-academy) and the [Kujira Encyclopedia](https://winkhub.app/posts/the-kujira-encyclopedia-issue-1).&#x20;

<figure><img src="/files/KnyzdCQIDWX6pKp2Yq0f" alt="" width="563"><figcaption><p>Kujira's official documentation</p></figcaption></figure>

## Bottom Tabs

### Links for Developers

**Getting Started**: *Kujira is built for builders*. Find out everything you need to know about what makes Kujira such a great place to build.&#x20;

<figure><img src="/files/WOdsPhgFhHuxlXXRsdh4" alt="" width="563"><figcaption><p>Kujira's excellence at a glance</p></figcaption></figure>

<figure><img src="/files/yjHQyByLtM3XTFwRvMoS" alt="" width="563"><figcaption><p>Kujira has a host of unique features</p></figcaption></figure>

**Developer Hub**: [A hub](https://build.kujira.app/) for Kujira developer documentation. Includes essential links for getting started.

<figure><img src="/files/9my0Cby035FRpp2hqEFl" alt="" width="563"><figcaption><p>Kujira's developer hub</p></figcaption></figure>

**Rust Documentation**: A general repository of information that applies to Rust on Kujira. Stay up to date by catching up on our documentation [here](https://docs.rs/kujira/latest/kujira/).&#x20;

<figure><img src="/files/2OXCEiOTHUKVn8AvStiL" alt="" width="563"><figcaption><p>Kujira's Rust documentation</p></figcaption></figure>

**GitHub**: [Kujira's GitHub](https://github.com/Team-Kujira) contains many essential files that can help you learn about Kujira's code and how to build on top of our blockchain and product stack.&#x20;

<figure><img src="/files/XgGHPK0lVoD6ZrikmvVj" alt="" width="563"><figcaption><p>Kujira's GitHUB</p></figcaption></figure>

**Developer Tools**: The [developer section](/dapps-and-infrastructure/blue/developer) on [BLUE](/dapps-and-infrastructure/blue) contains various tools that builders can delve into to enhance their experience. Store, instantiate, migrate, query & execute, etc. with your code.

<figure><img src="/files/6YsFZtdpvE6J1KJMuNgn" alt="" width="563"><figcaption><p>Developer tooling on Kujira <a href="/pages/FTSF5grGstrofWO2qyjb">BLUE</a></p></figcaption></figure>

**Token List**: [A list of all tokens](https://finder.kujira.network/kaiyo-1/tokens) on the Kujira Network, complete with links to each token's dedicated page on [Finder](/dapps-and-infrastructure/finder), our blockchain explorer.

<figure><img src="/files/Cy86Ip1LoHS7C2RcRrCj" alt="" width="563"><figcaption><p>Part of Kujira's token list</p></figcaption></figure>

### Links For Everyone

**Documentation**: An exhaustive ever-growing set of documentation explaining everything you might want to know about Kujira. You're reading part of our docs right now. [Here](https://docs.kujira.app/)'s the intro page.

<figure><img src="/files/dZOfEw2dU89JfTeTny0P" alt="" width="563"><figcaption><p><a href="/spaces/yPeco0BDFBM85kKY4Hkl">Kujira empowers everyone</a></p></figcaption></figure>

**Kujira Academy**: [Kujira Academy](/help-center/kujira-academy) is the education hub of Kujira with its roots on [WinkHUB](/community/kujira-socials/winkhub). Academy combines education about various DeFi topics & an international Kujira ambassador program targeting university students as well as the general public.&#x20;

<figure><img src="/files/ogMY8ooKVjfmMwUHaBav" alt="" width="563"><figcaption><p><a href="https://winkhub.app/creators/kujira-academy">Kujira Academy articles</a></p></figcaption></figure>

**Run a Node**: [Learn the ins and outs](/validators/run-a-node) in Kujira's docs of how to set up and run your own [validator](/validators/run-a-node) node for the Kujira network.&#x20;

<figure><img src="/files/JcsOYXnvPEmdaatRvdBL" alt="" width="563"><figcaption><p><a href="/pages/Rkk3UvPj77pNiito7uIJ">A detailed guide on Kuijra nodes</a> </p></figcaption></figure>

**Media Assets**: Anyone can help spread the word about Kujira or build on the ecosystem with the same core design elements. [Stay in theme](https://docs.kujira.app/brand-assets/logo-options) while sharing the essence of Kujira.

<figure><img src="/files/S8uU2smkWKTXE6V5DSKP" alt="" width="563"><figcaption><p><a href="https://docs.kujira.app/brand-assets/logo-options">Explore Kujira's media assets</a> central to the brand</p></figcaption></figure>

**Blockchain Explorer**: Dive into the Kujira Network and look up information on tokens, wallets, smart contracts, and other ecosystem activity on our [Finder](/dapps-and-infrastructure/finder) application. Helpful for users and devs alike.

<figure><img src="/files/11QYK0VfDVohKsieYVgj" alt="" width="563"><figcaption><p><a href="https://finder.kujira.network/kaiyo-1/contract/kujira1pw96huy6z02uk8hdpruk6g8u700dp8yxjhp46c24rwkzay2lfd3quqdum5">FIN KUJI-USDC Smart Contract</a> on <a href="https://finder.kujira.network/">FINDER</a></p></figcaption></figure>

**Privacy Policy**: [The Privacy policy](https://kujira.network/privacy-policy) explains how [Sonar](/dapps-and-infrastructure/kujira-wallet), an developed by the Kuijra team collects, uses, and protects user information. Sonar is a wallet app with native features of the Kujira blockchain.

<figure><img src="/files/Y1adKnvQY3VYLOh6IW0m" alt="" width="563"><figcaption><p>Sonar App Privacy Policy</p></figcaption></figure>

### General Ecosystem Links

**Native dApps**: Kujira offers a complete base layer of composable [first-party products](https://docs.kujira.app/introduction/readme/appchain-ecosystem) that allow users to participate in the decentralized financial ecosystem based on their risk appetite and desired return.

<figure><img src="/files/QwSOPIKezRvFZ2gIRNtx" alt="" width="563"><figcaption><p><a href="https://docs.kujira.app/kujira-ecosystem/our-products">A description of Kujira's 1st party products</a> with official URLs.</p></figcaption></figure>

**Built on Kujira**:  The [Kujira ecosystem](/kujira-ecosystem/wider-ecosystem) is constantly growing. [This](https://kujira.network/ecosystem) is an overview of all the dApps, protocols, products, and services calling Kujira their home blockchain.

<figure><img src="/files/x0VFmQz1ZZNHAAf6bRBn" alt="" width="563"><figcaption><p><a href="https://kujira.network/ecosystem">Some of the key teams building on Kujira</a></p></figcaption></figure>

**Sonar Mobile App**: [Your gateway to the decentralized economy](/dapps-and-infrastructure/kujira-wallet). [Access this site](https://sonar.kujira.network/) on mobile to download the iOS or Android Sonar beta.&#x20;

<figure><img src="/files/NyQ3vZen4GVwCVszNQ3a" alt="" width="563"><figcaption><p><a href="/pages/wbCrdg60VZXHr8Krj3a1">Sonar</a> offers the premier Kujira native experience. A wallet that is more than just a wallet.</p></figcaption></figure>

### Socials

#### Official Socials

**Twitter**: [Find all of our up to date official announcements](/community/kujira-socials/twitter) and communications on the [Kujira Twitter](https://twitter.com/TeamKujira).&#x20;

<figure><img src="/files/dZO3ePywmuSMPVKwQa1x" alt="" width="563"><figcaption><p><a href="https://twitter.com/TeamKujira">The official Kujira Twitter account</a> is filled with tons of alpha</p></figcaption></figure>

**Discord**: [Chat with our community](/community/kujira-socials/discord), file support tickets, check out protocols, ask dev questions to builders, participate in governance, discuss with other validators, etc. in our vibrant [Kujira Discord](https://discord.gg/teamkujira).&#x20;

<figure><img src="/files/xQeSjbmtXXve66xrS4ZH" alt="" width="563"><figcaption><p><a href="https://discord.gg/teamkujira">Check out our bustling Kujira Discord</a></p></figcaption></figure>

**Telegram**: [The Kuijra Telegram](/community/kujira-socials/telegram) contains a majority of the most up to date alpha and leaks as well as a huge portion of the Kujira community and team who are always happy to chat. [Come join in!](https://t.me/team_kujira)

<figure><img src="/files/iOrpcHOGNSaAm35BBArs" alt="" width="563"><figcaption><p>Kujira is a family. <a href="/pages/zi3U08DenfS8X6Q8gQFT">Meet</a> other excited and passionate people on the <a href="https://t.me/team_kujira">Kujira Telegram</a>.</p></figcaption></figure>

**Medium**: [Our old platform of choice](/community/kujira-socials/medium) for official announcements of new products, weekly write-ups, ecosystem analysis, and other team content. [WinkHUB](/community/kujira-socials/winkhub) is Kujira's new community content epicenter and our new home for all of the above and more.&#x20;

<figure><img src="/files/d0UordYrZ2XFh8NWY3zx" alt="" width="563"><figcaption><p><a href="/spaces/8miqcNZ3zghCUnG2VGBE/pages/H6CjKV5U2vbmGFgFWjHt">Kujira's old center for official written content</a></p></figcaption></figure>

#### Community Socials

**WinkHUB**: [Kujira's content epicenter](/community/kujira-socials/winkhub) and educational hub. Home to content (articles and videos) [by the Kujira team](https://winkhub.app/creators/dale-the-mail-whale), [Kujira Academy](https://winkhub.app/creators/kujira-academy), [protocols building on Kujira](https://winkhub.app/categories/kujira-dapps), and passionate [community members](https://winkhub.app/creators).

<figure><img src="/files/gXby2uPj1VgNvprgU7Ni" alt="" width="563"><figcaption><p><a href="/pages/DMonW83YWVqPQQrtPkWE">Find detailed articles and videos about the Kujira ecosystem on WinkHUB</a>.</p></figcaption></figure>

**CoinGecko**: Find basic information about the [KUJI token](/tokenomics/kuji-token) including historical price action, statistics on its current market cap, trading volume, supply, and where you can trade it on [CoinGecko](https://www.coingecko.com/en/coins/kujira).

<figure><img src="/files/AyF02htDrcbt27OwQg6h" alt=""><figcaption><p>Find detailed information about the <a href="/pages/wTY9DGEyn0lM5pkiSUen">KUJI token</a> on <a href="https://www.coingecko.com/en/coins/kujira">CoinGecko</a>. Notice that KUJI is fully circulating and non-inflationary.</p></figcaption></figure>

**YouTube**: Kujira's official [YouTube](/community/kujira-socials/youtube) channel. Includes some basic video tutorials.&#x20;

<figure><img src="/files/vFJnMnioWpVghoOJyqR6" alt="" width="563"><figcaption><p><a href="https://www.youtube.com/@TeamKujiraDeFi/featured">Kujira Official YouTube Channel</a></p></figcaption></figure>

**Reddit**: [Kujira's official community subreddit](/community/kujira-socials/reddit). Moderated by community volunteers.

<figure><img src="/files/nshaD5HnThNbhELR8FeQ" alt="" width="563"><figcaption><p><a href="/pages/6WiKuFlBqJHbYaSYPKkb">Kujira's community subreddit</a></p></figcaption></figure>

**Instagram**: [Kujira's official Instagram account](/community/kujira-socials/instagram).

<figure><img src="/files/HDnmy58X7CH8wCyIYCuq" alt="" width="563"><figcaption><p><a href="/pages/irXXACtf0aFnovc2oDTA">Kujira's official Instagram account</a></p></figcaption></figure>

## [Kujira.network](https://kujira.network/)


# BLUE (Central Hub)

Kujira Ecosystem Dashboard

## [https://blue.kujira.network/](#https-blue.kujira.app-https-blue.kujira.network)&#x20;

BLUE is your all-in-one dashboard for the Kujira ecosystem. Here, you can bond [KUJI,](/tokenomics/kuji-token) vote on governance, swap KUJI, bridge to the Kujira network, and claim rewards. This is the hub of the Kujira blockchain, where you can shape its future through governance and earn a portion of Kujira's revenue by staking KUJI.

Navigate to any of these more detailed pages to understand everything BLUE has to offer!

* [Dashboard](/dapps-and-infrastructure/blue/dashboard) (Ecosystem analytics)
* [Wallet](/dapps-and-infrastructure/blue/wallet) (View token balances, send tokens, automatically convert small balances to KUJI)
* [Swap](/dapps-and-infrastructure/bow/swap) (Simple token swap user interface)
* [IBC / Bridge](/dapps-and-infrastructure/blue/ibc-bridge) (Transfer tokens from other blockchains to and from the Kujira blockchain)
* [Mint](/dapps-and-infrastructure/blue/mint) (Mint [USK](/dapps-and-infrastructure/usk-stablecoin), Kujira's native stablecoin, using acceptable collateral)
* [Stake](/dapps-and-infrastructure/blue/stake) (Bond KUJI with validators to earn rewards and vote on governance proposals)
* [Govern](/dapps-and-infrastructure/blue/govern) (Vote on governance proposals, review past proposals, track Kujira Senate activity)
* [Developer](/dapps-and-infrastructure/blue/developer) (Store, instantiate, migrate, query, and execute contracts)


# Dashboard

<https://blue.kujira.network/>

<figure><img src="/files/rmnla0mBPFRkzIVaGzY1" alt="" width="142"><figcaption><p>BLUE Dashboard tab</p></figcaption></figure>

## Overview

The BLUE dashboard provides key analytics for the Kujira blockchain, including:

* KUJI price
* Fully diluted value (FDV) of KUJI
* Total liquid supply of KUJI
* KUJI annual percentage rate (APR) over a 30-day range
* Current block height
* Average block time
* Total number of Kujira network transactions
* Inflation percentage
* Token release schedule
* Personal amount of staked KUJI
* Graphical breakdown of total KUJI supply, including the treasury
* Graphical breakdown of total USK supply, including backing collateral breakdown

<figure><img src="/files/omcw46PG80ssAAhJBiHO" alt=""><figcaption><p>BLUE Dashboard is full of useful ecosystem information</p></figcaption></figure>

## About the Data

The KUJI price on the BLUE dashboard is sourced from Coin Gecko's API.&#x20;

The FDV of the KUJI token is calculated as the maximum supply of KUJI tokens after token vesting is finished, multiplied by the current KUJI token price.

The liquid supply refers to the unstaked portion of the circulating KUJI supply that is not locked up in a smart contract.

The current block height represents the total number of blocks produced by the Kujira blockchain.

The average block time is the average amount of time it takes to produce a new block.

The number of Kujira network transactions can give an estimate of total network activity.

The inflation percentage is the amount of new KUJI tokens created over time and is also a measure of existing token holder dilution.

Kujira has no inflation and the inflation percentage is always 0%.

The token release schedule tracks the release of all vesting KUJI from the Team, public, and private sales over time. As of November 19th 2022, both the public and private sale finished all vesting.

The graphical breakdown of the total KUJI supply shows up to date information about the number of Kujira blockchain native KUJI is currently either in the Community Pool, still unmigrated from Terra, part of the unused operational fund, still vesting, liquid, staked, or other. Hover over the text 'Community Pool' to see a detailed asset breakdown of the Treasury or navigate to the Senate section of [Govern](/dapps-and-infrastructure/blue/govern) on BLUE to see a very clear breakdown of Treasury funds.&#x20;

The graphical breakdown of the total USK supply shows the number of USK minted from each backing collateral option as well as the total amount of minted USK.&#x20;


# Wallet

[https://blue.kujira.network/wallet](#https-blue.kujira.app-wallet-or-https-blue.kujira.network-wallet)

## Overview

The wallet tab has several useful features, including the ability to:

* Create new vesting contracts for any token on the Kujira blockchain
* Send token balances to other wallets
* Display the amount & value of your wallet token balances and overall dollar balance
* Explore relevant FIN trading pairs to swap your tokens
* Display the value and total amount of your staked KUJI
* Allow for the auto-conversion of user-selected assets on the Kujira blockchain to KUJI
* Navigate to your transaction history on [FINDER](/dapps-and-infrastructure/finder)

<figure><img src="/files/lXYN4oFZ8YPCtvvpKgkj" alt=""><figcaption><p>Sample view of BLUE wallet tab when connecting wallet </p></figcaption></figure>

## Creating Vesting Contracts

The BLUE wallet tab allows anyone to create vesting contracts for any asset on the Kujira blockchain. Simply send tokens to an empty (i.e. new factory default state) wallet, choose the vesting tokens option, and specify a total amount of tokens and future end date to control the vesting pace. Read more [here](https://docs.kujira.app/dapps-and-infrastructure/blue/product-guides/how-to-send-tokens).&#x20;

<figure><img src="/files/THNfZt82GID4lb8NUY98" alt=""><figcaption><p>Creating a KUJI vesting contract on BLUE</p></figcaption></figure>

## Auto-convert Assets to ~~KUJI~~ Anything

~~The BLUE wallet tab has a handy tool for quickly converting small non-KUJI balances into KUJI. Read more~~ [~~here~~](https://docs.kujira.app/dapps-and-infrastructure/blue/product-guides/how-to-convert-balances-to-kuji)~~.~~ The Fuzion team have built [DustBuster](https://fuzion.app/dustbuster) so that anyone can convert multiple assets at a time to any other asset of their choice (as long as it is listed on FIN) replacing the BLUE asset auto-convert tool. Check it out [here](https://fuzion.app/dustbuster).&#x20;

<figure><img src="/files/MmNyblV6I9RD9p1g0sTP" alt=""><figcaption><p><a href="https://fuzion.app/dustbuster">Fuzion DustBuster multi-swap</a></p></figcaption></figure>


# Swap

[https://blue.kujira.network/swap](#https-blue.kujira.app-swap-or-https-blue.kujira.network-swap)

## Simple Token Swap User Interface

The BLUE 'Swap' tab (much like the BOW 'Swap' tab) is a simple token swap user interface. Token swaps occur by placing [FIN](/dapps-and-infrastructure/fin) market orders or fixed price limit orders behind the scenes. Swaps are currently limited to [FIN](/dapps-and-infrastructure/fin) token pairs. To trade between two assets without a direct [FIN](/dapps-and-infrastructure/fin) pair, you can first trade for [USK](/dapps-and-infrastructure/usk-stablecoin), USDC, or axlUSDC as necessary, depending on the target asset, using the BLUE swap UI. At most, you may need to make up to 3 trades.

<figure><img src="/files/tS31IAa8KP0TvgYjvsqc" alt="" width="135"><figcaption><p>BLUE Swap tab</p></figcaption></figure>

## How to Swap Tokens

A detailed visual guide for swapping tokens on BLUE can be found [here](/dapps-and-infrastructure/blue/product-guides/how-to-swap-tokens) in the product guides section.

<figure><img src="/files/NpnLRsvtNNs52G4S6q5L" alt=""><figcaption><p>BLUE Swap interface</p></figcaption></figure>

### Instant Swap

Instant swaps are simple market swaps that execute immediately for maximum convenience. Instant swap fees are always 0.15% of the traded tokens. (FIN limit order fees are 0.075%)

To perform an instant swap, first choose a token to exchange away and enter that token name on the left side. Second, choose a token to obtain and enter that token on the right side. Third, enter an amount of tokens to exchange away. The right side will display the estimated return in the new token.

The current 'Swap Rate' and corresponding 'Swap Fee' as well as the 'Estimated return after fees' are listed below. If satisfied with the above, click the blue 'Instant Swap' button and pay gas fees to complete the transaction.

<figure><img src="/files/hQdfresrxCmC3Ubs0fF5" alt=""><figcaption><p>Instant Swap settings</p></figcaption></figure>

### Advanced Settings

Advanced settings only apply to instant swaps. These settings display additional information and options to work with when initiating swaps.

<figure><img src="/files/j9LAM97bNoeDAXKPbCfM" alt=""><figcaption><p>Instant Swap advanced settings</p></figcaption></figure>

These settings distinguish between the current market rate and the swap rate. When a swap is sufficiently large, the prices of the token being sold and bought may change partway through the transaction as liquidity leaves the [FIN](https://fin.kujira.app/) orderbook causing the swap and market rates to differ. Thus, the swap rate reflects the average exchange rate between the two assets.&#x20;

The price impact reflects the change in exchange rate between the two assets upon liquidity leaving the FIN orderbook and completing the transaction as explained above.

The slippage limit reflects the maximum allowed change in exchange rate upon performing a swap. Swaps will fail if the order size is too large while the slippage limit is too small. Higher slippage tends to correlate with worse average execution price (swap rate).   &#x20;

### Fixed Price Swap

Fixed price swaps are special limit orders placed at the current market exchange rate between two tokens. Fixed swap orders only get filled at the current market exchange rate, which means that they often take some time to fully execute after initiation. Track orders on [FIN](https://fin.kujira.app/) or get notified when the rest fills via [SeaShanty](/governance/capybara-labs).

To perform a fixed price swap, first choose a token to exchange away and enter that token name on the left side. Second, choose a token to obtain and enter that token on the right side. Third, enter an amount of tokens to exchange away.

Next, click the white text that reads 'Fixed Price Swap' to see an expanded menu. The 'Fixed Swap Rate', 'Return after fees', as well as the 'Estimated return filled instantly' are listed in that dropdown menu. If satisfied with the above, click the blue 'Fixed Price Swap' button and pay gas fees to initiate the fixed price swap.

<figure><img src="/files/LR4qt1LM42KtIIWJamW1" alt=""><figcaption><p>Fixed Price Swap settings</p></figcaption></figure>


# IBC / Bridge

Transferring assets to and from Kujira

Overview

The IBC / Bridge tab has 4 further subtabs that allow users to perform different activities: using IBC, using the Axelar Bridge, using the Gravity, Bridge, and using the Nomic Bitcoin bridge.

<figure><img src="/files/DXkusrxPAFWfau2s6YZc" alt="" width="201"><figcaption><p>BLUE IBC / Bridge tab</p></figcaption></figure>

## Cosmos IBC Transfer Tab

[https://blue.kujira.network/ibc](#https-blue.kujira.app-ibc-or-https-blue.kujira.network-ibc)

The Inter-Blockchain Communication (IBC) Protocol allows blockchains to communicate with each other and exchange data about state or transactions. It is particularly useful for application-specific blockchains in the Cosmos network and offers a standardized way for applications on different chains to communicate. IBC is a permissionless way to relay data packets between blockchains and relies on the security of the participating chains.

<figure><img src="/files/ixRN7JXKPpN2hOOngRuB" alt=""><figcaption><p>Cosmos IBC Transfer tab</p></figcaption></figure>

Migrating assets between two IBC powered chains (chain A and chain B) takes two steps. First, withdraw an asset from chain A to its home chain--for example, ATOM on Terra must be bridged to the Cosmos hub. Next, deposit the asset from the home chain into chain B--for example, use the BLUE IBC tab to move ATOM from the Cosmos hub to the Kujira blockchain.

Therefore, the BLUE IBC page allows users to deposit any IBC compatible asset from its home chain to Kujira or withdraw it from Kujira to its home chain using a simple UI. Read more [here](https://docs.kujira.app/dapps-and-infrastructure/blue/product-guides/how-to-use-ibc).&#x20;

## Bridge Tabs

### Axelar Bridge Tab

[https://blue.kujira.network/bridge](#https-blue.kujira.app-bridge-or-https-blue.kujira.network-bridge)

The Axelar Bridge is a decentralized network that enables cross-chain communication and asset transfers between different blockchain networks. It utilizes Gateway smart contracts, validators, and relayer servers to facilitate cross-chain transactions and pass messages between chains. The Axelar Bridge aims to provide a secure and efficient way for users to access a wider range of assets and utilize the benefits of the Axelar network, including low fees and improved trade execution. <https://satellite.money/>

<figure><img src="/files/8Z6r7zmVguxqjdBetuXv" alt=""><figcaption><p>Axelar Bridge tab</p></figcaption></figure>

All compatible assets other than axlUSDC can be bridged over to Kuijra from compatible chains using the Axelar Bridge BLUE tab. To bridge axlUSDC into or out of Kujira, use <https://satellite.money/> for the process.

### Gravity Bridge Tab

[https://blue.kujira.network/gravity](#https-blue.kujira.app-gravity-or-https-blue.kujira.network-gravity)

The Gravity Bridge is a purpose-built, fully decentralized, trustless blockchain which bridges assets between the Ethereum and Cosmos ecosystems. Ethereum and EVM compatible tokens can be transferred across the Gravity Bridge to a Cosmos wallet and then onto other Cosmos wallets or DEXs (such as FIN or Gravity DEX). Cosmos SDK based blockchains can similarly send tokens across Gravity Bridge to the Ethereum ecosystem, making them available for transfer or potentially trading on Uniswap or other ETH DEXs. <https://bridge.blockscape.network/>

<figure><img src="/files/1FitsGINgz3gPyKw7P65" alt=""><figcaption><p>Gravity Bridge tab</p></figcaption></figure>

At the moment, the Gravity bridge can be used to bridge PAXG (Paxos Gold, a cryptocurrency fully backed by gold) from Ethereum to Kujira as gPAXG.&#x20;

### Nomic Bridge Tab

[https://blue.kujira.network/nomic](#https-blue.kujira.app-nomic-or-https-blue.kujira.network-nomic)

The Nomic bridge is a design for a Bitcoin sidechain that enables decentralized networks to manage reserves of Bitcoin and use custom application code and smart contracts. It uses the Tendermint consensus protocol and timestamps the sidechain on the Bitcoin blockchain for security and BFT finality. It also includes mechanisms to prevent loss of funds and disincentivize malicious behavior.

<figure><img src="/files/i2M9ZPlAXbczynE7zrxd" alt=""><figcaption><p>Nomic BTC Bridge tab</p></figcaption></figure>


# Mint

[https://blue.kujira.network/mint](#https-blue.kujira.app-mint-or-https-blue.kujira.network-mint)

## Overview

The Mint tab is where you can mint [USK](/dapps-and-infrastructure/usk-stablecoin), which is a stablecoin pegged to the value of the US dollar, for a yearly 1% fee on all minted USK.

<figure><img src="/files/fgwBnUZaSN9NOS5c35x0" alt=""><figcaption><p>BLUE Mint tab</p></figcaption></figure>

## Utility

Minting USK allows users to A. take advantage of price arbitrage if USK is worth more than a dollar by converting it to other assets and slowly unwinding positions, B. use preferred backing assets of choice to enter a leveraged bet, C. use preferred backing assets in combination with money markets to perform delta neutral leveraged bets, D. use USK in [ORCA](/dapps-and-infrastructure/orca) markets to buy liquidated collateral at a discount, E. use USK to provide liquidity in [BOW](/dapps-and-infrastructure/bow) and obtain rewards from trading activity and incentives, or F. borrow against owned assets to raise capital without needing to liquidate them to preserve upside. &#x20;

## Learn more

When minting USK positions using multiple types of collateral, each backing collateral asset reflects a distinct USK mint position with its own loan-to-value or risk ratio. Read more [here](https://docs.kujira.app/dapps-and-infrastructure/blue/product-guides/how-to-mint-usk) about minting USK. And read more [here](/dapps-and-infrastructure/usk-stablecoin/technical-specifics) about USK's mechanics.&#x20;


# Stake

[https://blue.kujira.network/stake](#https-blue.kujira.app-stake-or-https-blue.kujira.network-stake)

## Overview

Staking is the process of bonding KUJI to a validator in exchange for staking rewards generated from real revenue. Validators can use that bonded KUJI to help secure the chain. Meanwhile, every KUJI staked captures a proportional slice of the revenue generated by the Kujira Network from its many applications. KUJI can be staked to any validator within the [staking tab](https://blue.kujira.app/stake) on [BLUE](/dapps-and-infrastructure/blue).

<figure><img src="/files/ZjVA1ApdT6eSUDIGWQIo" alt="" width="168"><figcaption><p>BLUE Stake tab</p></figcaption></figure>

Delegators or stakers are community members who bond KUJI with a validator (and thus receive staking rewards and help secure the network). They (as well as the validators they stake with) may use their staked KUJI to vote in Governance to shape the network. At the end of the day, user votes always override the votes of validators they have staked with. So if a community member feels strongly about a proposal, they should make sure to exercise their right to vote as a KUJI staker.

Validators vary in various respects such as technical expertise (something correlated with uptime & likelihood of getting slashed), governance values (how they will vote on governance proposals), commission charge (a percentage of delegator staking yield that the validator keeps for themselves often to help fund operations), etc. It is best to do research on who you would like to stake with to get the most out of staking on Kujira. A simpler alternative is to use our [Staking UI](/governance/staking/staking-ui) and delegate to every validator that is participating in Kujira's [consensus](/governance/staking#consensus) at once. On Kujira, at the moment, we allow 75 validators to participate in network consensus at the same time. Validators are separated into two groups: those who have been [slashed](/governance/staking/slashing) and those who have not. Within each group, validators are ordered from top to bottom by the amount of KUJI they have bonded to them. To increase network decentralization, bigger validators with more influence on governance are listed further down.

<figure><img src="/files/7grWhwsyiYncZYKLRtH9" alt=""><figcaption><p>Your total staked KUJI + unclaimed rewards. Any validators you are staking with are highlighted.</p></figcaption></figure>

If you would have liquid KUJI that you would like to stake with a specific validator, you can do it by clicking on their name which navigates to their specific delegation page. This page shows some basic general info and you can simply stake there. You can find more info on how to do so [here](https://docs.kujira.app/dapps-and-infrastructure/blue/product-guides/how-to-stake-kuji).

<figure><img src="/files/xjzRrIYYYecrDaQLHlfh" alt=""><figcaption><p>An example of the staking interface when choosing to stake with the Rorcual Validator</p></figcaption></figure>

## Learn More

There are a few central aspects to staking KUJI which ***we strongly recommend*****&#x20;you read** **about below&#x20;*****before*****&#x20;staking any KUJI**. They can be explored in detail via the links below:

### [Staking](/governance/staking) (technical explanation)

### [Redelegate](/governance/staking/redelegate) (move staked tokens between validators)

### [Unbond](/governance/staking/unbond) (unstake from a validator)

### [Slashing](/governance/staking/slashing) (penalizing a validator and its stakers)

### [Staking UI](/governance/staking/staking-ui) (User Interface promoting network security)

## Further Reading

[Here](https://winkhub.app/posts/a-beginners-guide-to-staking-on-kujira) is a good starter article covering the process of staking on Kujira and [here](https://winkhub.app/posts/choose-kujira-validator) is a video explaining how to choose which validators you may want to stake your KUJI with.


# Govern

[https://blue.kujira.network/govern](#https-blue.kujira.app-govern-or-https-blue.kujira.network-govern)

## Overview

The Govern tab on BLUE allows users to interact with Kujira Governance. Nominate Senators; track, vote, or change your vote on active governance proposals; review the specifics of old governance proposals including how validators and users voted and the breakdown of overall votes between yes, no, abstain, and no with veto; or review the Treasury (Community Pool).

For the time being, Governance proposals can be assigned to two discrete categories: Senate and Chain Governance. Senate proposals relate in essence to the expenditure of community funds on projects wishing to launch on Kujira, public initiatives for the Kujira blockchain, public infrastructure, and other miscellaneous services which require community funding. Chain Governance is everything else, but can be thought of more specifically as a category encompassing all technical upgrades to the chain.  &#x20;

<figure><img src="/files/SmIiCpZ2mFbz2HUPF4Ci" alt="" width="184"><figcaption><p>BLUE Govern tab</p></figcaption></figure>

## (Retired) Senate

[https://blue.kujira.network/senate](#https-blue.kujira.app-senate-or-https-blue.kujira.network-senate)

This tab had the Kujira senators listed each with links to their keybase.io. It was also possible to nominate Senators on this tab. Furthermore, there is a [link](https://medium.com/team-kujira/kujira-governance-grows-up-ca8b7c87753b) to reading more about the role of the Senate. More up to date information can also be found in the Senate [section](/dapps-and-infrastructure/senate) of the docs.

On the right side of the page, there was a detailed breakdown of the Senate Treasury (Community Pool) in terms of every asset and the amount of each asset in the Treasury wallet as well as the current total dollar value of the fund. Furthermore, there was a link to the wallet address on FINDER on the bottom right for the sake of transparency.&#x20;

Senate proposals took up to 2 weeks of review, but sometimes passed sooner when at least 6 senators voted in favor. The result was automatically no if consensus wasn't achieved within that period.

## Sentinel

[https://blue.kujira.network/sentinel](#https-blue.kujira.app-sentinel-or-https-blue.kujira.network-sentinel)

The Kujira Sentinel is a technical companion to the Senate. By providing the CW4 multisig contract address with chain-wide contract instantiate permissions, Sentinel creates better development velocity and autonomy for protocol builders, without sacrificing security.&#x20;

Furthermore, by delegating contract instantiation permissions to a multisig of a select group of trusted technical experts, deployed code can be assessed and verified more rigorously than is currently possible with 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, a competitive edge for Kujira.

<figure><img src="/files/47uWyEGGtwkhLoO1O8Zs" alt=""><figcaption><p>The members of the Kujira Sentinel</p></figcaption></figure>

## Chain Governance

[https://blue.kujira.network/govern](#https-blue.kujira.app-govern-or-https-blue.kujira.network-govern)

Governance proposals are submitted by members of the Kujira community and can cover a wide range of topics, including updates to the Kujira platform, changes to network parameters, and new features or services. These proposals are discussed and debated in the Kujira community, and then put to a vote for approval or rejection.

By [staking](/governance/staking/staking-overview) [KUJI](/tokenomics/kuji-token), anyone can help shape the future of Kujira by submitting or voting on governance proposals. Governance proposals are typically voted on in the form of chain governance polls. There are multiple phases to chain governance.&#x20;

<figure><img src="/files/vHb5hbVZWPqcqkRI057v" alt="" width="563"><figcaption><p><a href="https://blue.kujira.network/govern">BLUE Governance portal</a></p></figcaption></figure>

The first phase is the initial deposit phase. To submit a proposal (which you can do [here](https://blue.kujira.network/govern/new)) you need an initial deposit of 100 [USK](https://docs.kujira.app/dapps-and-infrastructure/usk-stablecoin). Once a proposal is submitted, there is a 24-hour deposit window during which a threshold of 500 USK must be reached from the proposer's wallet or any other community member's wallet in order for the proposal to be deposited on-chain and the voting period to begin. The KUJI tokens deposited must be liquid (not staked) and will be returned to the wallet after the threshold is met. If the threshold is not met during the deposit period, the deposited tokens will be burned. Refer [here](https://docs.kujira.app/governance/submit-a-proposal) for more details.

The second phase is the voting phase. Once a proposal achieves a sufficient deposit within 24 hours, the 48 hour voting period immediately begins. If delegators do not vote on a proposal, their vote will be deferred to their staked validator(s). So is it best to choose trusted validators with aligned interests. For a proposal to pass governance, three conditions must be met within 48 hours:

* At least 33% of staked KUJI must actively vote on the proposal either yes, no, no with veto, or abstain.
* At least 50% of the total non-abstain votes yes. Alternatively, the yes percentage of the total vote must be higher than the no and no with veto percentages of the total vote combined. Votes are weighted based on amount of KUJI staked on a 1 to 1 basis.
* Finally, fewer than 33% of votes may be no with veto. No with veto is reserved for bad faith proposals and and a no with veto percentage over 33% burns the proposer's 10K KUJI deposit at the end of the voting period.&#x20;

<figure><img src="/files/PcEk7T1lRX3t0prbu91d" alt="" width="563"><figcaption><p>Sample governance proposal voting UI</p></figcaption></figure>

Finally, at the end of the voting period the vote passes or fails to execute. Read more [here](https://docs.kujira.app/governance/vote-on-proposals).&#x20;

The Chain Governance tab allows anyone to browse through past governance proposals, observe which validators or wallets voted in a certain and/or reasons for their votes, as well as the overall results (the percentage breakdown of yes, no, abstain, no with veto). The Kujira Discord has a governance forum meant for discussing regular chain governance proposals. Read more [here](/governance/discord-governance-forum).&#x20;


# Developer

## Overview

The Developer Tab on BLUE is an accessible user interface that allows developers with qualified access on mainnet (to specific code IDs from governance) and anyone on testnet to store, instantiate, migrate, query, and execute contracts on mainnet.

## Store

<https://blue.kujira.network/developer/wasm/store>

The Store tab allows anyone to upload local files and store WASM byte code on-chain.

<figure><img src="/files/N3PuaTLmCbEJU0Hztz5o" alt=""><figcaption></figcaption></figure>

## Instantiate

<https://blue.kujira.network/developer/wasm/instantiate>

The Instantiate tab can be used to create (or instantiate) contracts using stored WASM byte code, by providing the associated Code ID, Admin information, an appropriate Label, and on-chain code.

<figure><img src="/files/SFL4NHWuAJukt4PY4RoU" alt=""><figcaption></figcaption></figure>

## Migrate

<https://blue.kujira.network/developer/wasm/migrate>

The Migrate tab used to migrate a contract to a new code ID. To do this, provide a current code ID, a desired migrate Code ID, then select the desired contract and finally execute migration.

<figure><img src="/files/f0pUmrPmpuYE5xgUUP5f" alt=""><figcaption></figcaption></figure>

## Query & Execute

<https://blue.kujira.network/developer/wasm/contract>

The Query and execute tab is a raw interface to contracts. It specifically helps with debugging and getting data that is not immediately accessible in the UI.

<figure><img src="/files/6eT1JfkCkBubcxw2J5mc" alt=""><figcaption></figcaption></figure>

## Interchain Queries

<https://blue.kujira.network/developer/icq>

The 'Interchain Queries' tab allows you to perform interchain queries and use smart contracts to verify queries on IBC-connected blockchains. It also provides a proof of concept contract for practice.

<figure><img src="/files/RvglhGzvx4aWVhYe2iSo" alt=""><figcaption></figcaption></figure>


# Product Guides

In this section you will find detailed step-by-step guide with visuals for the most common interactions with BLUE

[How to Send Tokens](/dapps-and-infrastructure/blue/product-guides/how-to-send-tokens)

[How to Convert balances to KUJI](/dapps-and-infrastructure/blue/product-guides/how-to-convert-balances-to-kuji)

[How to Swap tokens](/dapps-and-infrastructure/blue/product-guides/how-to-swap-tokens)

[How to Bridge tokens](/dapps-and-infrastructure/blue/product-guides/how-to-bridge-tokens)

[How to use IBC](/dapps-and-infrastructure/blue/product-guides/how-to-use-ibc)

[How to Mint USK](/dapps-and-infrastructure/blue/product-guides/how-to-mint-usk)

[How to Stake KUJI](/dapps-and-infrastructure/blue/product-guides/how-to-stake-kuji)

[How to Redelegate KUJI](/dapps-and-infrastructure/blue/product-guides/how-to-redelegate-kuji)

[How to Unstake KUJI](/dapps-and-infrastructure/blue/product-guides/how-to-unstake-kuji)

[How to Check the Status of Governance Proposals and/or Vote](/dapps-and-infrastructure/blue/product-guides/how-to-check-the-status-of-governance-proposals-and-or-vote)

[How to Nominate a Candidate for the Senate](/dapps-and-infrastructure/blue/product-guides/how-to-nominate-a-candidate-for-the-senate)

[How to View Information on Senate Candidates](/dapps-and-infrastructure/blue/product-guides/how-to-view-information-on-senate-candidates)


# How to Send Tokens

Follow these steps to Send tokens from your wallet to a Kujira address.

* Connect on the top right to your Keplr or Sonar wallet by clicking the connect wallet button and selecting the corresponding wallet (Keplr or Sonar)

<br>

<figure><img src="https://lh4.googleusercontent.com/3_kk5Llb_AiG6dbLjUsVmcjlDnSVbZl6JPGVhG__BQufqcKPuvrcahPyHAOtf4_lIJsF_f68k2kW0PRw9gAphLzLuzKV8_un7SlpfJxxS2Nsjb9dMqOmOLG4odoxaqlLBU080tADol27Nrs6QseT5EM" alt=""><figcaption></figcaption></figure>

* Navigate to spendable tokens and click “Send” next to the desired token You can also select the desired token on the pop up Menu that shows after clicking.&#x20;

<figure><img src="https://lh4.googleusercontent.com/hfMnyFJDgjp6OgxIpLU9VGOc8s75n0lnYpW6P3gEGOQDl1WhIlV8At4Z4L8fUfbC2efCOYC6Sj7FPHYRxSHPqgfdQtDl4pzMs2AWCwwbrOEXECU3K8PSyuHnRH0lRhnI8RH2qHzk82EqBTABoCMzTCA" alt=""><figcaption></figcaption></figure>

* If you would like to send tokens to more than one recipient, click + add recipient
* Otherwise, next enter a wallet address you would like to send those tokens to
* Then enter the token send amount limited by the token balance
* Finally, if you’d like the sent tokens to vest over time–they must be sent to an empty wallet with no past transaction history. You would select the vesting end time by choosing a year, month, day, hour, and minute based on your local time.
* Otherwise simply leave the vesting field blank and click the rectangular BLUE box at the bottom right that says Send “ ” Tokens

<figure><img src="https://lh3.googleusercontent.com/hnmBPP_aTr09D7VSZ1HtqIgExHqM_iHCgQBJLlU5SmD5VnJbHf35HfVoeQDjSYf2sHtyGEQkQ8eS7GdZ96kIjCUaqv_35M5USq0ELaPUIEz5aXS_XkwVLualmDAz-SJ_66Pw7ixNE4aHygqqCdmUPK4" alt=""><figcaption></figcaption></figure>

* Finally, pay gas fees to complete the transaction


# How to Convert balances to KUJI

Follow these steps to convert the small balances in your wallet to KUJI.

* Navigate to [blue.kujira.app/wallet](https://blue.kujira.app/wallet)
* Connect on the top right to your Keplr or Sonar wallet by clicking the connect wallet button and selecting the corresponding wallet (Keplr or Sonar)

<figure><img src="https://lh4.googleusercontent.com/3_kk5Llb_AiG6dbLjUsVmcjlDnSVbZl6JPGVhG__BQufqcKPuvrcahPyHAOtf4_lIJsF_f68k2kW0PRw9gAphLzLuzKV8_un7SlpfJxxS2Nsjb9dMqOmOLG4odoxaqlLBU080tADol27Nrs6QseT5EM" alt=""><figcaption></figcaption></figure>

* Click on "Convert balances to KUJI" button

<figure><img src="https://lh5.googleusercontent.com/OHpje1RqdYHrJ8XFTHAx2NoL-1WTmj7S9FHwtxlhpXVoVCyF19LQ37gtgplvgONj6nCdZ-jxz0FE5q8TivHnm3q9vfTNLuLLNd3okWRc3R7uGuhD3IhI6B2oFMiZURiU9Ox2_ZUMXzyf4D0Ox0V6vjk" alt=""><figcaption></figcaption></figure>

* Convertible tokens will have a filled in green box to the left of their name
* Deselect any tokens that you would not like to convert to KUJI by clicking any filled-in green boxes next to tokens. Deselected tokens will have empty black boxes.&#x20;

<figure><img src="https://lh3.googleusercontent.com/t6QXNaGYKJYvu40AXPbffwvJvcyrZA8d-AIryP1lvoSJcXwipbTOf5ffoN1nW6OJzYNKtPdckci5r2LPO52UTEU9dg5kHdB68eoQuoNS1bzfVUyfvx9qHrjUXicbDRAk_GcO1h6TpiKAHpS6Y42YA7I" alt=""><figcaption></figcaption></figure>

* Finally, click the “Convert selected to KUJI” button and pay gas fees to finish the transaction.


# How to Swap tokens

Follow these steps to Swap tokens using the BLUE swap interface.

* Navigate to [blue.kujira.app/swap](https://blue.kujira.app/swap)
* Connect on the top right to your Keplr or Sonar wallet by clicking the connect wallet button and selecting the corresponding wallet (Keplr or Sonar)<br>

<figure><img src="https://lh4.googleusercontent.com/3_kk5Llb_AiG6dbLjUsVmcjlDnSVbZl6JPGVhG__BQufqcKPuvrcahPyHAOtf4_lIJsF_f68k2kW0PRw9gAphLzLuzKV8_un7SlpfJxxS2Nsjb9dMqOmOLG4odoxaqlLBU080tADol27Nrs6QseT5EM" alt=""><figcaption></figcaption></figure>

* On the left side, select an asset from the list that you would like to trade away
* On the right side, select the token that you would like to receive upon swapping (you can only choose tokens that have direct FIN pairs with the asset you first chose). Let's call this Token A.

<figure><img src="https://lh6.googleusercontent.com/w8GYFecJFp5SJqZgHyO5z5JW2OjAvnqcjlbmzaFX3dUeirvhVtRX4iE_U-BuAaKUc64YyoG3JQetCbhlOV8douNtW6h9zY3Dv69ic_WTF3rRxWYf8Pv2tDWBomyIYW0RJCyfrgEbTTsOO1vC7qEtgSo" alt=""><figcaption></figcaption></figure>

* Back on the left side, enter the amount of token A that you’d like to sell. On the right side, the corresponding amount of tokens to be bought, will be displayed. Let's call this token B.<br>

<figure><img src="https://lh6.googleusercontent.com/2Or758L1lRPVYqvZ4F0TxqOtcmit_x7qHU81CWg5Ax12VWYDt1P47IphAWRWk1zNjDWfSoXpkwRNKiHm3NeXitvi3ofkhIlUMBp1QbKzoqx0y1C3xBOaH4D4YThne3YITTffLdRJRkG0FL87Bprl-ko" alt=""><figcaption></figcaption></figure>

* Next, if you would like to trade using advanced settings, click the toggle next to the white text that reads “Advanced”, otherwise skip to the second to last step.

<figure><img src="https://lh5.googleusercontent.com/jpOT73GjAGV1lPwEpXQi-3HBf1sUz-Kt_h7AY_EyRwHzCWneftadwUqFpdM2rUQv_P5gHzECghsF1N7yXGEA7IA9LRhAWRbI_W4MXmywiFFR4huayMqpGoVnhkN1TA4ub0XVGzWeudqZaQwUbAqZdOU" alt=""><figcaption></figcaption></figure>

* By clicking on "Advanced", swap fee, price impact, and slippage limits are displayed. Choose a desired slippage limit. (Lower slippage is better when possible)
* Next, if you would only like to trade at a fixed swap price based on the two assets’ current prices, click the white text “Fixed Price swap", if not skip down to the second to last step.
* Fixed Swap Rate (the current amount of token B bought per every token A sold), return after fees, and estimated amount filled instantly are displayed. Select the BLUE fixed price swap button if you’d like to swap using the current fixed rate.
* Otherwise, select the BLUE instant swap button and pay gas fees.


# How to Bridge tokens

Follow these steps to bridge tokens to the Kujira blockchain.

* Navigate to [blue.kujira.app/bridge](https://blue.kujira.app/bridge)
* Connect on the top right to your Keplr or Sonar wallet by clicking the connect wallet button and selecting the corresponding wallet (Keplr or Sonar)

<figure><img src="https://lh4.googleusercontent.com/3_kk5Llb_AiG6dbLjUsVmcjlDnSVbZl6JPGVhG__BQufqcKPuvrcahPyHAOtf4_lIJsF_f68k2kW0PRw9gAphLzLuzKV8_un7SlpfJxxS2Nsjb9dMqOmOLG4odoxaqlLBU080tADol27Nrs6QseT5EM" alt=""><figcaption></figcaption></figure>

* On the left side, the blockchain network that you would like to move assets from to Kujira. If you have ETH, select Ethereum, if you have BNB select BNB, if you have MATIC, select Polygon, etc.
* On the right side, select the token you would like to bridge over to Kujira

<figure><img src="https://lh4.googleusercontent.com/2jfjj6Eqjnx1T_wqtLqeQNxWRcZcrjM5v_pTRKog8E9_Cuzq3myCUg0Qq0Lmd414r8YL2yoSrr6iNACwTzaSIFiCaMjXEDoVOPrJtPL4vM2PxrCLouURWsSlkAVy2s4AG67gD2ZreWJVfpbidc83uK8" alt=""><figcaption></figcaption></figure>

* Enter the amount of the token that you would like to bridge over to Kujira
* Next select the connect wallet icon to the right of source balance and select the wallet you would like to transfer funds from
* Source token, source balance, relayer gas fee, and a destination address should all be displayed. Ensure the destination wallet address matches the Kujira wallet address you would like to send your funds to
* Finally, click the BLUE sign and send button and pay gas fees to complete the transaction.


# How to use IBC

Following these steps will teach you to transfer tokens from another Cosmos chain to Kujira.

* Navigate to [blue.kujira.app/ibc](https://blue.kujira.app/ibc)
* Regardless of the chain you are sending tokens from, on the top left, where it says Kuijra, choose Axelar instead.
* Next, if you would like to send AXL from Axelar continue to the next step. Otherwise, on the top left, where it says Kujira, scroll through the list and select the network you’d like to use IBC to bridge tokens to Kujira from
* Next, scroll to the box on the top right where it displays a token symbol and name. Select the token you would like to transfer to Kujira.
* Next, fill in the box on the bottom right which says ‘Send Amount’, entering the amount of tokens that you would like to IBC to Kujira
* Make sure that the address listed on the bottom right matches your intended Kujira wallet destination address

<figure><img src="https://lh6.googleusercontent.com/ZOekKp_MRBBq9P5rDFJ6-PMxA2f4ndLe0pu7LbEdjlc_tG-93vRewjqr6nPAQXkWH4tMx_kPfx-dPNu2VWafN99yqKW67dsMtC9_ApMzZIodmIHSn3hHfqnRdsZR7a0jY5OQZJg850C-kW4Ve-1DnMs" alt=""><figcaption></figcaption></figure>

* Finally, select the BLUE Initiate IBC Transfer button and pay gas fees


# How to Mint USK

Follow these steps to mint USK using different type of collateral on BLUE

* Navigate to [blue.kujira.app/mint](https://blue.kujira.app/mint)
* Connect on the top right to your Keplr or Sonar wallet by clicking the connect wallet button and selecting the corresponding wallet (Keplr or Sonar).

<figure><img src="https://lh4.googleusercontent.com/3_kk5Llb_AiG6dbLjUsVmcjlDnSVbZl6JPGVhG__BQufqcKPuvrcahPyHAOtf4_lIJsF_f68k2kW0PRw9gAphLzLuzKV8_un7SlpfJxxS2Nsjb9dMqOmOLG4odoxaqlLBU080tADol27Nrs6QseT5EM" alt=""><figcaption></figcaption></figure>

* Scroll down to the asset that you would like to use as collateral.
* Under the target asset, select the BLUE box saying “Open Position”.

<figure><img src="https://lh6.googleusercontent.com/H_oRRalcsymTN3lh--gTXohUl21y-dTjzFvseEVVhWAAYhInnClM-ZXqv7ZUCnnuT7bdR9GPldO4jqxRNTd97f9iLKYAZYdb5aPxxfANZ3CPGIy2SE0V5j4neMlbNBEc3gtSDjL73obmLnNHLl_KIqU" alt=""><figcaption></figcaption></figure>

* Under ‘Deposit Collateral’ enter the intended amount of collateral you would like to add (in terms of number of tokens) a correspond USD value will be displayed under “Collateral Value” to the right.
* Next, under Mint USK enter an amount of USK to mint.

<figure><img src="https://lh5.googleusercontent.com/t6BK9O2StELCwX4-je-56T21KGB5G1d55LLq1mQ1tCdsCztnvggnam_0XWl14LXt9J1W7M7AENFjKbsjTBTR5YqmI5t5DHEQW8OtdIqIO0fujA0vumKH8BNZDHgfdTkH3sDjjs_gWlAm0VibpqE1d5g" alt=""><figcaption></figcaption></figure>

* To the right, a New LTV (loan-to-value threshold), total amount of USK currently borrowed (minted), and a liquidation price for the asset you’re supplying as collateral. The supplied collateral will be liquidated if it drops below the stated liquidation price. The current value of the asset is displayed higher up under ‘Collateral Price’. Furthermore, a mint fee as well as the current interest rate are displayed as well.
* Finally, if you are comfortable with the setup, select the BLUE ‘Open Position’ button and pay gas fees to complete the mint process.


# How to Stake KUJI

This guide will teach you how to stake KUJI on BLUE.

* Navigate to [blue.kujira.app/stake](https://blue.kujira.app/stake)
* Connect on the top right to your Keplr or Sonar wallet by clicking the connect wallet button and selecting the corresponding wallet (Keplr or Sonar)

<figure><img src="https://lh4.googleusercontent.com/3_kk5Llb_AiG6dbLjUsVmcjlDnSVbZl6JPGVhG__BQufqcKPuvrcahPyHAOtf4_lIJsF_f68k2kW0PRw9gAphLzLuzKV8_un7SlpfJxxS2Nsjb9dMqOmOLG4odoxaqlLBU080tADol27Nrs6QseT5EM" alt=""><figcaption></figcaption></figure>

* If you would like to stake your KUJI to earn staking rewards, you must delegate it to someone already in the active set.&#x20;

<figure><img src="https://lh3.googleusercontent.com/y3FT2nB-nfuArsqs0mX1AhgW_XkseFpTnsqyFqg_yNgb4VlSBgD5qOc8iHdlCvEVOAjNAq13R7-jtWBwWaOEAP1X3XjrJk-Z82MG_RBJEpRKzXlR-RK6SvTmLJQiLuAoIIZR1IXvKVMoe378FVtBI94" alt=""><figcaption></figcaption></figure>

* Navigate to the middle right where it says STAKE KUJI and enter the amount of KUJI you would like to stake. Next, click Optimize which will automatically spread your delegations uniformly across small validators.

<figure><img src="https://lh3.googleusercontent.com/spLX5Cc1BtXQsLEeGDzRK5b8nmkiE5nRsWkQj1OOSznuz-boD9QELwmmD3KLfIpZvBDvBElcC1VyBH0a2GQHj9AS713wtooQNi6xzf1YymndIyBPwTLKxb249oBaGobKsDPPvwe2HRHJivw_TGNrOE0" alt=""><figcaption></figcaption></figure>

* Next, click on any validators you would not like to stake with to deselect them. Hover over a validator to see a breakdown of its total amount staked, total number of slashes, commission percentage, and your personal amount currently staked with that validator.

<figure><img src="https://lh5.googleusercontent.com/f_UwbZCsPvhtsQibe-BT2iIzOZCctu02muaCagWaZpRRE542BN3iMv8rFa_OTA4BTyGijh3EuZgT-gviKsvHGoEeqeZH3L7UHplg2lxyYARrBgqmF5ZUMGKkOhKe3VqqtjbvdZExLlOUkckDbNlKHLY" alt=""><figcaption></figcaption></figure>

* Once you are satisfied with your selection, select the gray ‘Confirm’ button and pay gas fees to finish staking your KUJI. (This will also automatically claim any previously unclaimed staking rewards).
* If you are unsatisfied with the validator selection and would like to select validators to stake with manually, navigate to the top middle and select ‘Cancel Selection’. Next, click on any individual validator of interest.&#x20;

<figure><img src="https://lh3.googleusercontent.com/oQ3w8c7vbvUgp0h_WLGGnU0WCEbmQXoiwaiqqq7Bptye-xqlrjx-SqtRHPSZfry0i9CDwH-rLZaTClOkbB4Bvs9QFUmQuTBn8MGDBzmdpBLWKqdyS6Gv_aegjdQd8qP15WvbGGyJT-e58CxpB0DZvTg" alt=""><figcaption></figcaption></figure>

* If you would like to stake with that validator, click the BLUE stake button, enter the amount of KUJI that you would like to stake, and press the BLUE ‘Stake KUJI’ button and pay gas fees.

<figure><img src="https://lh5.googleusercontent.com/xzkyfy2C39cNVoVt1l3JtprBYprXEFUApxNntHWgwdOW86-Fb0Ro_GBBVdNT_1IYdo0nDHwQ0U-q0tIObpdV27oqaMsMUnUOM13awaFzaRxbAXcTNFlxlkC0DnM99g7_VSn5B71rQy4SrQFFxPGLmec" alt=""><figcaption></figcaption></figure>


# How to Redelegate KUJI

After this guide you will be able to redelegate KUJI from one validator to another.

* Navigate to [blue.kujira.app/stake](https://blue.kujira.app/stake)
* Connect on the top right to your Keplr or Sonar wallet by clicking the connect wallet button and selecting the corresponding wallet (Keplr or Sonar)

<br>

<figure><img src="https://lh4.googleusercontent.com/3_kk5Llb_AiG6dbLjUsVmcjlDnSVbZl6JPGVhG__BQufqcKPuvrcahPyHAOtf4_lIJsF_f68k2kW0PRw9gAphLzLuzKV8_un7SlpfJxxS2Nsjb9dMqOmOLG4odoxaqlLBU080tADol27Nrs6QseT5EM" alt=""><figcaption></figcaption></figure>

* Select any individual validator that you would like to redelegate away from. A new page with more detailed information should pop up.

<br>

<figure><img src="https://lh3.googleusercontent.com/3vMRTLDu_swJZ7yfcPVsSXac5tFcE3GbK94he6iJ7FJyrAjXwdqWIsrcT1IBojgAD81jv9vSNhT60tLOzWOmbWnHpYCxW5JJ5XnbDQxIsT7izgUn7KbDWCU3hQNZWpSJdID-JCPL-_isSaN2DbeaTws" alt=""><figcaption></figcaption></figure>

* Select the BLUE ‘Redelegate’ button, enter an amount of KUJI that you would like to redelegate away to another validator.
* Next, enter the name of the validator that you would like to redelegate to (stake with instead). You must type in at least 3 letters before a submenu of chooseable validators with corresponding names will appear. Select the validator you are looking for.

<br>

<figure><img src="https://lh4.googleusercontent.com/9-5Km86df444RWy-9lVFH4jA8aorvfOLoCJ5Lp3j_H08L0A2vg-wVaPjWeFYIHBxWJDBYbqUPKJNd_i2ytR3qYHT2Rb4eFZ6-TdfCLkoQk4tUwar3r3dgvuAbQn2ShqefeZJT2nbPcMjk9EpXdy3fGA" alt=""><figcaption></figcaption></figure>

* Finally, click redelegate KUJI and pay gas fees to complete the redelegation process. Remember that redelegation is instant, but you will have a cooldown of 2 weeks per delegation.


# How to Unstake KUJI

Follow these steps to unstake your KUJI. Remember that this process takes 2 weeks to complete and you will not receive rewards during the process.

* Navigate to [blue.kujira.app/stake](https://blue.kujira.app/stake)
* Connect on the top right to your Keplr or Sonar wallet by clicking the connect wallet button and selecting the corresponding wallet (Keplr or Sonar)

<figure><img src="https://lh4.googleusercontent.com/3_kk5Llb_AiG6dbLjUsVmcjlDnSVbZl6JPGVhG__BQufqcKPuvrcahPyHAOtf4_lIJsF_f68k2kW0PRw9gAphLzLuzKV8_un7SlpfJxxS2Nsjb9dMqOmOLG4odoxaqlLBU080tADol27Nrs6QseT5EM" alt=""><figcaption></figcaption></figure>

* Select any individual validator that you would like to unstake from. A new page with more detailed information should pop up.
* Select the Gray ‘Unstake’ box.<br>

<figure><img src="https://lh3.googleusercontent.com/lJWWvEBoDbNEKrXsp4XnFPzQLSKFP4uCJbTcYAtEIS2Phbh_rze-xW0s6q_xVKZH0Ij5BkwSsfS8EA7AFgkTaT9c46JUGXUEON5N7eOk3Owi03gIcJdYE6V3DQ0WhbVJfcx-mGAJqOEiDCp3NR9bbp8" alt=""><figcaption></figcaption></figure>

* Enter the amount of KUJI that you would like to unstake–remember the process takes 2 weeks to complete up to the total staked balance listed.

<figure><img src="https://lh4.googleusercontent.com/u9pNoZv6yBqTmAUw22bvphtiLZmWxEosyKjwZZN-AphYZaSZUtYNTuSNkgZHu2Y-6eOlPneCEhkLJ_shrT26JenF9mbgQB7VijcFTuVLEU4fSR6_6YKKZk8KO-f1fgMvH6u2wWCkSOdgr_TtNwNUGys" alt=""><figcaption></figcaption></figure>

* Finally, click the BLUE ‘Unstake KUJI’ button and pay gas fees to start the unstake process.


# How to Check the Status of Governance Proposals and/or Vote

This guide will allow you to check the status of Active Proposals and vote.

* Navigate to [blue.kujira.app/govern](https://blue.kujira.app/govern)
* Connect on the top right to your Keplr or Sonar wallet by clicking the connect wallet button and selecting the corresponding wallet (Keplr or Sonar)

<figure><img src="https://lh4.googleusercontent.com/3_kk5Llb_AiG6dbLjUsVmcjlDnSVbZl6JPGVhG__BQufqcKPuvrcahPyHAOtf4_lIJsF_f68k2kW0PRw9gAphLzLuzKV8_un7SlpfJxxS2Nsjb9dMqOmOLG4odoxaqlLBU080tADol27Nrs6QseT5EM" alt=""><figcaption></figcaption></figure>

* Scroll down to the proposal of interest that you would like to vote on. If the proposal isn’t one of the 8 most recent proposals, you can view older proposals by clicking on the pages numbered at the bottom. 2 is the second newest page of proposals… and so on up until the final page of proposals.

<figure><img src="https://lh5.googleusercontent.com/C1XumoK2ibjZBXeOkNNL9iBYGCbVf5ilDFgVHO2dR4OiswgPVTieJ9Q0B18tfO6D1KO37oiFSEVgLOyXmdpCaUfzWDjqgm_VcUrY_fGoxqmoDduOTbaSzO-lBWvMfWZEuiJJ51NWmzoxYb05BnSvtl0" alt=""><figcaption></figcaption></figure>

* Once you have located the proposal, select the ‘View Proposal’ button
* If the proposal voting process has already started or ended the following information will be displayed: Voted (what proportion of KUJI stakers or corresponding validators have voted on this proposal), Yes (the percentage of staked KUJI corresponding to voters that voted Yes on the proposal), No, Abstain, and Veto

<figure><img src="https://lh6.googleusercontent.com/9DJSEMdWSG8U2pTpGA4mPoFo_qZmfrp78q32npN9miy1_F-j4Hvv4KN_nl0uCSIPrP020aB7oXOEtZ7ZiGr0AYLiby5ooYJTBsp45xaBpEvsbHvGABv9--z5lk7MhlIJFtfeU77tlCdLAAmtLxK4Kpo" alt=""><figcaption></figcaption></figure>

* You may scroll down to look at the associated proposal code–and scroll down even further to look at the votes cast by validators that actually voted (and possible reasons for their decisions)
* If the proposal is still being voted on, you can vote by clicking on the desired option (Yes, No, Veto or Abstain) and sign the tx paying the fees.

<figure><img src="https://lh4.googleusercontent.com/OLxDjHl6tMnR1pK-hYmDnkHOo2aKdJGRMxArq5ieNQ8GzjVRutHlV81SoSniZKydT21LV7rZ5Cmnd7LOQ9OHXQ1MhHJ6tw6AOO6ORtRBFk0cSCsut9dpi8meFy85i5-0jB7aSynGEkbYZFLCQnf6uYg" alt=""><figcaption></figcaption></figure>


# How to Nominate a Candidate for the Senate

Follow these steps to nominate a candidate for the Kujira Senate.

* Navigate to [blue.kujira.app/senate](https://blue.kujira.app/senate)

<figure><img src="https://lh4.googleusercontent.com/0cNPS8Ekn4U3O8yIFLw43tuZb_qO7mV2qoSD34j6eJcIdEN9yy3xxpROkaq6PYqo9RN3Cs-Aq-fKyeudGa2PB1dgqFv9-tEsH55Onokywvg_ExXxi2cF126UBu6tcFCBLbQ56qzB00juDfVcgs63AKY" alt=""><figcaption></figcaption></figure>

* Select the Gray ‘Nominate Senator’ button and fill out the required information and then click submit.

<figure><img src="https://lh3.googleusercontent.com/NVyvZw6rx81P4CyTwWvgCfrj03tHhfHMSlXAAKNMxpoCS8AqQ1TZ6j_jZsbGSEHQx_976kI_ViPpl09F89qbTW-npaNXnswuP6NoZyL8O3F4tLVS9oreBSFpNm1MCrbch4hts3Ks2aEUpuvXn7rC8aM" alt=""><figcaption></figcaption></figure>


# How to View Information on Senate Candidates

Follow this guide to view all the information related to the Kujira Senate candidates.

* Navigate to [blue.kujira.app/senate](https://blue.kujira.app/senate)
* Click the green underlined text ‘here’ to see a detailed Medium article on all the Senate candidates based on their submitted applications
* Scroll down and click on the keybase.io name of individual senate candidates to see their keybase.io account. <br>

<figure><img src="https://lh4.googleusercontent.com/j3peXOfGHYrFWXT2ZGzT-2uQygo24d9qICGLSIFJpDexYF1u_UWhCZMRBQbqZ411ODmmbuuUckFYkyIB9SBegUOSCze-Sguevq3oynixnqc91ot72EMkUgYjUYkYPzWQxYk6-KtH9FLc8AREnRc-UYo" alt=""><figcaption></figcaption></figure>

<br>


# BOW (Liquidity Engine)

Kujira's Revolutionary Liquidity Hub

<https://bow.kujira.network/>

## Market Making Framework for FIN Orderbook DEX

BOW is a framework ensuring optimal trading conditions for pairs on [FIN](/dapps-and-infrastructure/fin), Kujira's on-chain orderbook DEX. It aims to attract liquidity providers by offering yield for adding to the depth of a given trading pair, which narrows the price spread and ensures deep order books for traders. BOW also enables protocols to further incentivize pool depth by allocating token rewards to liquidity providers.

## How BOW Works

BOW uses an internal algorithm to automatically place orders on FIN pairs based on its own internal token balances, similar to the XYK algorithm used by Automated Market Makers like Uniswap. As market buys and sells come in, these orders are filled, causing the contract's internal price calculation to move and re-submit orders at the new mid-market rate. BOW is a self-sufficient and 100% on-chain market maker for the FIN order book.

## Using BOW

To use BOW, connect your wallet to the Pools tab and top up on the Swap tab if necessary. Choose the pool you'd like to participate in, deposit the desired amount of tokens, and create liquidity provider (LP) tokens. Holding LP tokens earns you a share of the fees from transactions using that pair, which can be further increased by staking the LP tokens on the Stake tab.

## Benefits of BOW

BOW offers several benefits to the ecosystem, including an on-chain solution for market making that doesn't rely on a third party and the ability to incentivize pool depth through fees and rewards. It also provides a stable and deep order book for traders, leading to higher volume and stability.

## Navigate BOW

The BOW application has 4 main&#x20;

* [Dashboard](/dapps-and-infrastructure/bow/dashboard)
* [Pools](/dapps-and-infrastructure/bow/pools)
* [Swap](/dapps-and-infrastructure/bow/swap)
* [Stake USK](/dapps-and-infrastructure/bow/stake-usk)


# Dashboard

Easily track BOW liquidity provision (LP) performance

<https://bow.kujira.network/dashboard>

## Track LP performance using the BOW dashboard

The BOW dashboard displays all active BOW liquidity provision (LP) token positions for any connected wallet. Positions are listed in order from largest liquidity provision token balance to smallest.&#x20;

Additional information is displayed for each active pair like this:

<figure><img src="/files/YiOShhz0jWl0NiSi56CN" alt="" width="403"><figcaption><p>ATOM / axlUSDC LP position balance and unclaimed rewards</p></figcaption></figure>

### APR

The APR is the near-term expected yearly return on (staked) provided liquidity via rewards that come from swap fees and farming incentives. The APR is dynamic and changes with pair volume and incentives.

### Farming Incentives

The 'Farming Incentives' are incentives that have been provided to further bootstrap usage of a token pair. The 'Overview' tab on the BOW 'Pools' section for each token pair has graphs displaying the total amount of incentives disseminated over time.

### My LP Balance

'My LP Balance' shows the total amount of liquidity provided to a specific token pair as well as the estimated dollar balance. Stake LP tokens to maximize BOW rewards!&#x20;

### My Stake

'My stake' shows the total amount of staked LP tokens for a specific pair as well as the estimated dollar balance. Staking LP tokens increases the share of fees received from holding LP tokens. LP tokens can be unstaked at any time almost instantly.&#x20;

### Rewards (unclaimed)

The last part of the dashboard tracks a wallet's unclaimed rewards for a token pair with actively provided liquidity. Rewards are broken down into the amount of each asset previously earned (and not yet claimed) from staking LP tokens.&#x20;


# Pools

[https://bow.kujira.network/pools](https://bow.kujira.network/dashboard)

The BOW 'Pools' page is at the center of the streamlined BOW experience:

* Observe and interact with regularly updated featured pools
* View information about all BOW liquidity pools including APR, reward breakdown, incentive release schedule, total liquidity, and current positions&#x20;
* Provide liquidity, incentivize pools, stake LPs to earn more rewards, unstake LPs and withdraw liquidity once finished &#x20;

Explore everything the BOW Pools section has to offer:

* [Featured Pools](/dapps-and-infrastructure/bow/pools/featured-pools)
* [All Liquidity Pools](/dapps-and-infrastructure/bow/pools/all-liquidity-pools)
  * [Pool Overview](/dapps-and-infrastructure/bow/pools/all-liquidity-pools/pool-overview)
  * [Provide to a Pool](/dapps-and-infrastructure/bow/pools/all-liquidity-pools/provide-to-a-pool)
  * [Leveraged Liquidity](/dapps-and-infrastructure/bow/pools/all-liquidity-pools/leveraged-liquidity)
  * [Stake LP with a Pool](/dapps-and-infrastructure/bow/pools/all-liquidity-pools/stake-lp-with-a-pool)


# Featured Pools

## Featured Pools

Important liquidity pools are featured at the top of the BOW 'Pools' page. They may be liquidity pools for USK pairs with USK backing collateral, they may be major KUJI trading pairs, or they may have other features of interest. Either way, keep an eye on the featured pools.

For each featured pool, detailed information is displayed in a similar manner to the BOW dashboard view. Visible at glance are FIN orderbook size (existing FIN limit orders for each token asset in the pool), total liquidity, combined trading and incentive APR, farming incentives (the tokens given as incentivized rewards), current personal LP balance for that pool, and current personal staked LP for that pool. Below is a sample.

<figure><img src="/files/m0M2medxP0CQvOP1wh1W" alt=""><figcaption><p>KUJI / ATOM liquidity pool info</p></figcaption></figure>

When opening each featured liquidity pool to take a closer look, the user will find the same information and options as what is contained in the [general liquidity pool section](/dapps-and-infrastructure/bow/pools/all-liquidity-pools).


# All Liquidity Pools

This section of the 'Pools' page not only comes with a nifty search bar that filters for specific liquidity pools but also contains slightly different information from the featured pools section. Each liquidity pair has information displaying total pool liquidity, retroactive APR calculated based on the past 21 days of trading, current combined APR, personal LP balance, unstaked personal LP balance, as well as available token incentives for that liquidity pair.

Also, each liquidity pool has more detailed information & interactivity on opening the related liquidity pool specific BOW user interface including the '[Overview](/dapps-and-infrastructure/bow/pools/all-liquidity-pools/pool-overview)', '[Provide](/dapps-and-infrastructure/bow/pools/all-liquidity-pools/provide-to-a-pool)', '[Leveraged Liquidity](/dapps-and-infrastructure/bow/pools/all-liquidity-pools/leveraged-liquidity)', & '[Stake](/dapps-and-infrastructure/bow/pools/all-liquidity-pools/stake-lp-with-a-pool)' tabs.&#x20;

Every page except for leveraged liquidity has a consistent header with the following information: FIN orderbook size (in asset amount & dollar value), total BOW liquidity (in asset amount and dollar value), combined trading and incentive APR, and available token incentives for staking provided LP balances. &#x20;

Furthermore, under the part of the header with the gray text 'Incentives', is 'Incentive this pool' in white text. Click that text to proceed to incentivize the liquidity pool. Any user can incentivize a liquidity pool to attract more liquidity to a pool, drive more people to hold a token, raise awareness for a protocol, and achieve wider distribution while also allowing users to obtain more types of rewards.&#x20;

The incentivize pages are bow\.kujira.app/incentivize/'liquidity pool contract address' e.g. <https://bow.kujira.app/incentivize/kujira13y8hs83sk0la7na2w5g5nzrnjjpnkvmd7e87yd35g8dcph7dn0ksenay2a> for the KUJI/ATOM liquidity pool. Upon navigating to the page, at the bottom of the page current incentive release charts are listed. Read more about incentive release charts [here](/dapps-and-infrastructure/bow/pools/all-liquidity-pools/pool-overview#incentive-release-charts).&#x20;

After confirming current incentives, there is a user interface to assist in providing pool incentives. First select an incentive token and total amount, a distribution start date (and time), a distribution end date (and time), and an incentive type (fixed or linearly decreasing over time). Note that incentivization is a one-way transaction which has a 10 USK fee to discourage spam.&#x20;

<figure><img src="/files/EXKStKztArjY1mLaY5fe" alt=""><figcaption><p>Adding incentives to a BOW LP</p></figcaption></figure>


# Pool Overview

## Overview

For a specific liquidity pool, in addition to the basic header contained in the 'Overview', 'Provide', and 'Stake' pages), the 'pool overview' page contains corresponding information on that pool's current existing FIN spread for that token pair, BOW's strategy for that specific pool, detailed information about withdrawing liquidity, providing liquidity, staking LP tokens, links for the token pair on FIN, the liquidity pool on FINDER, and the pool's incentive contract on FINDER, the spread of active marketing making bids (both size and price), as well as detailed charts of the incentive release schedule over time. &#x20;

<figure><img src="/files/FPdQbvCS1qKaNf0r6RqE" alt=""><figcaption><p>General info on the ATOM/USK pair and its BOW algo settings</p></figcaption></figure>

<figure><img src="/files/yI61JzN1H6XtTCD4wt1J" alt=""><figcaption><p>KUJI Incentives to LPers on the ATOM/USK pair</p></figcaption></figure>

## Live Market Making View

For every liquidity pair, BOW's market maker activity in the FIN orderbook is displayed for the base asset on top in red and for the quote asset on bottom in green as well as the current pair spread.&#x20;

This eponymous view is BOW's namesake. Unlike AMMs (automatic market makers) or hybrid decentralized exchanges, [FIN](/dapps-and-infrastructure/fin) is a central limit order book (CLOB) where both buy and sell orders must exist for transactions to take place. This allows BOW to be a hyper efficient market maker as FIN only requires liquidity around the range of active FIN limit orders.

<figure><img src="/files/ehNXuf9WA9kOEjfbUGYY" alt=""><figcaption><p>Live BOW orders on FIN covering both sides of the pair.</p></figcaption></figure>

Like a curved bow, the majority of active liquidity is at the edges (highest and lowest prices), which minimizes the amount of liquidity necessary to create a deep trading experience around each token pair.

## Incentive Release Schedule

Each liquidity pool's 'Pool Overview' page contains a detailed breakdown of the pool's incentive release schedule over time. The same incentive can be provided multiple times for the same pool and even partially overlap overlap in their provision. For each pool, every available active incentive's schedule will be displayed in various charts. Each chart has a start and end date, the number of tokens to be released in total, and a graph showing the approximate of token incentives of that type being released on a specific day (from that specific provision) across all staked LPers.&#x20;

Incentives can either be provided as one of two types: decreasing or fixed.

<figure><img src="/files/310s8AKXI5690xRaX3T2" alt=""><figcaption><p>Decreasing incentives</p></figcaption></figure>

Decreasing incentives linearly reduce from the start to finish of a provision period. The total amount of remaining incentives can be calculated using the triangle area rule 1/2\*base\*height. The remaining incentives are shaded in green.

<figure><img src="/files/CDin52zMQLgnfM2CQklw" alt=""><figcaption><p>Fixed incentives</p></figcaption></figure>

Fixed incentives are consistent from start to finish of a provision period. The total of amount of remaining incentives can be calculated using the rectangle area rule length\*width. The remaining incentives are shaded in green.&#x20;

New incentives can be added at any time, but each additional provision gets its own emission chart.&#x20;


# Provide to a Pool

## Overview

The 'provide' tab for each liquidity pool contains a user interface for providing and withdrawing liquidity and data on total personal provided liquidity in addition to the basic header contained in the 'Overview', 'Provide', and 'Stake' pages).&#x20;

## My LP Balance

This section of the 'Provide' tab contains a connected wallet's LP token balance for that particular liquidity pool as well as its current dollar value and breakdown into component provided assets. LP tokens are acquired by providing liquidity and converting each asset from the token pair into some amount of LP tokens. Remember to stake any unstaked LP tokens on the '[Stake](/dapps-and-infrastructure/bow/pools/all-liquidity-pools/stake-lp-with-a-pool)' page to obtain incentives and maximize rewards!

<figure><img src="/files/uOVaWDHpzqe9NuHUyjcv" alt=""><figcaption><p>Your LP balance info</p></figcaption></figure>

## Deposit Liquidity

Use the deposit UI to provide liquidity to a specific BOW liquidity pool. Adding liquidity is immediate. To add liquidity to a particular pool, the amounts of each pool asset must be balanced in value based on their current prices. The UI is user-friendly so simply enter an amount of tokens to deposit for either pool token  (on top or on bottom) and the UI will automatically balance the other asset's provision amount to match.&#x20;

The number of LP tokens to be minted by depositing said liquidity are displayed further down in the deposit UI. Lower slippage reduces fees, but may take longer (or be impossible) to execute depending on circumstance.   &#x20;

<figure><img src="/files/RUTOaLdk72aGHkx9WCY1" alt=""><figcaption><p>Depositing liquidity to the KUJI/ATOM pool based on the pair ratio between each token's price</p></figcaption></figure>

### Leverage your deposit

If you choose to leverage your deposit by selecting the slider near the 'Leverage my deposit' text, then you will see the following menu pop up for whatever specific pair you are dealing with.

<figure><img src="/files/Yh1jx9Q4VgCqAelBkF8d" alt=""><figcaption><p>Leveraged KUJI / ATOM liquidity pool deposit</p></figcaption></figure>

When you enter an amount to deposit on the LP for one of the tokens, the amount of the other token will automatically increase to match your selected liquidity deposit. In other words, based on the current exchange rate between KUJI and ATOM on FIN, if you try to deposit 5 KUJI, you'll be prompted to deposit 1.018797 ATOM along with it.

However, with a leveraged LP, you have the flexibility to choose to deposit more ATOM or KUJI (without changing the amount of the other correspond asset KUJI or ATOM) and borrow the remaining amount needed to balance the LP from GHOST at a rate depending on the current asset ratio between the two and a specific asset's current borrow rate in ghost. Some assets will have a high rate and others low.

The total borrowed shows the amount of the other asset you need to borrow from GHOST to keep the relative amount of assets you are depositing into the pool equal, the opening LTV of the position open depositing the liquidity, the current borrow interest rate on the open position, the LP tokens minted by opening this position, and the desired slippage you would like to select.

After accepting the terms and conditions, you just need to click the 'Borrow Funds & Deposit Liquidity' button on the user interface and pay gas fees to open a leveraged LP position.&#x20;

For any wallet, you can only have one leveraged LP position open at a time for a specific liquidity pair.

## Withdraw Liquidity

Use the withdraw UI to remove liquidity from a specific BOW liquidity pool. Withdrawing liquidity is immediate with no lock up. To withdraw LP tokens from a particular pool, simply enter an amount of LP tokens to withdraw. The estimated return upon converting those LP tokens back to their component assets is displayed further down in the UI.

<figure><img src="/files/GagGK462ewODtj3ueDlB" alt=""><figcaption><p>Withdrawing liquidity from the KUJI/ATOM pool based on the pair ratio between each token's price</p></figcaption></figure>

To unwind or manage an open leveraged LP position hit the blue 'Manage open position' button which replaces the 'Borrow Funds & Deposit Liquidity' button when you have an open leveraged LP position.

This will bring you to the '[Leveraged liquidity](/dapps-and-infrastructure/bow/pools/all-liquidity-pools/leveraged-liquidity)' tab.


# Leveraged Liquidity

## Overview

The 'Leveraged Liquidity' tab displays information about your open leveraged LP position.&#x20;

<figure><img src="/files/t2kmf2tGMlAxsnOJom1F" alt=""><figcaption><p>Leveraged Liquidity tab overview</p></figcaption></figure>

The information displayed on this tab includes your position size, the amount of each asset borrowed, the current LTV on your loan, etc. You can also model what the LTV (loan-to-value) would be if you were to update your position.

## Updating an open Leveraged LP

<figure><img src="/files/lERLDSklYCvX2greNLAt" alt=""><figcaption><p>What happens if I update my leveraged LP position by borrowing 0.5 <a href="/pages/wTY9DGEyn0lM5pkiSUen">KUJI</a> and 0.1 ATOM</p></figcaption></figure>

It is possible to slide the LTV bar for both assets manually to attempt to borrow corresponding amounts that opens your position to a specific desired LTV. Or you can manually enter however much of each asset you would like to borrow.&#x20;

After doing so, you see a little chart below on the left which displays the amount your LP token collateral increases or decreases, the amount of each asset that is being borrowed or repaid in GHOST, and. the net change of each asset in the LP balance.

The little chart below on the right displays the total amount of LP collateral you will now, the total dollar value of this LP collateral, the dollar value of the total debt your hypothetical (of 0.5 KUJI at 0.1 ATOM in this example) position would have, the LTV your leveraged LP would be updated to, and the nt change in LP collateral $ amount, net $ change in overall debt, and net change in overall LTV.

If you're satisfied with the overview, simply click the blue 'Update Position' button on the bottom left to update your LP to these new amounts. &#x20;

<figure><img src="/files/QLy6IeRvjQ5GvXqHnZyp" alt=""><figcaption><p>This is what the LP looks like after updating the leveraged LP position based on the criteria above.</p></figcaption></figure>

BOW Leveraged LP positions can be updated at any time to borrow more or less funds and/or add or remove collateral.&#x20;

## Repay & Close&#x20;

When you are ready to close your leveraged LP position, simply hit the red 'Repay & Close' button on the bottom left and it will automatically fill up the LP page fields with the necessary values to close the position and display what would happen when doing such.

<figure><img src="/files/QCDPVD7LQtzgBlblQVlL" alt=""><figcaption><p>What happens after you hit the red 'Repay &#x26; Close' button on the bottom left</p></figcaption></figure>

Finally, hit the blue 'Update Position' button to repay and close your leveraged LP position. At the moment, there is a bug that doesn't allow you to unwind your positions all the way. So in the meantime until this is fixed, what is recommended is to unwind 99.99% of your position (for example to first click 'Repay & Close', then to enter a small amount of each asset to keep open such as 0.0001 KUJI and 0.0002 ATOM, this will unwind the vast majority of your KUJI/ATOM leveraged LP and leave dust.


# Stake LP with a Pool

## Overview

The 'Stake' tab for each liquidity pool contains a user interface for staking and unstaking liquidity and data on total personal provided liquidity, amount of unstaked personal LP tokens, current unclaimed staking rewards, and current pool incentives in addition to the basic header contained in the 'Overview', 'Provide', and 'Stake' pages).

## Personal LP status

This section near the top under the basic header reflects total personal current LP token balance and displays the amount of unstaked LP tokens in red as well as any unclaimed staking rewards (from pool incentives) in white. The reward breakdown displays the amount of each token earned from staking the LP tokens since last claimed.&#x20;

## Stake LP tokens

Simply enter the amount of LP tokens you would like to stake with BOW. The staking process is near instant. Staking rewards are automatically claimed any time LP tokens are staked.&#x20;

## Unstake LP tokens

Simply enter the amount of LP tokens you would like to unstake with BOW. The unstaking process is near instant. There is zero lockup of LP tokens. Staking rewards are automatically claimed any time LP tokens are unstaked.&#x20;

## Additional Incentives

This section of the page displays the liquidity pool's active incentive release schedules via various charts. These release schedules can be used to infer the amount of incentives releasing on a daily basis over a certain period of time. Read this [section](/dapps-and-infrastructure/bow/pools/all-liquidity-pools/pool-overview#incentive-release-charts) to understand how to interpret these charts.&#x20;


# Swap

<https://bow.kujira.network/swap>

## Simple Token Swap User Interface

The BOW 'Swap' tab (much like the BLUE 'Swap' tab) is a simple token swap user interface. Token swaps occur by placing [FIN](/dapps-and-infrastructure/fin) market orders or fixed price limit orders behind the scenes. Swaps are currently limited to [FIN](/dapps-and-infrastructure/fin) token pairs. To trade between two assets without a direct [FIN](/dapps-and-infrastructure/fin) pair, you can first trade for [USK](/dapps-and-infrastructure/usk-stablecoin) or axlUSDC as necessary, depending on the target asset, using the BOW swap UI. At most, you may need to make up to 3 trades.

<figure><img src="/files/SPUOzKi078ujEsoNJCzN" alt=""><figcaption><p>BOW 'Swap' tab</p></figcaption></figure>

## How to Swap Tokens

A detailed visual guide for swapping tokens on BOW can be found [here](/dapps-and-infrastructure/blue/product-guides/how-to-swap-tokens) in the product guides section. (The instructions are tailored for BLUE, but the same exact sequence of steps can be carried out on the BOW swap interface)

<figure><img src="/files/QsowYQgWgEAqBtLLo5KB" alt=""><figcaption><p>BOW Swap interface</p></figcaption></figure>

### Instant Swap

Instant swaps are simple market swaps that execute immediately for maximum convenience. Instant swap fees are always 0.15% of the traded tokens. (FIN limit order fees are 0.075%)

To perform an instant swap, first choose a token to exchange away and enter that token name on the left side. Second, choose a token to obtain and enter that token on the right side. Third, enter an amount of tokens to exchange away. The right side will display the estimated return in the new token.

The current 'Swap Rate' and corresponding 'Swap Fee' as well as the 'Estimated return after fees' are listed below. If satisfied with the above, click the blue 'Instant Swap' button and pay gas fees to complete the transaction.

<figure><img src="/files/rQxW16nq5UtO6QmVvABR" alt=""><figcaption><p>Instant Swap settings</p></figcaption></figure>

#### Advanced Settings

Advanced settings only apply to instant swaps. These settings display additional information and options to work with when initiating swaps.

<figure><img src="/files/7fKsvI2TX2cprPTeA4QD" alt=""><figcaption><p>Instant Swap advanced settings</p></figcaption></figure>

These settings distinguish between the current market rate and the swap rate. When a swap is sufficiently large, the prices of the token being sold and bought may change partway through the transaction as liquidity leaves the [FIN](https://fin.kujira.app/) orderbook causing the swap and market rates to differ. Thus, the swap rate reflects the average exchange rate between the two assets.&#x20;

The price impact reflects the change in exchange rate between the two assets upon liquidity leaving the FIN orderbook and completing the transaction as explained above.

The slippage limit reflects the maximum allowed change in exchange rate upon performing a swap. Swaps will fail if the order size is too large while the slippage limit is too small. Higher slippage tends to correlate with worse average execution price (swap rate).   &#x20;

### Fixed Price Swap

Fixed price swaps are special limit orders placed at the current market exchange rate between two tokens. Fixed swap orders only get filled at the current market exchange rate, which means that they often take some time to fully execute after initiation. Track orders on [FIN](https://fin.kujira.app/) or get notified when the rest fills via [SeaShanty](/governance/capybara-labs).

To perform a fixed price swap, first choose a token to exchange away and enter that token name on the left side. Second, choose a token to obtain and enter that token on the right side. Third, enter an amount of tokens to exchange away.

Next, click the white text that reads 'Fixed Price Swap' to see an expanded menu. The 'Fixed Swap Rate', 'Return after fees', as well as the 'Estimated return filled instantly' are listed in that dropdown menu. If satisfied with the above, click the blue 'Fixed Price Swap' button and pay gas fees to initiate the fixed price swap.

<figure><img src="/files/K87PKkThXoVCEW8Wyg9U" alt=""><figcaption><p>Fixed Price Swap settings</p></figcaption></figure>


# Stake USK

USK Multi-Staking

<https://bow.kujira.network/usk>

## Overview

The stake USK section of BOW allows you to stake various USK LP positions to earn from a shared pool of rewards. Earn a share of a single set of incentives by staking USK-paired LP tokens.

You can either stake USK via the Multi-stake BOW tab to earn from a single incentive pot shared between various USK paired LP tokens or stake the LP positions on their individual BOW pool tabs to earn incentives provided specifically to those pools.&#x20;

The stake USK incentives are a wholly separate set of incentives from the extra incentives on individual BOW pairs.&#x20;

Furthermore, this strategy not only helps give USK more utility and inherent demand, but also helps smaller USK pairs attract liquidity and balance overall pair liquidity.

<figure><img src="/files/fGKev5FbRZW6lY088PWx" alt=""><figcaption><p>Stake USK BOW tab</p></figcaption></figure>

This section of BOW has three separate subtabs: '[Overview](/dapps-and-infrastructure/bow/stake-usk/overview)', '[Stake/Unstake](/dapps-and-infrastructure/bow/stake-usk/stake-unstake)', and '[Rewards](/dapps-and-infrastructure/bow/stake-usk/rewards)'.

<https://bow.kujira.network/usk>


# Overview

View various details about USK multi-staking

<https://bow.kujira.network/usk>

## Incentives

The left half of the multi-stake Overview page shows current pool incentives that are distributed to all USK multi-stake users. These LPs are distributed equally across every LP/ Basically, for bigger pools, the same amount of LP nets a smaller share of the overall daily fees distributed to that pool from the overall incentives. Therefore, it makes the most sense to stake your USK LPs in smaller pools (which have higher APRs), and the ultimate result is equalizing overall USK liquidity size across BOW pairs.&#x20;

<figure><img src="/files/H6yfAZgWqewLeAxTuls9" alt="" width="307"><figcaption><p>USK Multi-stake current incentive schedules</p></figcaption></figure>

By clicking on the 'add incentives to this pool' hyperlink, it will bring up an interface that allows you to deposit various tokens and select custom settings. You can select either decreasing or fixed incentive types. You can read more about how this works [here](https://docs.kujira.app/dapps-and-infrastructure/bow/pools/all-liquidity-pools/pool-overview#incentive-release-schedule).&#x20;

<figure><img src="/files/3TYbiwALVHWZ1Bb85cQb" alt=""><figcaption><p>Adding Incentives to the USK Multi-stake pools</p></figcaption></figure>

## Incentivized Tokens

The right half of the overview page shows the pairs that are being incentivized. They are listed in alphabetical order from top to bottom, however all pairs that you have staked LP tokens for will appear at the top showing you the amount of LP you have staked, the total amount of that LP staked on the multi-stake tab across all BOW users, the $ value of daily incentives going to the entire pool, and the annualized APR based on the current $ value.

Much like the BOW dashboard tab, this allows you to track your various Multi-stake LP positions, calculate your projected daily earnings on them, and make decisions about possible LPs that you might like to add liquidity to.

<figure><img src="/files/Bcgk8uRVUKqRPqBHxDtB" alt="" width="508"><figcaption><p>Your USK LP positions staked on the Multi-stake tab</p></figcaption></figure>


# Stake / Unstake

<https://bow.kujira.network/usk?tab=stake>

## Overview

The stake / unstake tab allows you to stake or unstake LPs to or from the USK Multi-Staking pool.

<figure><img src="/files/6OaoV5CjRXwVNLHuxqMD" alt=""><figcaption><p>Staking 100 WINK-USK LP tokens</p></figcaption></figure>

You can acquire LPs to stake from a particular BOW pool tab. For example, to obtain WINK-USK LP, simply navigate to the 'Pools' section of BOW, find the WINK-USK LP page, and then provide WINK and USK in the required proportion, and you'll have an amount of WINK-USK LP you can now stake in the USK Multi-staking tab.&#x20;

## Stake LP

To stake LP tokens, once you have acquired USK LP tokens for your desired liquidity pair of interest (see [here](https://docs.kujira.app/dapps-and-infrastructure/bow/pools/all-liquidity-pools/provide-to-a-pool#deposit-liquidity) on how to do so), simply enter the amount you want to stake into the 'stake' field and select the LP you want to stake. After that you can simply enjoy your daily incentive rewards.

## Unstake LP

To unstake LP tokens, simply select the LP you want to unstake and enter the amount of LP tokens you want to unstake under the 'Unstake' field. After that you can head to the corresponding liquidity pool in the '[Pools](/dapps-and-infrastructure/bow/pools)' tab or navigate directly from the '[Dashboard](/dapps-and-infrastructure/bow/dashboard)' tab to [withdraw your liquidity](https://docs.kujira.app/dapps-and-infrastructure/bow/pools/all-liquidity-pools/provide-to-a-pool#withdraw-liquidity) if desired.


# Rewards

<https://bow.kujira.network/usk?tab=rewards>

## Overview

The 'Rewards' tab shows the amount of staking rewards you have accumulated from the daily incentives distributed to your staked LP positions.

<figure><img src="/files/kZvgDybZIQAaX3RFXGCA" alt=""><figcaption><p>Claim your rewards at any time</p></figcaption></figure>

Simply click the claim button to claim your accumulated rewards at any time.


# Product Guides

In this section you will find detailed step-by-step guide with visuals for the most common interactions with BOW

[How to View LP positions](/dapps-and-infrastructure/bow/product-guides/how-to-view-lp-positions)

[How to Add Liquidity](/dapps-and-infrastructure/bow/product-guides/how-to-add-liquidity)

[How to Remove Liquidity](/dapps-and-infrastructure/bow/product-guides/how-to-remove-liquidity)

[How to Provide Incentives](/dapps-and-infrastructure/bow/product-guides/how-to-provide-incentives)

[How to Check the Reward Schedule of a Pool](/dapps-and-infrastructure/bow/product-guides/how-to-check-the-reward-schedule-of-a-pool)


# How to View LP positions

This guide will walk you through the steps to check your open positions on BOW.

* Navigate to [bow.kujira.app](https://bow.kujira.app/)
* Connect on the top right to your Keplr or Sonar wallet by clicking the connect wallet button and selecting the corresponding wallet (Keplr or Sonar)

<figure><img src="https://lh3.googleusercontent.com/FDSdj2yTWOpRlA8j5cvTcspA2-T6Cbxlv9ex0Bzxb5XW6rPe2FarwIlEPwgaGRS0dz2PiRA9bGEIQoWvPELOTXqBFH12h-EVMEM6MU7V9IGOGZKSW4s2lxt7hznz65HKlsAs54QcQftZuSb1MYiQm00" alt=""><figcaption></figcaption></figure>

* Click the Dashboard button on the top left

<figure><img src="https://lh4.googleusercontent.com/EZnV5IxfXy7gHDcWX0wl-ucu1tm_yAF4Yizsj0ExMhpRLaVcz_6nH0-xkhIokgooO6mHWXRTRaFhtc7aDf_VfM1yxEGS-4IZA_ktFlGtdnS4k9MH2FvFpVfb0Z_r4kLpo4_CNdCgMEP5wpvtuqXXMKs" alt=""><figcaption></figcaption></figure>

* Click on any displayed positions of interest

<figure><img src="https://lh5.googleusercontent.com/rI909kYaQv8DFGNLWJ8cyUZx7XDq-RBu1l54ZolbsNAKZvIK-pezgxlV5xlv1qZX0nfyienTK2xqI6S6R-DsQ85XutMkaoVoigrqUHzPaXK5CcnXSfbm7LtQ_Iq0R6dVIHoR67XmTVOvQISTXXGlbpI" alt=""><figcaption></figcaption></figure>

* Next, navigate to the ‘Provide’ tab to see any unstaked LP positions

<figure><img src="https://lh3.googleusercontent.com/nv8ZGWcGPP_X3rcwvyCNuPgqrbMJ4CNUiG07hPHcWNJvv_x08JIA7NnhsUevuY4G_vBiZJRuNQEczcLm42G-uS_hsLaT5nkExFCAkxGyLN4XYVWJpUgUDZuVw7pG4whyAeKKBtK7231d2bceFw1H70U" alt=""><figcaption></figcaption></figure>

* Finally, click on the ‘Stake’ button to see any staked LP positions<br>

<figure><img src="https://lh5.googleusercontent.com/34PP0mO3OB55g9KpbSLUXBprmRFmsiNXEALnK3PKjPmuVwmp8idwENV4eCJyhQFyrrzMug1YhPn_Of2gkH5qFVJxV1MJm6gZdyZCvAUk-feE-pT1NYoDYT6rFHVHq05x34D2BmMLVgGWPN8KHOwCxSc" alt=""><figcaption></figcaption></figure>


# How to Add Liquidity

This guide will walk you through the steps to add liquidity to a pool on BOW.

* Navigate to [bow.kujira.app](https://bow.kujira.app/)
* Connect on the top right to your Keplr or Sonar wallet by clicking the connect wallet button and selecting the corresponding wallet (Keplr or Sonar)
* Click the Pools button on the top left corner of the site

<figure><img src="https://lh4.googleusercontent.com/EZnV5IxfXy7gHDcWX0wl-ucu1tm_yAF4Yizsj0ExMhpRLaVcz_6nH0-xkhIokgooO6mHWXRTRaFhtc7aDf_VfM1yxEGS-4IZA_ktFlGtdnS4k9MH2FvFpVfb0Z_r4kLpo4_CNdCgMEP5wpvtuqXXMKs" alt=""><figcaption></figcaption></figure>

* KUJI/USK is one of the featured pools. A longer list of all liquidity pools is located at the bottom of the page. Navigate to the KUJI/USK pool and click on it

<figure><img src="https://lh3.googleusercontent.com/fn_4IOVvDFZ1310Sa5QDsAks79GHSrU43NVxzlYvOTJ3KVMoanqRhIQPLsaRwrtJOs7_2SRNiia2_0zlOmtY_0o8Hl9LV3EhVmxjvi6fx_sE-p1yEdgKYr8vLGMzXAJS5vR86CO1NZuDocnlfLpEjMA" alt=""><figcaption></figcaption></figure>

* Navigate to the ‘Provide’ tab. This tab will display your LP balance and allow you to start adding liquidity

<figure><img src="https://lh4.googleusercontent.com/pny4ULZZ3emu8-zzQHNUKIB0lYliwQZJaDtwOqyPbZCVNu-_UAbQ0QVn6X0n7t35rlhEdl-UGnzexKN6wE-8JbBsoy4P3kEpmb2pJaQmyM2AuPbeMjNm2266e2pMka2vcGNvZ7WJ7vn-TCdYoQulsdU" alt=""><figcaption></figcaption></figure>

* Next, provide KUJI and USK at the bottom left–by entering a number of tokens next to either KUJI or USK. The amount of the other token will automatically fill itself in as both token balances must be submitted equally
* Next, select the preferred slippage (lower slippage is better when possible)
* Then, hit the toggle to accept terms and conditions
* Next, click deposit liquidity and pay gas fees
* Once you have provided liquidity, navigate to the ‘Stake’ tab and enter the amount of LP you would like to stake (usually this should be 100%). Then click the blue ‘Stake’ button and pay gas fees to complete the process

<figure><img src="https://lh6.googleusercontent.com/6fGnh1lUheVsXf7bRT-H6StR_AxbVQ0Kg4j7joeEjx5vqR4KkH4Bv0FLuNb_n9xhwCsbflvxCCPlePhA7QQ48NP9KyeD9-o2bgtPnCccBFgRx_0a_u245baft93w8HLKgnZ-TZ6__T9IaKg2vFZvcQw" alt=""><figcaption></figcaption></figure>


# How to Remove Liquidity

Follow these steps to check remove liquidity from a pool on BOW.

* Navigate to [bow.kujira.app](https://bow.kujira.app/)
* Connect on the top right to your Keplr or Sonar wallet by clicking the connect wallet button and selecting the corresponding wallet (Keplr or Sonar)
* Click the Pools button on the top left corner of the site

<figure><img src="https://lh4.googleusercontent.com/EZnV5IxfXy7gHDcWX0wl-ucu1tm_yAF4Yizsj0ExMhpRLaVcz_6nH0-xkhIokgooO6mHWXRTRaFhtc7aDf_VfM1yxEGS-4IZA_ktFlGtdnS4k9MH2FvFpVfb0Z_r4kLpo4_CNdCgMEP5wpvtuqXXMKs" alt=""><figcaption></figcaption></figure>

* KUJI/USK pool should be under “My Positions”. Click on it

<figure><img src="https://lh6.googleusercontent.com/eJ4GKBvibv2KnO_w0cxQDCQIxUnvaA36H0wfD9dROKpgl7aT_RICVZn0GbSov4cMWTASPvz4TxyNbnCxMeuNMmWHiCR4VhvXI_2t0DMy1IYjw2qw-cwO4om0VdOJ9ZWHc-faOyznmu0Y8CxEn4zGdrE" alt=""><figcaption></figcaption></figure>

* Navigate to the ‘Stake’ tab. This tab will display your staked KUJI/USK LP balance and allow you to remove your staked liquidity
* Next, enter the amount of LP you would like to unstake (this should be however much liquidity you want to remove). Then click the blue ‘Unstake’ button and pay gas fees to immediately unstake your KUJI-USK BOW LP

<figure><img src="https://lh4.googleusercontent.com/epRd6nW_6cyDRprmzmQqVSaO6of_4_6nvfHbMtxc6IHgPJRuKC-cY9_fQFaihAvV_HPhochoZOHBxmiyXiePqxc-TPL1SVXfmHz99GagCvClRLJLbvFGlLAJqruIpSTRegshVhQYKlLM3m1mIcAKNSQ" alt=""><figcaption></figcaption></figure>

Next, navigate to the ‘Provide’ tab, scroll down, and under ‘Withdraw’, enter the amount of LP KUJI/USK you would like to withdraw. (This is usually 100%). Then click the blue ‘Withdraw Liquidity’ button to complete the process

<figure><img src="https://lh3.googleusercontent.com/J8bsRiibuecy3oQe2UoQMgeJdZIJmGyz0gz2NWWcJxWeO3nrki_cYFVECfmuwB2tl04qbKGzc_KqYgXRA87stgKqWJCWgu_r8E3Dwig-V0q8uplAhcRKzkipGJ-8qnWw-857buR5t5PbAGJxa4hTwu4" alt=""><figcaption></figcaption></figure>

<br>


# How to Provide Incentives

Following these steps you will learn how to incentivize the ATOM/USK pool on BOW. These steps can be followed on any pool to provide incentives.

* Navigate to [bow.kujira.app](https://bow.kujira.app/)
* Connect on the top right to your Keplr or Sonar wallet by clicking the connect wallet button and selecting the corresponding wallet (Keplr or Sonar)
* Click the Pools button on the top left
* ATOM/USK is one of the featured pools. A longer list of all liquidity pools is located at the bottom of the page. Navigate to the ATOM/USK pool and click on it
* Next, on the top right, under the listed ‘Incentives’, click ‘Incentivize this pool

<figure><img src="https://lh3.googleusercontent.com/7C6roJy78_KqLX3xS2rpqYs4ZnhGDjYz7zWGg-MItnV3Vlr8uQaGZNUzjfhRlolomcOonW3JXtsL-a6JmPCEZsQnl3JsVMjxDZXgoQXYND2GgnF1X3ykTShMmmVAffiuXKxcnNkJeYQAO2VCdOMYZ44" alt=""><figcaption></figcaption></figure>

* Next, under ‘Select the Incentive Token and Total Amount’ scroll through and select the token that you would like to provide as an incentive (rewards for others) to the liquidity pool
* Then enter the amount of the chosen token that you would like to provide to the ATOM/USK BOW LP

<figure><img src="https://lh4.googleusercontent.com/GaOKv0UjHG__20uuIQgt-pW1cFzUONtseCNnR8MG35efJnx_t7btEExtBMdWkSETG2h0wTDRqCPclvOm8MGXN1PC9cv9aH7O8ptsCeN1nJ0pyWxCnEZW5oeKQjA18puUfVyPpsmZkQFumE8Nd4Dy1f8" alt=""><figcaption></figcaption></figure>

* Next, select a distribution start and end date to control the distribution rate of the provided incentives
* Next, select the Incentive type. 'Decreasing linearly' decreases the amount of provided rewards over time–whereas 'fixed' provides the same amount of daily rewards across the entire distribution period
* Next, toggle both acknowledgements to confirm that you understand this incentivizing is a one-way transaction, with any submitted tokens being distributed to LP stakers–and that incentivizing incurs a fee of 10 USK
* Finally, click the blue ‘Incentivize Pool’ button and pay gas fees to finish the process


# How to Check the Reward Schedule of a Pool

This steps will guide you through the process of  checking the reward schedule on DOT/USK pool. You can use these steps to check the schedule on any pool.

* Navigate to [bow.kujira.app](https://bow.kujira.app/)
* Click the Pools button on the top left
* DOT/USK is one of the featured pools. A longer list of all liquidity pools is located at the bottom of the page. Navigate to the DOT/USK pool and click on it
* On the overview page, scroll down all the way to the bottom

<figure><img src="https://lh6.googleusercontent.com/Lo8tmMIJboPYbnTHLFwcgz3QwdJkWRgv7QPe24YiNKMum1ZjnPcPy5mOgLCmn9qEyZSmQUkLMRcWsruPSaDFrLdx9vXdqHLM_G0z4JLytPvb9Hy0ORMM2ARs0TBu90jhJ_5BPZIiV9kylMCZv4HS1x8" alt=""><figcaption></figcaption></figure>

* Listed here are diagrams showing different reward tokens that exist for the DOT/USK BOW LP, associated distribution schedules, and the reward amounts per token being distributed over time<br>

<figure><img src="https://lh5.googleusercontent.com/NW63HUnZXO5v0aAjTfckR3ljfwOxtD0Xprve9eP5qzCDS6-DZkP9gG1VzDBU5yxRPBOMTTMTqZV1Fe9qOCFss459K0YVUpUTiVAOUNxsO_iBJYgKBGlVvfue_8KLWadqsqtpFU7MYXaoLyH2lA9Lz9Q" alt=""><figcaption></figcaption></figure>

###

###


# FIN (DEX)

A decentralized 100% on-chain orderbook exchange

<https://fin.kujira.network/>

FIN is a decentralized orderbook exchange that allows for the trading of assets on different blockchains. It provides a fully decentralized trading experience without the need for outdated liquidity pools or inflationary incentives, and removes the risk of impermanent loss.

FIN is a scalable and efficient exchange that offers a wide range of features, including low fees and improved trade execution. Whether you're an experienced trader or new to the world of decentralized exchanges, FIN is a strong option for all.


# Overview

FIN: A DEX Built to Last

As a key product in the Kujira ecosystem, FIN is an orderbook-style decentralized exchange (DEX) that allows for the trading of assets on different blockchains. FIN has already seen impressive volume, with over $171M since launch in July 2022.

But FIN's potential goes far beyond its initial success. As an orderbook-style exchange, it has several key advantages that make it a more sustainable and long-lasting option compared to other DEX models:

* Improved trade execution: Orderbook-style exchanges offer better trade execution, resulting in increased capital efficiency.
* No reliance on inflationary incentives: Unlike AMMs (Automated Market Makers), which use inflationary rewards to encourage liquidity provision, FIN does not rely on this unsustainable model. Instead, FIN leverages BOW as a next generation market maker for liquidity, providing a more sustainable and efficient solution.
* Scalability: FIN is designed to be scalable, allowing it to handle increasing demand and volume. Its fair matching algorithm has O(1) algorithmic complexity, meaning it can process orders in constant time regardless of the number of orders in the system. This is a significant advantage in terms of scalability and efficiency, as it allows FIN to handle a large volume of orders without sacrificing performance.
* Low fees: With low gas fees and maker/taker fees, FIN offers a cost-effective trading experience.
* Future on/off-ramps: FIN has plans for future integrations with on and off-ramps, improving the bridging experience for users.

But why is FIN a better option than AMMs? While AMMs have been successful in solving the liquidity issue faced by many DEXs, they have their own set of problems:

* Inflationary rewards are unsustainable: AMMs use inflationary rewards to encourage liquidity provision, but this model is not sustainable in the long run.
* High APR not always due to swap fees: While it may be advertised as such, the APR for swap fees alone is often much lower than advertised, with the remainder made up of inflationary rewards.
* Volatility exposure: LPs (liquidity providers) are exposed to the volatility of the underlying token, and must be provided with a higher APR to compensate for this risk.
* Lack of alternative revenue streams: Without a plan to move from inflationary rewards to other forms of value creation, AMMs risk losing value as the token supply inflates and rewards decrease in value.

Orderbook-style exchanges like FIN do not rely on inflationary incentives and offer superior trade execution compared to AMMs. They also have a more intuitive user interface and the potential for future integrations.

In summary, FIN is a scalable DEX with lower fees and improved trade execution, making it a strong contender in the decentralized exchange market. With its focus on sustainability and long-term success, FIN is well-positioned to stand the test of time.

<br>


# How to Use FIN

## Overview

FIN is a next generation central limit order book (CLOB) decentralized exchange (DEX) meant to replicate the seamless experience of trading on a centralized exchange using blockchain technology. Between the BOW/BLUE swap UI and FIN, Kujira endeavors to make token trading accessible to everyone. Fair fees are charged on every trade and dispersed to KUJI stakers. Furthermore, KUJI stakers can participate in public governance to shape FIN token listings. Finally, FIN's liquidity is backed by BOW, its powerful liquidity engine.&#x20;

## FIN trading pair notation

Here is a basic primer on FIN trading pair notation. FIN pairs are generally denoted Asset A / Asset B (i.e. ATOM/USK). These pairs are made up of base assets A (ATOM) and quote assets B (USK). The trading pair tracks the price of asset A in asset B i.e. the price of A divided by the price of B. Even if the price of A goes up, if the price of, the quote asset, B goes up more, the trading pair exchange rate will actually decrease. The simplest pairs to understand usually have a stablecoin such as USK or axlUSDC as the quote asset since any changes in the trading pair exchange rate will generally track very closely with changes in the price of the base asset as the quote asset price remains stable over time.

## FIN trading experience

The FIN trading experience can be broken down into a few main aspects:

* [Search and filter by view](/dapps-and-infrastructure/fin/how-to-use-fin/search-and-filter-by-view)
* [Price chart and charting tools](/dapps-and-infrastructure/fin/how-to-use-fin/price-chart-and-charting-tools)
* [Orderbook status and recent trades](/dapps-and-infrastructure/fin/how-to-use-fin/orderbook-status-and-recent-trades)
* [Personal order activity ](/dapps-and-infrastructure/fin/how-to-use-fin/personal-order-activity)
* [Spot and margin trade UI ](/dapps-and-infrastructure/fin/how-to-use-fin/spot-and-margin-trade-ui)


# Search and Filter by View

## Overview

Two important aspects of the FIN trading experience is the search tool and the selected view which can be found on the top left corner of the FIN UI. As FIN grows and hundreds of token pairs are onboarded over time, it would be difficult for users to find specific pairs, see new activity, or conveniently browse through their favorites. As such, we have given users two handy tools to make the FIN experience better for users and partner protocols alike.

<figure><img src="/files/pnPONeSWAXvb6DteAYtE" alt=""><figcaption><p>Search or filter tokens by view</p></figcaption></figure>

&#x20;                                              &#x20;

## Search

On the top left of the FIN UI, a search bar allows users to enter tokens names. By entering a token name (or partial string) in the search bar, FIN will automatically filter out all unrelated pairs and only display token pairs containing that token. For example, entering 'nj' will bring up INJ/USK. Entering 'US' will bring up every [USK](/dapps-and-infrastructure/usk-stablecoin) token pair as well as every axlUSDC token pair listed on FIN. This is an effective way to randomly stumble into new token pairs or narrow down the search for a specific token pair. Typing in the search bar also automatically changes the view to 'All'.

## Filter by view&#x20;

In addition to the search bar, FIN allows an option to filter token pairs by view which is useful to look for featured, or other new or unexpected token pairs. There are 5 different views on FIN:

* Featured
* USK
* USDC
* Manta
* Ghost
* All
* :star:

### Featured

The Featured view is the default view when opening FIN and brings the greatest amount of attention to included token pairs. This view displays only featured FIN token pairs and filters all other pairs out from the FIN user interface. Featured pairs are noteworthy token pairs (main [KUJI](/tokenomics/kuji-token) pairs, USK collateral token pairs, popular assets, etc.) that the team or community expect to drive high volume.

### USK

The [USK ](/dapps-and-infrastructure/usk-stablecoin)view only displays FIN token pairs that contain USK.

### USDC

The USDC view only displays FIN token pairs that contain USDC.

### Manta

The Manta view only displays FIN token pairs that contain MNTA.

### Ghost

The Ghost view only displays FIN token pairs that contain xTOKENS.

<figure><img src="/files/sz1x2OzAIy7yYuaW8s58" alt=""><figcaption><p>Click on the ghost to navigate to <a href="/pages/dgM8R3UmrmvgVdcXtA5S">GHOST</a></p></figcaption></figure>

Clicking on the mini ghost next to these pairs will send you directly to [GHOST](/dapps-and-infrastructure/ghost-money-market) where you can manually lend or withdraw your tokens for these pairs.&#x20;

Ghost pairs track the accumulated lending interest on xTOKENS from GHOST lending over time.

### All

This view is an exhaustive list of all FIN token pairs and can be used to discover all available token pairs on FIN.&#x20;

### :star:

The favorites view contains all favorited token pairs by a specific user for quick and easy access. To add or remove pairs from this view, simply navigate to any token pair on FIN from some other view and click on the black star with a gray border to the left of the pair on the UI. Favorited pairs will be filled in with gray. &#x20;

<figure><img src="/files/amBLL4xbaPfyEtoqubDz" alt=""><figcaption><p>Kuji axlUSDC pair</p></figcaption></figure>

Furthermore, for every trading pair, simply click on the silver [BOW](/dapps-and-infrastructure/bow) or gold CALC circles to directly navigate to the corresponding BOW liquidity pool or CALC UI that allows users to dollar cost average (DCA) into or out of the trading pair. &#x20;


# Price Chart and Charting Tools

## Overview

Another important aspect of the FIN experience is the price chart as well as FIN's accompanying charting tools which are located smack dab in the top center of the FIN user interface. FIN's price charts are supported by trading view and provide users with a variety of tools (on every FIN token pair) for scrolling through all past FIN price data, changing the bar widths, changing the graphical display, adding technical indicators, and a bevy of drawing and measuring tools, full screen mode, as well as the ability to save or copy chart images locally or automatically share them on Twitter.&#x20;

## FIN price charts

FIN price charts are similar to other trading view charts.

<figure><img src="/files/jPL41tkquuRSMwFbVG34" alt=""><figcaption><p>KUJI / axlUSDC pair over time using the 1h view</p></figcaption></figure>

Overall trading activity over the course of a selected time period (default of 1 hour) is summarized and represented either as a green or red bar depending on whether there was more buy or sell demand in aggregate over that selected time period. Price changes are reflected over time.

The height of each bar represents the highest or lowest price that the asset was sold for over that time period. By varying the lengths of the bars, different aspects of trading activity can be observed. FIN allows various bar length options in minutes, various options in hours, and even day, week, and month options. Preferred bar lengths can be favorited to automatically display on the FIN price chart.

Furthermore, the bar type (from bars to candles, to connected lines, to shaded areas) can also be customized as well to help best intuit and understand asset price evolution over time.

Charts provide a substantial amount of information about buy and sell pressure from different entities including protocols, traders, accumulators, whales, etc. Across various situations, different time frames give distinct types of information about trading pairs. However, the FIN experience is as simple as the user wants it to be. There is no need to configure the price charts at all to simply perform trades.

Above the price chart, at the top of the FIN user interface, related information is displayed about the current exchange rate, the dollar value of the base asset, the 24 hour change in the pair exchange rate, the 24 hour high, the 24 hour low, and the 24 hour volume of the trading pair.&#x20;

## Charting Tools

Powered by Trading View, freely edit FIN price charts by adding pre-rendered trading indicators, forecasts, margin positions, as well as lines, shapes, symbols, and text of all kinds and sizes to help display price analysis in private discussions or social media while improving technical analysis of trading patterns.&#x20;

FIN trading pair data tracks all trading history on FIN since launch and combines it into an overall price chart. Users can utilize FIN however they like. Accumulate long-term investments, speculate on asset value, develop a social following by providing valuable analysis via charting, predicting, and/or supplementing with fundamental analysis. FIN can very much be a social experience and the ability to edit and save images and post directly to Twitter is meant to make the process easier for users.&#x20;

The ability to change the type of chart (using bars, lines, shaded areas) and the timeframe are essential for organizing and creating detailed charts that tell a meaningful and precise story.&#x20;


# Orderbook status and Recent Trades

## Overview

When a trading pair is selected, the upper right section of the FIN user interface contains real time orderbook activity including a list of most recent trades and a list of all buy and sell limit orders sufficiently close to the current FIN market rate for that pair.

## Limit Order Activity

BOW helps create liquidity for FIN and is responsible for placing some of these limit orders, both buys and sells to help minimize the spread on FIN pairs. Spread can be understood as a changing numerical value that refers to the gap between the lowest price a user (or market maker) is willing to sell the [base asset](/dapps-and-infrastructure/fin/how-to-use-fin#fin-trading-pair-notation) in terms of the [quote asset](/dapps-and-infrastructure/fin/how-to-use-fin#fin-trading-pair-notation) and the highest price a user (or market maker) is willing to buy the base asset in terms of the quote asset. It can also be understood as the smallest gap between supply and demand for the base asset of a trading pair.

For heightened experience, FIN only displays limit orders sufficiently close to the current FIN market price to most closely reflect short-term trading pair demand or supply.

<figure><img src="/files/Eyzawopjg6xVvYyRSyHm" alt="" width="323"><figcaption><p>ATOM / <a href="/pages/MxUBTqXq3LACvb4oKEZQ">USK</a> orderbook</p></figcaption></figure>

There are 3 different orderbook views: the default buy and sell limit order views, with limit sells in red and limit buys in green; the second limit sell view, only showing red limit sells (showing more of the sell side of the orderbook); and the third limit buy view, only showing green limit buys (showing more of the buy side of the orderbook). The 3 different views have different uses to understand more extreme order predictions for short or long-term price changes, especially for large limit orders.

Market orders placed on FIN fill based on existing limit order liquidity in the orderbook. When multiple limit orders exist at the same price, they are aggregated together into the book view simply increasing the total amount shown demanded or supplied at a certain price. Following this principle, when market orders are placed using FIN, they will partially fill based on existing aggregate limit orders created at the closest prices to the current midpoint of the bid-ask spread. Once filling all the limit orders at a specific price, they will then continue on to the next lowest (when market buying) or next highest (when market selling) set of aggregate limit orders and so on until they completely fill.

The buy and sell side orderbook activity contains 3 important pieces of information for each row: limit order price in terms of the quote asset, total amount of the base asset supplied or demanded by all aggregate limit orders in the orderbook at that price level, and the aggregate value of all limit orders at a specific price i.e. the product of the first two numbers.

## Recent Trading Activity

Recent FIN trading activity for a specific pair is also captured on the top right of the screen in the user interface. Before the UI is explained in detail it is important to explain the concept of maker/taker.

&#x20;Maker and taker FIN transactions have different fees. Maker orders refer to actions that supply liquidity to the FIN orderbook i.e. placing a limit order (whether a buy or sell) where as taker orders refer to actions that remove liquidity from the FIN orderbook i.e. placing a market order. In some cases, limit orders can also be taker orders. Suppose there is an order to sell 10 [KUJI](/tokenomics/kuji-token) in the orderbook at X price and a user enters a limit order to buy 10 KUJI in the orderbook at X price--since the result of that order is the overall reduction of FIN orderbook liquidity for that trading pair, the limit order is still treated as a taker order. Currently maker orders and taker orders respectively have 0.075% and 0.15% fees. In the near future, FIN will transition to a model where maker orders have *negative* fees and taker orders will have slightly higher fees to sustainably earn revenue and encourage more orderbook liquidity.&#x20;

Building on this understanding of maker/taker orders, it is easier to explain the details of the FIN recent trading activity UI. This UI only displays taker orders i.e. (market and limit) buys and sells that removed liquidity from the FIN orderbook. Buys are displayed in green text whereas sells are displayed in red text. Three additional pieces of data are stored for each recent taker order: the price of the base asset in terms of the quote asset; the amount of the base asset purchased or sold; and the *local* time in hours, minutes, and seconds when the order was placed.&#x20;

<figure><img src="/files/8KuFJPHy06yorg0wzrpk" alt="" width="302"><figcaption><p>ATOM / USK recent trades</p></figcaption></figure>

The recent trading activity shows the latest 25 FIN transactions, more transactions can be seen on external third parties such as Coinhall. Transaction history can give traders a better idea of orderbook flow over a period of time--especially in conjunction with recently released announcements or news.&#x20;


# Personal Order Activity

## Overview

Personal order activity tracks current and past FIN order activity associated with any wallet currently connected to the FIN decentralized application. This section contained in the bottom center of the FIN user interface is the second to last important piece of the FIN trading experience. For a connected wallet, each FIN trading pair has a completely separate set of displayed personal order activity. This information is conveniently stored to help users track gains and loss across each FIN trading pair.

Personal order activity can be broken down into 3 main components of the user interface: open orders, filled orders, and history.&#x20;

## Open Orders

Open orders are limit orders (market orders fill instantly so they are never open orders) for a specific FIN trading pair that have been placed and are either unfilled or only partially filled. As open orders are filled over time, the status of how much has already been filled will display on the user interface. When limit orders are entirely filled they are removed from the 'open orders' section of the FIN UI to the 'filled orders' section.

Each open order for a trading pair comes with the following associated information: the date when the order was first placed in local time, the associated trading pair, whether the order is a buy or a sell, the price of the [base asset](/dapps-and-infrastructure/fin/how-to-use-fin#fin-trading-pair-notation) in terms of the [quote asset](/dapps-and-infrastructure/fin/how-to-use-fin#fin-trading-pair-notation), the amount of the base asset initially supplied or demanded with the limit order, the amount of the base asset already filled from the limit order, and the remaining amount of the base asset still to be filled from the limit order.

<figure><img src="/files/obyTyyWaAHKFYCEQuDI9" alt=""><figcaption><p>FIN 'Open Orders' tab</p></figcaption></figure>

Open orders can be sorted by each information type by tapping or clicking on the top of each category. Tapping or clicking it more times will alternate the open orders listed between ascending and descending order.

Furthermore, open orders can be cancelled at any time (although any partial fills are permanent) for a small fee of approximately a few cents.

## Filled Orders

Filled orders are past limit orders for a specific FIN trading pair that have previously been completely filled due to matching demand or supply from the orderbook AND that have not yet been claimed by the user from FIN back into their wallet. To reiterate, all limit orders on FIN must be claimed from the filled orders tabs (of the relevant trading pair) to show up in a user's wallet. Filled orders are exactly those orders that have previously been filled, but not yet claimed by users.   When filled orders are claimed, they automatically are removed from the 'filled orders' section of the FIN UI to the 'history' section.

For the sake of maximum convenience for users, trading pairs with unclaimed filled orders will have a green dot appear next to them--to alert users to claim their purchased assets (whether obtained from buying or selling).

Much like open orders, each filled order for a trading pair comes with the following associated information: the date when the order was first placed in local time, the associated trading pair, whether the order is a buy or a sell, the amount of the base asset initially supplied or demanded by the order, the price of the [base](/dapps-and-infrastructure/fin/how-to-use-fin#fin-trading-pair-notation)[ asset](/dapps-and-infrastructure/fin/how-to-use-fin#fin-trading-pair-notation) in terms of the [quote](/dapps-and-infrastructure/fin/how-to-use-fin#fin-trading-pair-notation)[ asset](/dapps-and-infrastructure/fin/how-to-use-fin#fin-trading-pair-notation), the percentage of the base asset already filled from the total amount specified by the order, and the amount of the base asset currently filled that is available to claim from FIN into the user's wallet.

<figure><img src="/files/6fG5ZWXDpYi6tuR5vi9e" alt=""><figcaption><p>FIN 'Filled Orders' tab</p></figcaption></figure>

Filled orders can be sorted by each information type by tapping or clicking on the top of each category. Tapping or clicking it more times will alternate the open orders listed between ascending and descending order.

Furthermore, filled orders can be claimed at any time (although any unfilled parts of the order will need to be claimed separately later) for a small fee of approximately a few cents.

## History

This tab in the FIN personal order activity user interface contains detailed information for all past market orders and claimed limit orders uniquely specific to each FIN trading pair.

<figure><img src="/files/bPabhP92FVRhgwsJZ3Wy" alt=""><figcaption><p>FIN 'History' tab</p></figcaption></figure>

The history tab contains the order # (out of FIN's total transactions, which # transaction was it), the date using local time, the price the asset was purchased or sold at, the amount of the [base asset](/dapps-and-infrastructure/fin/how-to-use-fin#fin-trading-pair-notation) and [quote asset](/dapps-and-infrastructure/fin/how-to-use-fin#fin-trading-pair-notation) exchanged, the specific action taken (submitting an order or claiming an order), and a link to the the associated transaction on [FINDER](/dapps-and-infrastructure/finder) to verify all the involved specifics.

The history tab contains the cumulative experience of a particular wallet (or user) for a specific FIN trading pair. This information can be very useful for tracking gains and losses, filing tax information, or simply track of personal order activity over time.&#x20;


# Spot and Margin Trade UI

## Overview

The spot and margin trade user interface on the bottom right is the final section of the FIN experience for a specific trading pair. Here users can perform trades to buy or sell assets using market orders, limit orders, or spot margin on available pairs. As part of the UI, users can choose between selling [base assets](/dapps-and-infrastructure/fin/how-to-use-fin#fin-trading-pair-notation) to acquire [quote assets](/dapps-and-infrastructure/fin/how-to-use-fin#fin-trading-pair-notation) or buying base assets by 'spending' quote assets.

## Spot Trading

All FIN pairs allow spot trading and use a simple fee structure. FIN charges different types of proportional fees on different types on orders depending on whether they are maker or taker orders. Read more on FIN maker/taker fees and mechanics [here](/dapps-and-infrastructure/fin/how-to-use-fin/orderbook-status-and-recent-trades#recent-trading-activity). More details below.&#x20;

FIN pairs without isolated margin trading typically have a UI split between limit and market orders.

<figure><img src="/files/zSZitGEXy8ukm7JF9Ok0" alt=""><figcaption><p><a href="/pages/wTY9DGEyn0lM5pkiSUen">KUJI</a> / <a href="/pages/MxUBTqXq3LACvb4oKEZQ">USK</a> spot trading user interface</p></figcaption></figure>

### Placing Orders

Placing an order using the FIN spot trading UI is relatively simple once the user understands the basic FIN trading notation being used. FIN pairs are notated [Base asset](/dapps-and-infrastructure/fin/how-to-use-fin#fin-trading-pair-notation) / [Quote asset](/dapps-and-infrastructure/fin/how-to-use-fin#fin-trading-pair-notation) (KUJI/USK). On the spot trading UI, the *left half* of the UI (for both market and limit orders) allows you to spend  the quote asset to *purchase* an equivalent amount of *the base asset*--and the *right half* of the UI similarly allows you to *sell the base asset* to purchase an equivalent amount of the quote asset.

As a point of caution, all transactions on FIN are irreversible and final so when placing orders make sure to double check that numbers, prices, amounts, etc. are entered correctly without missing or adding extra decimal places or zeroes to avoid buying or selling assets at undesired prices.&#x20;

The activity of placing FIN spot orders can be broken down into placing market and limit orders.

#### Market Orders

Upon selecting a FIN trading pair, the FIN trade UI defaults to the spot limit order view. First switch to 'market' near the top left of the FIN trade UI to be able to place market orders using FIN. Next, depending on whether you want to buy or sell the base asset, refer to the prompts at the bottom of the FIN trade UI and fill out the side of the UI (left or right) corresponding to the desired action.

&#x20;As a non-zero amount of [quote asset](/dapps-and-infrastructure/fin/how-to-use-fin#fin-trading-pair-notation) to spend or [base asset](/dapps-and-infrastructure/fin/how-to-use-fin#fin-trading-pair-notation) to sell is entered into the UI, corresponding information will be listed below: the total amount of the quote asset or base asset that is available in a user's wallet to spend on a trade, the estimated amount of acquired base asset or quote asset respectively after spending quote assets or selling base assets, the effective average exchange rate between the quote and base asset, total fees that would be spent, and estimated slippage. The UI also has a handy mechanism for automatically selecting 25%, 50%, 75%, or 100% of the relevant quote asset to spend or base asset to sell as part of the trade.&#x20;

<figure><img src="/files/UwuysNkoG8fmnz0GxN7p" alt=""><figcaption><p>USK / axlUSDC market sell</p></figcaption></figure>

When performing a market order to spend quote assets (or sell base assets), corresponding FIN trading fees are always 0.15% taken off from what would have been the total purchased base assets (or received quote assets). This mechanism leverages the fact that FIN is an orderbook and that every trade on the platform needs to be made between two parties. Each party pays fees in terms of the asset they would have received.

For example, suppose user A has already placed a FIN limit order selling 14 KUJI at 5 USK each (which is the closest limit sell to the current KUJI/USK exchange rate) and user B places a market order to spend 10 USK to purchase KUJI. In this case, the FIN orderbook would still contain a limit order selling 12 KUJI at 5 USK each, FIN charges user B (0.15%\*\[10/5] or) 0.003 KUJI in fees B and charges user A (0.075%\*10) or 0.0075 USK in fees, and finally FIN dispenses (5-0.003 or) 4.997 KUJI to user B and (10-0.0075 or) 9.9925 USK to user A. Note that in the above example, since 1 KUJI = 5 USK, the total fee for user B is equal to 0.003 \* (1 KUJI) = 0.003 \* 5 USK = 0.015 USK = 2 \* (0.0075 USK). In other words, as expected user B pays 0.15% in taker fees which is the double fee as user A who pays 0.075% which is the maker fee for orders that add liquidity to the FIN orderbook. This ratio will change in the near future once FIN maker fees become negative.

Alternatively, users can use the [BLUE swap](/dapps-and-infrastructure/blue/swap) or [BOW](/dapps-and-infrastructure/bow/swap)[ swap](/dapps-and-infrastructure/bow/swap) UI's to place FIN market orders. That being said, the FIN UI still provides current [trading pair orderbook status and recent trades](/dapps-and-infrastructure/fin/how-to-use-fin/orderbook-status-and-recent-trades), the [price chart](/dapps-and-infrastructure/fin/how-to-use-fin/price-chart-and-charting-tools), and [personal order activity](/dapps-and-infrastructure/fin/how-to-use-fin/personal-order-activity) which often make FIN a superior option for users willing to spend a bit of extra time to gather information.

#### Limit Orders

Upon selecting a FIN trading pair, the FIN trade UI defaults to the spot limit order view. Depending on whether you want to buy or sell the base asset, refer to the prompts at the bottom of the FIN trade UI and fill out the side of the UI (left or right) corresponding to the desired action.

Unlike the FIN market trading UI, the limit order trading UI requires two separate pieces of information as part of either spending [quote assets](/dapps-and-infrastructure/fin/how-to-use-fin#fin-trading-pair-notation) or selling [base assets](/dapps-and-infrastructure/fin/how-to-use-fin#fin-trading-pair-notation) using a limit order. As with market trades, it is necessary to specify a non-zero amount of quote asset to spend or base asset to sell. In addition, it is necessary to specify a desired asset pair exchange rate floor or ceiling with any limit order. A FIN trading pair exchange rate can simply be thought of the ratio of the base asset price to the quote asset price. For example, if 1 KUJI currently costs 3 USK, then the corresponding current KUJI / USK exchange rate would be  3 : 1. The exchange rate floor/ceiling is used as part of a limit order to guarantee that the base asset is only sold above or bought below a certain price--to ensure that a subjectively good trade is being made. These prices correspond directly to the prices listed in the [orderbook status](/dapps-and-infrastructure/fin/how-to-use-fin/orderbook-status-and-recent-trades) section--which can serve as a helpful reference to ensure that entered prices are within the correct ballpark.&#x20;

Once the amount of quote asset to spend (or base asset to sell) and desired trading pair exchange rate ceiling/floor are entered into the UI, corresponding information will be listed below: the total amount of the quote asset or base asset that is available in a user's wallet to spend on a trade, total fees that would be spent, and the estimated amount of acquired base asset or quote asset respectively after spending quote assets or selling base assets.

<figure><img src="/files/0ieR3S3fnWxxPxLIJ93Z" alt=""><figcaption><p>KUJI / axlUSDC limit buy</p></figcaption></figure>

When performing a limit order to spend quote assets (or sell base assets), depending on whether the limit order is adding or removing liquidity from the orderbook, corresponding FIN trading fees will either be 0.075% or 0.15% taken off from what would have been the total purchased base assets (or received quote assets). This mechanism leverages the fact that FIN is an orderbook and that every trade on the platform needs to be made between two parties. Each party pays fees in terms of the asset they would have received. Refer to the market orders section for an example of how FIN fees work in action.

Aside from relatively limited fixed price swap orders (special limit orders that are automatically assigned to execute at the current asset pair market exchange rate) which may be performed on the [BLUE swap](/dapps-and-infrastructure/blue/swap) and[ BOW swap](/dapps-and-infrastructure/bow/swap) UIs, limit orders are exclusive to the FIN decentralized application. The FIN UI also provides current [trading pair orderbook status and recent trades](/dapps-and-infrastructure/fin/how-to-use-fin/orderbook-status-and-recent-trades), [the price chart](/dapps-and-infrastructure/fin/how-to-use-fin/price-chart-and-charting-tools), and [personal order activity](/dapps-and-infrastructure/fin/how-to-use-fin/personal-order-activity) to help users make the best trades.

## Margin Trading

Certain FIN trading pairs allow users the option to use margin to perform FIN trades at anywhere between 1X and 2.5X leverage. Currently isolated FIN margin is available on every USK collateral / USK pair except for gPAXG/USK by using ORCA as a liquidation settlement layer. Currently only spot longs are available; however, with time spot shorts and limit orders using margin will also be possible. Read more [here](/dapps-and-infrastructure/fin/how-to-use-fin/spot-and-margin-trade-ui/isolated-fin-margin) about isolated FIN margin.

<figure><img src="/files/SgHpa4KdxhwcnjhCK8nA" alt=""><figcaption><p>FIN Isolated margin</p></figcaption></figure>


# Isolated FIN Margin

## Overview

Isolated FIN Margin is a type of margin product that allows leverage trading of up to 2.5X on certain FIN trading pairs. All compatible FIN pairs have a 2.5X logo.

<figure><img src="/files/LeAGJUXHNDPmcVHYhyO5" alt=""><figcaption><p>2.5x FIN Margin logo</p></figcaption></figure>

Margin is allowed on most [USK](/dapps-and-infrastructure/usk-stablecoin) collateral types when paired with USK on FIN. Currently margin is only unavailable for gPAXG (Paxos Gold bridged over to Kujira using [Gravity Bridge](/kujira-ecosystem/how-to-deposit-assets-into-the-ecosystem#gravity-bridging)). All margin liquidations are handled by ORCA. Read more specifics about how this process works [here](/dapps-and-infrastructure/orca/basics/lending-markets/usk-lending-markets/isolated-fin-margin#liquidation-mechanism).

## Margin trade safely

Margin trading in cryptocurrency allows you to earn substantial profits, diversify your position, and learn trading strategies. The profits are better because of the high relative value of trading positions, and you can open multiple positions with little investment. However, crypto margin trading can also result in significant losses because of its extremely volatile nature and greater risks. Therefore, if you are new to margin trading in cryptocurrency, you have to be more cautious.

It is advisable to acquire knowledge about hedging and risk management. Even with adequate knowledge to identify market trends, [entry and exit points](https://medium.com/@ArnieHill/choosing-entrance-and-exit-levels-in-crypto-trading-34530e9c2d12#:~:text=Entrance%20levels%20are%20the%20price,sell%20out%20of\)%20an%20investment.\&text=If%20you%20%E2%80%9Center%E2%80%9D%20a%20short,it%20means%20you%20are%20buying.), it is always best to remain cautious with crypto margin trading.

## Placing spot orders&#x20;

To use isolated margin on a suitable FIN trading pair, first navigate to the 'Isolated Margin tab:

&#x20;                                     ![](/files/cMCLkKX5CKrntKGRcprc)

To create a FIN margin position, first navigate to a FIN trading pair that has isolated margin trading available. Next, select an amount of USK to leverage and a leverage factor to use to gain exposure to a corresponding amount of the [base asset](/dapps-and-infrastructure/fin/how-to-use-fin/price-chart-and-charting-tools#fin-price-charts) equal to the product of the current asset pair exchange rate, the USK amount, and the selected leverage factor for as long as the margin position is open.

&#x20;                                        ![](/files/S2bWsDFphXVInvMsVKl2)

A projected daily interest rate, the current base asset oracle price, the projected base asset entry price, as well as the margin position liquidation price are all displayed as part of the trading UI and can be examined in detail before deciding to open the long position.

Isolated margin positions are special cases of margin that correspond to USK collateral positions used to mint USK which have corresponding liquidation thresholds. Positions are liquidated in progressive stages rather than all at once. &#x20;

## Mechanism&#x20;

The FIN isolated margin long contract effectively works by minting USK backwards. For the sake of convenience, let's assume the trading pair of interest is ATOM/USK. Suppose the specified deposit amount is 1000 USK and the leverage factor has been chosen to be 1.4. In that case, the funding amount can be calculated as (the initial USK deposit amount) \* (the chosen leverage factor - 1) amount of USK = 1000\*(1.4-1) or 400 USK. Next, the following 4 step process takes place instantly:

At time 0, 1000 USK is deposited at a chosen leverage factor of 1.4. At time 1, 400 USK is minted (unbacked and in reverse) based on the promise of future ATOM backing. At time 2, the 1000 initial USK deposit + the 400 minted USK are used to purchase 1400 USK worth of ATOM on the market using FIN. Finally, at time 3, 1400 USK worth of ATOM are used to back the 400 minted USK.

The above position allows the user to have exposure to 1400 USK worth of ATOM with debt/borrow obligations of 400 USK by using 1000 USK upfront. The benefit is that the initial 1000 USK is leveraged at a factor of 1.4X and assuming ATOM price increases while the position is open, then the margin will make more money than it would have by simply buying 1000 USK worth of ATOM upfront.&#x20;

The highest possible leverage is 2.5X. In this case, a USK collateral debt position is minted at 60% LTV. Maximum leverage is risky as USK CDP positions start to be liquidated as soon as the LTV  passes the 60% threshold.&#x20;


# Listing tokens on FIN

<https://fin.kujira.network/trade/listing>

FIN offers a user interface at <https://fin.kujira.network/trade/listing> that allows community members to propose the launch of a new token pair on the FIN platform using Kujira governance. In order to use this feature, you must have a Sonar, Metamask, Leap, or Keplr wallet and be connected.

<figure><img src="/files/DnCUrax52rZMc8orB92j" alt=""><figcaption><p>Submit a Kujira Governance proposal to list a FIN token pair</p></figcaption></figure>

To create a proposal, you will need to select a base asset and a quote asset for the proposed token pair. The base asset is the asset that is being traded, while the quote asset is the asset being used to price the base asset. For example, if the base asset is [KUJI](/tokenomics/kuji-token) and the quote asset is USK, then the price of KUJI would be quoted in [USK](/dapps-and-infrastructure/usk-stablecoin).

After you have submitted your proposal, it will enter the deposit phase. During this phase, a minimum deposit must be provided by one or more addresses before the proposal can move on to the voting stage. It is important to note that not all tokens may be eligible for listing on FIN.

After the community governance process approves a proposal, the team will set up a token pair user interface on FIN, and begin allowing limit order buys and sells to gather initial liquidity. Once there is enough liquidity, trading will commence.


# Coingecko API

This documents the REST endpoints to query live data from the FIN markets for our Coingecko integration.

### GET \`<https://api.kujira.app/api/coingecko/pairs>\`

#### Query options

None

#### Sample Response

```json
{
  "pairs": [
    {
      "base": "KUJI",
      "pool_id": "kujira14hj2tavq8fpesdwxxcu44rty3hh90vhujrvcmstl4zr3txmfvw9sl4e867",
      "target": "axlUSDC",
      "ticker_id": "KUJI_axlUSDC"
    }
  ]
}
```

### GET \`<https://api.kujira.app/api/coingecko/orderbook>\`

#### Query Options

* \*`ticker_id` eg `ticker_id=KUJI_axlUSDC`
* `depth` eg `depth=200` - total number of prices retrieved (equal number either side of the spread)

#### Sample Reponse

```json
{
  "asks": [
    [
      "1.0650000000",
      "83.8864970000"
    ],
    [
      "1.0660000000",
      "888.0000000000"
    ],
    [
      "1.0670000000",
      "4145.2413890000"
    ]
  ],
  "bids": [
    [
      "1.0610000000",
      "79.7181120000"
    ],
    [
      "1.0600000000",
      "235.2562910000"
    ],
    [
      "1.0580000000",
      "0.0000020000"
    ]
  ],
  "ticker_id":"KUJI_axlUSDC",
  "timestamp":1667742512184
}
```

### GET \`<https://api.kujira.app/api/coingecko/tickers>\`

#### Query Options

None

#### Sample Response

```json
{
  "tickers": [
    {
      "ask": "0.3950",
      "base_currency": "KUJI",
      "base_volume": "2091945.3229",
      "bid": "0.3900",
      "high": "1.4755",
      "last_price": "0.3900",
      "low": "0.2910",
      "pool_id": "kujira14hj2tavq8fpesdwxxcu44rty3hh90vhujrvcmstl4zr3txmfvw9sl4e867",
      "target_currency": "axlUSDC",
      "target_volume": "868587.7620",
      "ticker_id": "KUJI_axlUSDC"
    } 
  ]
}
```


# Product Guides

In this section you will find detailed step-by-step guide with visuals for the most common interactions with FIN

[How to Buy KUJI Using axlUSDC](/dapps-and-infrastructure/fin/product-guides/how-to-buy-kuji-using-axlusdc)

[How to Sell ATOM for USK](/dapps-and-infrastructure/fin/product-guides/how-to-sell-atom-for-usk)

[How to List a New Pair](/dapps-and-infrastructure/fin/product-guides/how-to-list-a-new-pair)

[How to Toggle View to see Certain Pairs](/dapps-and-infrastructure/fin/product-guides/how-to-toggle-view-to-see-certain-pairs)

[How to Save Favourite Pairs](/dapps-and-infrastructure/fin/product-guides/how-to-save-favourite-pairs)

[How to Check Unclaimed Orders](/dapps-and-infrastructure/fin/product-guides/how-to-check-unclaimed-orders)

[How to Navigate to BOW Pools](/dapps-and-infrastructure/fin/product-guides/how-to-navigate-to-bow-pools)

[How to Look at Your History](/dapps-and-infrastructure/fin/product-guides/how-to-look-at-your-history)


# How to Buy KUJI Using axlUSDC

* Navigate to [fin.kujira.ap](https://fin.kujira.app/)
* Connect on the top right to your Keplr or Sonar wallet by clicking the connect wallet button and selecting the corresponding wallet (Keplr or Sonar)
* Select the first pair in the list: it says KUJI / axlUSDC

<figure><img src="https://lh5.googleusercontent.com/PC20fBsrmQrO-Mj2QAzbHXPP2Ub586uP6UCMht4PheCmuHg6dXeWdJDSD16WA0YL7lmueZ1tXgDF6sYoeE0bQuKyqpyV3Uo3wO1PRliLPCVJ9U1LXzBvZ8QxMvI78TiGi1V4hCQreztyKuX9qXotv9A" alt=""><figcaption></figcaption></figure>

* Next navigate down to the bottom right below where it says ‘Spot’ and select either Market or Limit
* Market Buy

  * For a market buy, enter the amount of axlUSDC you would like to spend on buying KUJI in the box that says ‘axlUSDC’ (or select one of the listed percentages to automatically select converting that percentage of your total available amount of axlUSDC)

  <figure><img src="https://lh4.googleusercontent.com/Rf8SXUcbW1zgPMLqRR0ZxT5y4bQDsDHqzVvOkt0XfjBRtDI-BWevLXs7j7UbdownYJfZM9VHRb1BvEsVLxCMr-zd2lB1tHfRb8evoh7IRpWDZat1L1zuOA12zPZDgTdfrI_OgRargH_wOOUMO5H4iQc" alt=""><figcaption></figcaption></figure>

  * Click the green BUY KUJI button and pay gas fees to finish
* Limit Buy

  * For a limit buy, in the top left box under Spot, enter the price in axlUSDC that you’d be willing to spend per KUJI. Your order will only execute if KUJI reaches this price while your order is active.
  * Below that enter the amount of axlUSDC that you would like to spend to buy the KUJI (or select one of the listed percentages to automatically select converting that percentage of your total available amount of axlUSDC)

  <figure><img src="https://lh5.googleusercontent.com/_sc-gHFJ5FSSGRDL9K1doSuAoQ_iLtNJ5_w7kx6d7FnbcUdK_9ps9QhwfVEkrhdmkJ558eb8vo-HHQHO67DS9V_rL5qF-ogAjI-3LVOCJPkrWPSusDquQEYVoDUCP6Ht-otTBwGcQJ-WJxtIPj4vkFs" alt=""><figcaption></figcaption></figure>

  * Click the green BUY KUJI button and pay gas fees to finish


# How to Sell ATOM for USK

Follow these steps to learn how to sell an asset on FIN bot as a market sell or a limit sell.

* Navigate to [fin.kujira.app](https://fin.kujira.app/)
* Connect on the top right to your Keplr or Sonar wallet by clicking the connect wallet button and selecting the corresponding wallet (Keplr or Sonar)
* Select the pair in the list that says ATOM/USK (you may need to click the “All” tab below the Search Bar to show the pair)

<figure><img src="https://lh3.googleusercontent.com/RRLJi9iz-viRUu0Jg7fjUVhwtgJZJ8dOV_AcuinI9GAp8gJcDQZkBPT5AdKxH-e_MsbqPQh5KOS-IC0pEdo-F286ssxzTozZxa82EjACQtQhmckE8cR5bA9juHmgiNIAQ-GxM7GZo3MEq3iTgIdK0tc" alt=""><figcaption></figcaption></figure>

* Next navigate down to the bottom right below where it says ‘Spot’ and select either Market or Limit:

* Market Sell

  * For a market sell, enter the amount of ATOM you would like to sell to convert to USK in the box that says ‘ATOM’ (or select one of the listed percentages to automatically select converting that percentage of your total available amount of ATOM)

  <figure><img src="https://lh5.googleusercontent.com/h_PYyoI64eJmiEjXliyBPF79-uRBvy1LuQsWRH7g9SRudcFrKlSTRNRTiqscBRsEhwhPxvemqbOE7t_KnPF1T1F8cr1hAyl4ELE3-IQtlIoZEPTUEwdqrT_lBojraDuTHjbZSs_mdBc1cc-B8UVjU0I" alt=""><figcaption></figcaption></figure>

  * Click the red SELL ATOM button and pay gas fees to finish.

* Limit Sell

  * For a limit sell, in the top right box under Spot, enter the price in USK that you’d be willing to spend per ATOM. Your order will only execute if ATOM reaches this price while your order is active.
  * Below that enter the amount of ATOM that you would like to sell to convert to USK (or select one of the listed percentages to automatically select converting that percentage of your total available amount of ATOM).

  <figure><img src="https://lh5.googleusercontent.com/KlI0wCbxUBk6Tzgr2WkCQZRsiKUBerAry5CNBubaipwhfcOR-3tCkyfR5PmWgjVzu45LLDkaUUXKfCGBkguACCBzHtw5WtNnwNm4oifSZTM06wtJPVFtbbytSsB-jQIB3jSXLnK67Dvn-wqvlhIeRD0" alt=""><figcaption></figcaption></figure>

  * Click the red SELL ATOM button and pay gas fees to finish.


# How to List a New Pair

* Navigate to [fin.kujira.app/listing](https://fin.kujira.app/listing)
* Connect on the top right to your Keplr or Sonar wallet by clicking the connect wallet button and selecting the corresponding wallet (Keplr or Sonar).
* Under Details, select a Base Asset for the token pair.
* Select a Quote Asset for the token pair.
* Enter the price precision (number of allowable decimal places when submitting orders to this FIN market).
* Enter a decimal delta if you’d like one of the two tokens to have more selectable decimal places.<br>

<figure><img src="https://lh4.googleusercontent.com/PcfuIfpCjmZPczfTZMZxZWiBKbYAoqAYIFX3nz396hUFUS3N4Xo_LGH91y_jVA1UehMpoVf6Sx7GzuIwWmb7KwDvp4LyzdioReyq8HKOw8B0BYPdMHyUzNW1wh7KWQx2MQMBxkBiUnhWDzZhyspyUSE" alt=""><figcaption></figcaption></figure>

* Finally scroll down and click the blue "Submit Proposal" button, sign the tx and pay gas fees.

<figure><img src="https://lh3.googleusercontent.com/4EBODm6eZhTI0qXA0vGltbfKyOWShmaYadpVBYHb5YCJ7KK2X4bQ48ZGZHA1mssD0cD3YtsaEkdAH-NoBYBYKN7AOhPfPwT61gFPYkIuT0jCcXAczXxS9IsC6koZe5Y-GGttJLwCXDPtnioxk1mAuMc" alt=""><figcaption></figcaption></figure>

####


# How to Toggle View to see Certain Pairs

* Navigate to [fin.kujira.app](https://fin.kujira.app/)
* Connect on the top right to your Keplr or Sonar wallet by clicking the connect wallet button and selecting the corresponding wallet (Keplr or Sonar)
* Featured token pairs are displayed by default
* If you would like to only see USK pairs, click USK on the top left to the right of ‘Featured’, the text should turn white if you are successful

<figure><img src="https://lh3.googleusercontent.com/mPP-X2p-4onXXw48zYBViVG7yywK3HzeLbG8bomfJ2qEBCGI86C1xytHPJXzs-oHpsppfaozW5fwQIbTIBTudPuQMZ_3jTXt8ESOsEnWk7fAyRWnLINJQzrx8i8Scdcp8_XM11p7IDa9qCrkyNflRsg" alt=""><figcaption></figcaption></figure>

* The same as above, if you would like to only see axlUSDC pairs, click axlUSDC on the top left to the right of ‘USK’
* Click the ‘star’ if you like to see only favorited pairs or click all if you’d like to see all FIN pairs at once
* For simplicity, if you’d like to search for a particular token pair on FIN to see if it is available, first click on ‘All’, and then navigate to the search bar on the top left, and start typing in a token name. Any FIN pair containing that  token will pop up

<figure><img src="https://lh5.googleusercontent.com/dWW8lQBim9CmGSsKiHK2EczJUmJsoXx6BaozIT34t2mF57CtV3kicwpoXnh5ZINOdzX9JEHVpl9KmLtMbVgtaiZG5TNFkym_pq2WF5lNvG0f7R_SYjQxyuK4HV-UJUP_j6pQ4opFo9wXMRr9sQjVuGI" alt=""><figcaption></figcaption></figure>


# How to Save Favourite Pairs

* Navigate to [fin.kujira.app](https://fin.kujira.app/)
* Connect on the top right to your Keplr or Sonar wallet by clicking the connect wallet button and selecting the corresponding wallet (Keplr or Sonar)
* Next to a FIN pair of interest, click the star to bookmark that token pair

<figure><img src="https://lh4.googleusercontent.com/nYel8iu9paxPs37Tl2ymbx6nFWOVqS-06FVDnXgZYaAcju4rY8WIrsvMzx0OCaztCGpwG4ZESnQMNdPF0oaGxr_HCtk2f9jWlTxKhzzwYKFAapvwf4txReqIew-Hy2m3ZOhnI3EZa-lA-eMkUBfOxEo" alt=""><figcaption></figcaption></figure>

####


# How to Check Unclaimed Orders

After this guide you will be able to check if your limit orders on FIN have been filled.

* Navigate to [fin.kujira.app](https://fin.kujira.app/)
* Connect on the top right to your Keplr or Sonar wallet by clicking the connect wallet button and selecting the corresponding wallet (Keplr or Sonar)
* Select ‘All’ to see all FIN token pairs
* Then scroll down the list of token pairs. Any FIN pair with a green dot to the right of it, has an unclaimed balance

<figure><img src="https://lh4.googleusercontent.com/E8sNVyfdvDcFKuR2dNBXqk9UOO6yU7GfXu6Ewn1hz3qTmocFvwM2C_xYcF6lAsFTRQ_iQk03zmw9mWcGy87aOLWyh3erhb-vCAcnxfvMDJ6jGOjq6VL2YcG2g6cJByntDBJq4TOBCHx24dQOlP500Lo" alt=""><figcaption></figcaption></figure>

* Click on the pair to open the market and check under Filled Order Tabs to see your pending orders

<figure><img src="https://lh3.googleusercontent.com/O0kVYTsnWgM1ETwlp8GgRd7jZXI2_XjUSYGgcRohEj51PsD0Se-CQId0_hxb6ozX1U4cf5p-GYGZ3YLL5EYFNcBJNozdat6kvAuqhK7lvmQgUFShE422tupfuAQ8PEbhcbfrYfMQ2NsaV7FFocPmHjo" alt=""><figcaption></figcaption></figure>

* Click the “Claim” button and confirm the transaction. Then pay gas fees to finish the process


# How to Navigate to BOW Pools

This little helpers will let you fly to BOW pools or CALC strategies instantly.

* Navigate to [fin.kujira.app](https://fin.kujira.app/)
* Connect on the top right to your Keplr or Sonar wallet by clicking the connect wallet button and selecting the corresponding wallet (Keplr or Sonar)
* Next to any FIN pair that says BOW next to it, click the BOW button. A URL symbol representing a bow and arrow will pop up–clicking that symbol will redirect to that token pair on BOW

<figure><img src="https://lh5.googleusercontent.com/YHcf2sdxV6vAgeCkPUoYi0vpSZrnatbqkoAcM-uh6KSMRQI1akrc2gPy-OtVhA1OQU9waVzvZM1FPA16XyKR0R4Z7KTUaQr6SZiKrUAmUQA0KgxYa5todJUcXdSmamT-5iRSfPCNMY76OGr1Q4p3yPY" alt=""><figcaption></figcaption></figure>

####


# How to Look at Your History

These steps will walk you through the process of checking your history for a determined pair on FIN.

* Navigate to [fin.kujira.app](https://fin.kujira.app/)
* Connect on the top right to your Keplr or Sonar wallet by clicking the connect wallet button and selecting the corresponding wallet (Keplr or Sonar). Make sure this wallet corresponds to the account you used to perform certain trades on FIN
* Click ‘All’ to display all FIN token pairs
* Next, navigate to the token pair of interest on FIN either manually or by typing either token name in the search bar on the top left. Click the token pair once it pops up
* Next, in the bottom middle, click History and that pair’s token history with your wallet will be displayed

<figure><img src="https://lh3.googleusercontent.com/PD_QgXGLvORoZNSe86tx31XWmoKuPRm4Qki77dYzPqujvavWKx7Fg8cAk_1Vd29l6FIWi3q4kVtZfViU755X9XcbX3QDJv-QNGPuFqgcJVclBzCNmLis_2q7n0Ogl06B6HaXGe9a-Quy_1kLyf2pvzk" alt=""><figcaption></figcaption></figure>

<br>


# FINDER (Explorer)

<https://finder.kujira.network/>

FINDER is the official blockchain explorer for the Kujira Network. It is an essential piece of infrastructure that allows users to track addresses, transactions, validators, and more on the Kujira Network.

Some key points about FINDER include:

* Can be used on both mainnet and testnet
* Mainnet is intended for the majority of users, while testnet is useful for developers to verify transactions and track other information
* Allows users to bookmark and name multiple addresses by searching for them and clicking the bookmark icon in the upper right corner
* Saved addresses correspond to cookies, so they may need to be recreated if cookies are deleted
* Users can view saved addresses by clicking the bookmark button next to the search bar

FINDER is a valuable tool for anyone using the Kujira Network, whether for mainnet or testnet purposes. It allows users to easily track and manage their addresses and transactions, making it an important part of the Kujira ecosystem.


# Product Guides

In this section you will find detailed step-by-step guide with visuals for the most common interactions with FINDER

[How to View a Wallet's Balance](/dapps-and-infrastructure/finder/product-guides/how-to-view-the-balance-of-a-wallet)

[How to Bookmark Wallets for Tracking](/dapps-and-infrastructure/finder/product-guides/how-to-bookmark-wallets-for-tracking)

[How to View and Manage Bookmarked Wallets](/dapps-and-infrastructure/finder/product-guides/how-to-view-and-manage-bookmarked-wallets)


# How to View a Wallet's Balance

Look on to see how Kujira wallet balances can be viewed on FINDER

* Navigate to [finder.kujira.app](https://finder.kujira.app/)

<figure><img src="https://lh6.googleusercontent.com/muLAnmfcU0Po0lCkmNEEYgfITuovRJQ8khvSgVVrXAhOYLmvf26OGv_0lDaQ9EHOeKHCto1OLU-ckh2OSYO5pqVfWHRG5RgSpw0XqM8u32q03KkBp4nUdePhMdpWCp8vjbViLdBquDpm0e7jjHpb8xU" alt=""><figcaption></figcaption></figure>

* Enter the public address of the Kujira wallet that you are curious about

<figure><img src="https://lh6.googleusercontent.com/SWpKwhJxtAeqN1y0qfOP9Nu_xwF7k3y3KwI_4C9yz8mW_Bbfe0EjFBVyz_9ZpXGUF4ZnLaLLHGPi2g8fXEg25FIXJ-lCJv7qZcFcnAofTbxzDh8CskNfm8IxrkozRCjGx4pjFYQepVXeKvAdG2emH9U" alt=""><figcaption></figcaption></figure>

* Press the blue ‘Search’ button

<figure><img src="https://lh6.googleusercontent.com/qlFQFr6NlcIBsnZ6MR8LILb0oeG0WphgroLQyiB-gkFThrIejJTkm_xFF6KsxkpB_NLKyv9Ja32bgHEyXvk_YD3xFHtz7NuGx4WBAfILAKhA06taph6eo6GLf3sOB5B1aHusZaN9YJucRaQ4piV_kKA" alt=""><figcaption></figcaption></figure>

* On the left side you will see KUJI balances, and validators KUJI is staked with. On the right side you will see the wallet token balances. On the bottom you will see past wallet transactions. Page through older transactions by clicking on the ‘2’ or the ‘...’ at the bottom


# How to Bookmark Wallets for Tracking

Follow these steps to bookmark any Kujira wallet address

* Navigate to [finder.kujira.app](https://finder.kujira.app/)

<figure><img src="https://lh5.googleusercontent.com/wz-1fWwyLfCwSQ7V71STYQ4FiGdLTVDuoMDNW_2XZtZkWSR5e_wfLhWRKlmBoGqvKtkflPH1aVQTQjo6BW-vjpVz7kaNdjk-Gj2mGdA9EMiuLdkbtVnTe6_4BDFOzXV_jfeE-OGEeyjcT2yThqGVVFw" alt=""><figcaption></figcaption></figure>

* Enter the public address of the Kujira wallet that you are curious about

<figure><img src="https://lh5.googleusercontent.com/Nf6RdYZLT8hamzcst7VfkXcLvoAdIf02o29nSCXHcUDbESsvPlVBZFhNNIhM3QAByZ5UiMEdRlehgaZKc7T08EyhjNwBw8HNFI_ZyMDchEESLtolxzUMFuuoglp-fJsjrdyVHJ4tF4lA8ZZr89x0iuM" alt=""><figcaption></figcaption></figure>

* Press the blue ‘Search’ button
* Click the bookmark button at the top right, above and to the right of the word ‘Tokens’. It should turn green after being clicked

<figure><img src="https://lh5.googleusercontent.com/uKjny53pzTrjuVgr3-JzVhl2gTWUn24CjFlMWhgAfC7q-Bt0zbfHqMjcdxyWvFaFz2ukv5QeKyKgCcCx6v7nEvLjkHA36cFa4V4wPh4716uJjHMBuIeibZqB4oerg795q8N71nMqMaLy_3aZBYceGEE" alt=""><figcaption></figcaption></figure>

* You can name wallets in your bookmarks bar to more closely track them

<figure><img src="https://lh6.googleusercontent.com/EsvJ2ycVTniEnRhL29vZNfkvuOltW0KwIFaBYcmxJKVEybO0OoAhctbVWyzMEL6a8ofzdMldcPXeGd_3u4qcHldaBtzfQlo0njb4q6rzuLzUrSORkoyiThJrKBP_aRq3BWAEWCPLXBbuO7zElcFZ108" alt=""><figcaption></figcaption></figure>

* You can always view your bookmarks at any time by clicking the bookmark symbol at the top of the screen to the right of the search bar


# How to View and Manage Bookmarked Wallets

This guide explains how to view and manage bookmarks

* Navigate to [finder.kujira.app](https://finder.kujira.app/)
* Click on ‘My Bookmarks’ and you will see a list of bookmarked wallets
* Feel free to name the name wallets by clicking to the left of them where it says ‘Untitled’ and entering whichever name you would like. You can also rename wallets in the same manner
* View specific wallets by scrolling down to the wallet of interest and clicking on the Kujira address, it will bring up that wallet’s holdings and history
* You may remove any saved bookmarks by clicking the red bookmark symbol on the far right. This is irreversible (until you readd the bookmark) so be careful! You can also delete your internet browser’s cache/cookies to delete all of your bookmarked wallets. (Bookmarks are stored locally on your internet browser rather than being associated with your wallet)


# GHOST (Money Market)

Do you believe in GHOST?

<https://ghost.kujira.network/>

## INTRODUCTION

Welcome to Kujira's Money Market.

Mobilize your assets by lending them out to earn interest and secure working liquidity by using them as collateral.

Whether it's short term or long, lending or borrowing, this is where value does more.

GHOST puts your capital to work.&#x20;

## FEATURES

* Leverage: Lend or borrow any asset on GHOST. Long or short
* Community ownership: Community governance can add new assets at any time
* Top tier liquidation engine: ORCA was the liquidation engine for a DeFi protocol with $20 billion in TVL. ORCA allows the entire Kujira community to benefit from liquidations, not just whales.

## BENEFITS

GHOST leverages FIN, BOW, ORCA, USK, & BLUE to enable leverage for all community members.&#x20;

Fully integrated into the Kujira product suite, it brings next level efficiency to FIN markets.&#x20;

It paves the groundwork for higher ORCA volumes, FIN perpetuals (as well as FX trading), FIN margin trading (both long and short), and bootstrapping BOW and FIN liquidity.

* Intuitive UX: GHOST streamlines the user experience for lending and borrowing assets
* DeFi Lego: GHOST will be the liquidity building block for FIN perpetuals and margin trading
* Liquidity: GHOST will supercharge the FIN orderbook, ORCA volume, and BOW liquidity
* Strengthened USK: GHOST introduces a powerful new way to arbitrage USK back to peg
* Strong integration: GHOST is integrated into key Kujira protocols like FIN, BOW, BLUE, & ORCA


# Basics

## What is GHOST?

GHOST is Kujira's premier Money Market. As a decentralized money market, GHOST allows would-be lenders and borrowers to cooperate by providing a convenient supply-demand framework. Furthermore, it generates attractive returns for market participants without relying on artificial incentives.  &#x20;

Since GHOST is a decentralized money market, suppliers are covered even if borrowers fail to repay their loans. Furthermore, since all loans on GHOST are overcollateralized, borrowers don't have to apply for loans or go through credit checks. Opening or closing a loan and supplying or redeeming supplied assets is a near instant process that can be done at nearly anytime. The only exception is when the utilization of an asset reaches 100%. In this case, supplied assets of that type cannot be redeemed until some are returned (or more are supplied) to the platform.&#x20;

Suppliers supply assets to GHOST to earn variable interest on those provided assets based on their overall utilization by borrowers. Borrowers borrow assets supplied on GHOST (by others) in order to participate in financial speculation or take out loans without selling underlying assets. Borrowers are charged variable interest over time dependent on the borrowed assets' overall utilization by borrowers. This interest rate cycles between high and low over time based on inherent market demand and GHOST's framework. [Here's more about how the interest rate works](#how-interest-works-on-ghost).

When borrowers fail to pay back their loans in time due to decreases in collateral value, increases in funds borrowed, or accrued interest--provided collateral is liquidated via ORCA.  [Here's more about how liquidations work on GHOST](#how-ghost-has-integrated-orca). &#x20;

## Borrowing on GHOST

All borrowers must put up collateral (in asset "C") in order to take out a loan (in a different asset "L")--this collateral is not supplied to GHOST in the same sense as with "suppliers". The collateral cannot be borrowed by other users and it sits on the platform mainly as a guarantee to ensure the underlying integrity of a corresponding loan. This is necessary in case borrowers exceed max safety on their loans in which case their deposited collateral gets liquidated on ORCA and they get to keep any borrowed funds.

Depending on the perceived risk relationship between the supplied collateral asset (asset C) and borrowed loan asset (asset L), there is an underlying max allowable loan-to-value (LTV) ratio belonging to that loan. Say the value of the provided collateral is $$v\_{c}$$and the value of the borrowed loan is $$v\_{l},$$then the current LTV of that loan is$$\frac{v\_{l}}{v\_{c}}$$(any decimal can be converted into a percentage by multiplying it by 100%).

For stablecoins borrowed against provided stablecoins, the loan is considered relatively safe so they have slightly higher max allowable LTVs. For tokens borrowed against liquid staking derivative versions of themselves, they generally have a higher max allowable LTV which depends on each particular case. And in almost every other case, when borrowing one asset against another unrelated asset, the max allowable LTV is 60%. The only exception is when borrowing funds against provided KUJI collateral. The max allowable LTV is slightly lower to create less instability in KUJI price.

### General example

Now, for a more concrete example. Let's say at time $$0$$ user U has provided X units of asset C to borrow Y units of assets L; the prices of asset C and L at time t respectively are $$p\_{c}(t)$$and $$p\_{l}(t);$$ the max allowable loan-to-value (LTV) of asset C as collateral to asset L as a loan is K; and $$I(t)$$is a function representing the instantaneous variable interest rate of asset Y over time. Then, the borrowed funds (the Y units of L), will be liquidated at any future time $$t$$ if&#x20;

$$K < \frac{ \text{value of borrowed loan }+\text{ accrued interest until time } t}{ \text{value of provided collateral}}=\frac{yp\_{l}(t)+yp\_{l}(t)\int\limits\_{0}^{t}I(s)ds}{xp\_{c}(t)}=\frac{yp\_{l}(t)}{xp\_{c}(t)}(1+\int\limits\_{0}^{t}I(s)ds).$$

An easier way to think about the maximum allowable LTV is to understand that the interest rate reflects the amount of extra funds you will need to pay back (if you keep your loan open for a sustained period of time). Any extra funds you need to pay back increase your position's LTV and get you closer to liquidation. LTV can also change in other ways. If the price of the asset you provided as collateral goes down, then the LTV will increase. Similarly, if the price of the asset you borrowed goes up, then the LTV will increase. Of course, the reverse can also happen, and push the LTV lower--this is why, it is generally recommended to borrow stablecoins and use relatively stable or high quality assets you are bullish on as collateral (unless you are experienced).

The simple mental calculation with APR is that when your current loan amount is $$v\_{l}$$ and your yearly interest rate is i%, then assuming a constant interest rate, in two months, your accrued interest will be $$v\_{l}\*\frac{i%}{6}$$since only 1/6th of a year would have passed (assuming no changes in the loan value).&#x20;

More advanced examples of how to understand and work with borrowing can be found under advanced tutorials.

## Lending on GHOST

All lenders on GHOST provide liquidity by lending assets to the platform and get paid a variable interest rate as compensation. When users deposit N units of an asset called “TOKEN” into the platform, they will receive N liquid units of an asset called “xTOKEN” in their wallet.&#x20;

xTOKEN is similar to a receipt token that represents a claim to lent TOKEN on GHOST. xTOKEN can be traded on FIN, sent to other wallets, or used with ORCA to bid on liquidations. This is especially attractive as units of xTOKEN automatically accrue interest that is collected from TOKEN borrowers’ open loan positions on GHOST. When the lender eventually redeems their xTOKEN, they will receive back all their TOKEN and some extra TOKEN corresponding to that accrued interest.

For example, if you lend 10 ATOM on GHOST, you will receive 10 xATOM in your wallet. Say you leave those ATOM lent to GHOST for a few months and redeem your ATOM at that time. Depending on utilization levels and how much interest was accrued during that period of time from other ATOM borrowers, you may receive back 10 ATOM, 10.1 ATOM, 11 ATOM, etc.&#x20;

Using xAssets to liquidate collateral on ORCA is particularly exciting because doing so is equivalent to selling the underlying xTOKEN at a local market top (i.e. when it is most expensive) at $$\frac{1}{1-30%}=\frac{1}{0.7}=142.8%$$ of (or 42.8% above) the maximum possible market price at that time.

## How interest works on GHOST

All interest rates on GHOST are represented as yearly APR's, as this is generally more convenient for users who often think on longer time scales.

Variable interest rates increase with higher utilization and decrease with lower utilization. This serves two purposes: 1. encourage new suppliers and incentivize borrowers to unwind their loans and return borrowed assets in hot markets; 2. discourage new suppliers and make it more attractive for borrowers to open loans in slow markets.

Asset utilization refers to the ratio of borrowed assets to supplied assets for an asset on GHOST. For example, suppose 1000 users collectively provide 1 million ATOM to GHOST, and 300 users collectively borrow 572,138 ATOM on GHOST. In that case, ATOM's utilization on GHOST is $$\frac{572,138}{1,000,000}=0.572138=57.2138 %$$. Based on  1. and 2. asset utilization rates will often cycle between high and low over time.&#x20;

GHOST uses an exponential algorithm that spikes the interest rate sharply once utilization hits around 60% to encourage asset borrow to supply ratios to stay within certain boundaries. Generally, the borrow interest rate for an asset is a few percent higher than its supply interest rate. This accounts for the inherent risk premium that accompanies borrowing. &#x20;

## How GHOST has integrated ORCA

ORCA has been overhauled in order to smoothly integrate GHOST. In this framework, each GHOST collateral and borrowable asset pair has its own corresponding liquidation queue on ORCA. In general, demand exists to liquidate outstanding GHOST loans on ORCA, because it’s possible to acquire the liquidated collateral at a discount and achieve a tidy profit.&#x20;

For example, if GHOST users are able to borrow ATOM (lent by suppliers) against their own provided USK collateral, then an axlUSDC-xATOM liquidation queue will exist on ORCA–where users can bid on liquidated axlUSDC using xATOM at a discount of up to 30%. Note 1. the maximum allowed LTV and maximum allowed discount on ORCA take each other into account and 2. when a user bids with their xATOM on ORCA to purchase discounted axlUSDC, they are forfeiting their receipt/claim to the corresponding supplied ATOM on GHOST. .

That is to say, after a liquidator purchases liquidated axlUSDC at a 30% discount, since the position is liquidated when the LTV of the borrowed ATOM loan position reaches 60%--this ensures that the loan is approximately 166% overcollateralized at the time of liquidation–and even after a 30% discount is applied, the position is still 116.7% overcollateralized.

Therefore, say the liquidator puts down $70 worth of xATOM on ORCA to purchase the $100 of liquidated axlUSDC at a 30% discount. The liquidator receives $100 of axlUSDC, and ORCA receives $70 worth of xATOM which go back to GHOST to replenish the original lender’s supplied ATOM.&#x20;

Assuming the loan was liquidated immediately once it reached 60% LTV, then only $60 worth of xATOM was actually borrowed from the platform. In this way, GHOST ends up with an extra $10 of xATOM that can be further used to redeem borrowers. Most of the time, the loan will be liquidated for a significantly smaller discount due to user competition, so GHOST pockets more profit in general.  &#x20;

In the case of assets with higher maximum allowable LTVs, the maximum possible discount on an ORCA queue will be smaller such as with the axlUSDC-USK queue where the maximum possible discount is only 10%. This ensures the integrity of the underlying loan.&#x20;

### Liquidation Alerts

As an aside, since there are many different liquidation queues in the new ORCA/GHOST framework, ORCA alerts have been conveniently added to the top right of most of our 1st party ecosystem dApps.  Kujira ecosystem users can conveniently see when GHOST (or USK mint) positions are at risk via alerts that detail which assets are closest to getting liquidated (including how much is at risk of being liquidated and how close they are to liquidation). This allows users to anticipate future liquidations and move corresponding funds in advance.&#x20;

<br>


# Dashboard

The Dashboard tab contains a simple user interface that allows users to track all of their open positions.&#x20;

The GHOST Dashboard contains two sections: 'Borrow Positions' and 'Lending Positions'.&#x20;

## Borrow Positions

The topmost section displays all of the user's open Borrow positions and displays comprehensive information about the safety of those positions. It also contains a navigation button to directly [manage the position](/dapps-and-infrastructure/ghost-money-market/borrow#manage-position) on the GHOST borrow tab.&#x20;

## Lending Positions

The bottommost section displays all of the user's open lending positions. These lending positions correspond both to xAssets contained in the User's wallet and to corresponding underlying assets that have been provided as liquidity on GHOST. Lending positions are ordered from top to bottom based on the numbers of units of each asset that have been lent to the platform (not based on total value, but rather on amount of units). For example, say you've lent 100 KUJI to GHOST worth $100, 500 LUNA to GHOST worth $250, and 50 ATOM worth $350--in that case, the lending positions would be ordered from top to bottom: LUNA, KUJI, ATOM.

This section also contains information about each open lending position that is identical to the information in the GHOST 'Lend' tab. More info [here](/dapps-and-infrastructure/ghost-money-market/lend#overview).


# Borrow

Gain exposure to market movements without selling

<https://ghost.kujira.network/borrow>

## Overview

Borrowing puts your portfolio to work and gains exposure to market movements without selling your holdings.&#x20;

The Borrow tab lets you access immediate liquidity using tokens as collateral to borrow stables. Or, benefit from volatility by using stablecoins as collateral and taking a position on a token.&#x20;

The borrow tab contains 3 main sections: 'Featured Markets', 'Quick Borrow'  and 'Detailed View'.&#x20;

## Featured Markets

The 'featured markets' section displays exciting GHOST asset markets that may be of interest to ecosystem participants.

## Quick Borrow

The quick borrow user interface allows would-be borrowers to quickly open a borrow position by selecting a 'collateral asset' to deposit, 'borrow asset' to take a loan in, and amounts deposited and borrowed for each. &#x20;

<figure><img src="/files/VsvXsWw6Jox0jKvv8gMq" alt=""><figcaption><p>Quick Borrow</p></figcaption></figure>

This section is most useful when the borrower already knows which asset they want to deposit as collateral and which asset they want to borrow as part of a loan. After choosing an amount to deposit and borrow, it is important to ensure that the initial LTV is at a comfortable level compared to the maximum allowable LTV. If the loan's LTV rises above the max LTV, then the provided deposit will be liquidated on ORCA and the borrower gets to keep any borrowed funds.&#x20;

## Detailed View

By selecting the 'Detailed View' option under 'Featured Markets', a list of all Assets that can be borrowed on GHOST will be displayed. The detailed view shows every possible asset that can be provided as collateral in order to borrow some target asset. For example, if you would like to borrow ATOM or stATOM this is what you would see in the 'Detailed View' section.&#x20;

<figure><img src="/files/26LCNInb1AeNZefjVHuZ" alt=""><figcaption><p>Borrowing: Detailed View</p></figcaption></figure>

This view allows users to explore different possible assets they can provide as collateral to borrow a target asset, compare corresponding interest rates, the amount already borrowed, the amount still available to borrow, and the total amount of said borrow asset deposited on GHOST.

Participants can use this view to sniff out the best possible deals and arm themselves with the information to best keep their loans solvent to avoid liquidation. More on how GHOST borrowing works [here](/dapps-and-infrastructure/ghost-money-market/basics#borrowing-on-ghost).&#x20;

### Manage Position

By clicking on 'Borrow ...' at the far right, a new 'manage position' view shows up which allows users to manage their loan position by depositing more collateral or borrowing more of the target asset. The view also contains more current information about the loan such as the total amount you have deposited; the total amount you have borrowed; the interest rate; a graphical view of the maximum allowable LTV; the associated loan risk; the LTV; the collateral asset price; the liquidation price; and the total amount borrowed and deposited by all other GHOST users.

<figure><img src="/files/vn55wNdkxHomLgBE1vx0" alt=""><figcaption><p>Manage Position</p></figcaption></figure>

Next, there is an interface halfway down which allows you to evaluate and predict how depositing more (or withdrawing some) collateral AND borrowing more (or returning some) of the target borrow asset will impact the total collateral deposited, the LTV of the loan, the total amount borrowed, the loan's liquidation price, a borrow fee, and the loan's interest rate.

Furthermore, there are options to rebalance your loan or close the position entirely.&#x20;


# Lend

<https://ghost.kujira.network/lend>

## Overview

The Lend tab allows users to lend assets on GHOST to earn at a variable rate.&#x20;

This tab contains a table of all existing assets that can be lent on GHOST including basic information about each of these assets such as: asset name, total deposited, amount available to be borrowed, percentage utilization, the current borrow interest rate, the lend APR, and your deposit value. Furthermore, each row contains a 'lend' button and a 'more' button.

The table can be sorted ascending or descending by any of these 7 categories at your own convenience.&#x20;

<figure><img src="/files/fH4W1HlupzljAPEPIB9l" alt=""><figcaption><p>USK lending tab information</p></figcaption></figure>

'Asset Name' is the asset symbol. For example, Wrapped Bitcoin has wBTC as its asset name.

'Total Deposited' is the total amount of an asset lent to GHOST collectively across all lenders.

'Amount available to be borrowed' is the total amount deposited minus the total amount already borrowed by other users.

'Utilization' is the ratio of the amount already borrowed to the total amount deposited. The maximum possible utilization is 100%. Interest rates correlate with the utilization.&#x20;

'Borrow Interest Rate' is the currently yearly interest that borrowers owe on any open positions where they have borrowed that specific asset. Interest accrues continuously over time for as long as a position is open, but is presented on a yearly basis for accessibility.&#x20;

'Lend APR' is the current yearly interest rate that lenders earn on any provided liquidity to GHOST for that asset. Like the 'borrow interest rate', the 'lend APR' varies over time with the utilization. Interest accrues continuously over time.&#x20;

'Your Deposit Value' is the amount of an asset that you've actually deposited into GHOST. If you trade away the xToken receipt for your deposit, you will lose that deposit as the ownership transfers to someone else. &#x20;

By clicking the 'more' button on a particular asset's row, it is possible to see a graph showing the relationship between the utilization, borrow interest rate, and lend APR for that asset. This can be used to predict the evolution of the interest rate or lend APR over time.

For example, below is the corresponding graph for axlUSDC:

<figure><img src="/files/a7edhOPmocjuEfCRd3Dv" alt=""><figcaption><p>Chart displaying axlUSDC utilization rate curve on GHOST</p></figcaption></figure>

## How does Lending work on GHOST

For any asset available to be lent on GHOST, by navigating to that row of the table, and clicking on 'Lend', you can then enter however much you would like of said asset (up to the maximum amount available in your wallet) and click 'Lend ...' to provide the asset on GHOST.

All lenders on GHOST provide liquidity by lending assets to the platform and get paid a variable interest rate as compensation. When users deposit N units of an asset called “TOKEN” into the platform, they will receive N liquid units of an asset called “xTOKEN” in their wallet.&#x20;

xTOKEN is similar to a receipt token that represents a claim to lent TOKEN on GHOST. xTOKEN can be traded on FIN, sent to other wallets, or used with ORCA to bid on liquidations. This is especially attractive as units of xTOKEN automatically accrue interest that is collected from TOKEN borrowers’ open loan positions on GHOST. When the lender eventually redeems their xTOKEN, they will receive back all their TOKEN and some extra TOKEN corresponding to that accrued interest.

Lent assets can be withdrawn on GHOST, by clicking on the ![](/files/FmjLgh5k7ZVciYgtMHaA)symbol to the right of the lend button contained in the 'your deposit value' column of the table, entering the amount and then clicking 'withdraw ...'


# ORCA (Liquidations)

Democratized DeFi Liquidations

<https://orca.kujira.network/>

### Liquidate multiple assets across the whole of Cosmos at the click of a button. No bots, no code, no problems.

Built on Kujira, ORCA is the world's first public marketplace for bidding on liquidated collateral. By effectively participating in a Dutch auction, users are able to obtain liquidated collateral at up to a 30% discount. To bid on liquidated collateral on ORCA, users can select the desired market and premium, input the amount they want to bid, and hit the "Place My Bid" button.

Now that [GHOST](/dapps-and-infrastructure/ghost-money-market) is live, users can also use ORCA to sell yield bearing assets at local tops up to 43% *above* the market price. Read more [here](/dapps-and-infrastructure/orca/basics/lending-markets/xasset-lending-markets#sell-yield-bearing-assets-up-to-43-above-local-market-tops).&#x20;

## How it works

ORCA operates using a queue-based and anti-bot approach, filling bids from the smallest discount to the biggest. This helps to find an optimal discount rate and prevents immediate selling and damage to the market by bot operators. Instead, liquidated assets are purchased by community members who often have a stake in the longer-term success of partner platforms and may increase their ownership rather than immediately selling.

## Advantages

In this way, ORCA offers several benefits for partner money markets and users, including a user-friendly interface, transparent bidding process, near instant settlement of liquidations, robust yet capital efficient approach, ability to [earn yield while waiting for liquidations](/dapps-and-infrastructure/orca/basics/lending-markets/xasset-lending-markets), and strong community. Users can report bugs and give feedback on our Telegram or Discord.

## Analytics

Furthermore, at present we have basic ORCA liquidation analytics available for all users on all of our ORCA markets. In the future, we will offer more sophisticated liquidation analytics as well.

## 1st Party Integrations

FIN, ORCA, GHOST, and USK all have co-integrations. USK relies on ORCA as a liquidation settlement layer. You can learn more [here](/dapps-and-infrastructure/usk-stablecoin). GHOST also relies on ORCA to handle associated liquidations.

## Audit

Our ORCA smart contracts have been audited. You can take a detailed look [here](https://drive.google.com/file/d/1UzZQ3kD7a4PAooeO6GMhxZOH1TYr41r3/view).

Read more on Medium [here](https://medium.com/team-kujira/testnet-usk-minting-orca-liquidation-bids-4f1215e9677b). Happy hunting.


# Basics

## Overview

This section will cover various basics of navigating the ORCA user interface including basic types of ORCA markets and using Sea Shanty, a helpful tool that enhances the ORCA experience.

## ORCA Markets

There are three types of ORCA lending markets: USK backing collateral, Isolated FIN margin, and [GHOST](/dapps-and-infrastructure/ghost-money-market) (perpetual) liquidation markets.

All available ORCA markets can be seen on the main landing page <https://orca.kujira.app>.

Once cross-chain markets launch, there will be further differentiation between Kujira native and cross-chain markets. ORCA has been redesigned for the Kujira blockchain to bring decentralized community liquidations to all EVM and RUST based projects bringing accessibility and fairness for everyone. When [GHOST](/dapps-and-infrastructure/ghost-money-market) launched, we simplified ORCA's layout to facilitate future scalability.

<figure><img src="/files/UccfofTAXs55iMnUkXoA" alt=""><figcaption><p>All ORCA markets</p></figcaption></figure>

On the landing page, each ORCA market displays information about its health, collateral type, bid denomination, total value locked, pool size, max possible discount, and total sum of your bids.

Learn more about ORCA's lending markets [here](/dapps-and-infrastructure/orca/basics/lending-markets).

#### SeaShanty

SeaShanty is a very helpful 3rd party tool that can be used across various Kujira decentralized applications, not only ORCA. It is recommended to interact with the Sea Shanty application on Telegram in order to download and register one's account with it. In this way, it is able to provide alerts about filled liquidation bids, filled FIN orders, USK collateral risk of liquidation, and auto-activate ORCA bids--a necessary step to be able to actually purchase liquidated collateral via ORCA at a discount. Read more [here](/governance/capybara-labs).


# Lending Markets

### Overview

The ORCA bidding queue is an innovation allowing anyone to acquire discounted collateral no matter who you are. The competition to acquire liquidated collateral moves away from bots and wealth to bidding wars that allow integrated protocols to be more capital efficient.

Users bid seeking to purchase liquidated collateral at a discount. Smaller discount bids have higher priority in the ORCA liquidation queue. Instead of competing by speed for large discount asset liquidations, users bid in the ORCA liquidation queue and compete to liquidate collateral at a smaller discount.

Integrated protocols do not need to worry about liquidators arbitraging and dumping liquidated collateral at a heavy discount. And liquidation profits are accessible to everyone.&#x20;

## Customization and flexibility for integrated products

Each integrated protocol or application has the ability to customize the ORCA liquidation queue however they would like to maximize its appeal to their target communities. They can choose to allow half percentage discount liquidations, set their own minimum and maximum percentage liquidation discount, and choose their preferred assets to use to bid on liquidated collateral in the ORCA queue.&#x20;

<figure><img src="/files/jnr7YtlZThkrt6K0KNSF" alt=""><figcaption><p>ORCA queues using USK bids ranging from 0% discount to 30% discount</p></figcaption></figure>

Each lending market contains its own unique ORCA liquidation queue with discounts ranging from 0% to the maximum allowed percentage. All USK collateral lending markets have a 30% maximum bid and bid premiums must be whole numbers.

## Hypothetical liquidation example

Let's take a look at a hypothetical ORCA example for the ATOM/USK lending market. Suppose the price of ATOM suddenly falls and that in the ATOM USK lending market, exactly 20000 USK worth of ATOM ends up getting liquidated in one go.

Let's also assume there is 0 USK in the 0%, 1%, and 2% columns; 100 USK in the 3% column; 1000 USK in the 4% column; 10000 USK in the 5% column; and 10000 USK in the 6% column of the ORCA liquidation queue. Finally, let's assume that the 10000 USK in the 6% column has been deposited by 4 separate people: person A deposited 2500 USK, person B deposited 3500 USK, person C deposited 3990 USK, and person D deposited 10 USK.

In that case, 20000 USK worth of ATOM is being liquidated and purchased at corresponding discounts by currently active bids in the ATOM ORCA liquidation queue. Approximately 103 USK worth of atom is purchased at a 3% discount (i.e. for 100 USK), approximately 1040 USK worth of ATOM is purchased at a 4% discount (i.e. for 1000 USK), approximately 10500 USK worth of ATOM is purchased at a 5% discount, and finally the remaining 8457 USK is purchased at a 6% discount.

Within a particular discount percentage, users fill their bids proportionally based on how much they have deposited. For example, of the 8457 USK purchased at a 6% discount, person A deposited 25% of the USK in the 6% column, person B deposited 35%, person C deposited 39.9%, and person D deposited 0.1%.

As a result, person A receives 8457 USK \*25/100 worth of ATOM purchased at a 6% discount; person B receives 8457 USK \* 35/100 worth of ATOM purchased at a 6% discount; person C receives 8457 USK \*39.9/100 worth of ATOM purchased at a 6% discount; and person D receives 8457 USK \*0.1/100 i.e. 8.457 USK worth of ATOM purchased at a 6% discount so person D receives 8.457/0.94 worth of ATOM.&#x20;


# Analytics

Overview

ORCA liquidation analytics can help supplement user strategy as part of the ORCA bid selection process. ORCA analytics exist for each ORCA lending market. By taking a look at the amount of collateral at imminent risk of liquidation, it is possible to understand the amount of collateral that will be liquidated as long as the price of the asset being bidded on falls to a certain level.

This information can be used to predict how likely it is that a bid will fill at a certain premium level based on how much USK (or whatever other asset) is currently in the liquidation queue at lower premiums. Referring to and planning around this strategy can make all the difference between setting a large 12% bid that never gets filled and a large 7% bid that normally seems unlikely to fill, but ends up filling just a few days later when the price of (say) ATOM falls the necessary 10% to trigger the resulting liquidations up through the 7% column in the ORCA liquidation queue.&#x20;

## Types of Analytics

There are two different related charts. The right chart, the collateral by risk ratio chart shows the amount of collateral in dollars that is at a specific risk ratio. Lending markets generally function using collateral debt positions which refer to borrowing against a certain amount of collateral.

The risk ratio refers to the ratio between the amount of borrowed funds and the amount of deposited collateral divided by the maximum permitted ratio. When the value of the deposited collateral falls beyond a certain threshold, the ratio of borrowed funds to deposited collateral will surpass a maximum permitted ratio before backing collateral starts getting liquidated until the ratio is back within permitted levels. When the risk ratio exceeds 100%, backing collateral for debt positions starts liquidated.

Therefore, by understanding the total amount of collateral at certain risk ratios and looking at the amount of bids currently in the corresponding ORCA liquidation queue it is possible to plan ahead and assess the likelihood of a certain amount of funds being liquidated and the likely maximum discount that will be reached as a result of that liquidation event.

Both charts are similar, the only difference is that the left chart measures cumulative collateral by risk ratio--i.e. the total of amount of collateral that has risk ratio of at least X%. This can be used to determine the likelihood of a liquidation event of a certain magnitude and analyze how much would be liquidated in the process of backing collateral hitting a specific price level. This can also great influence ORCA bidding strategy. Here is a sample of what the ORCA analytics charts look like.

<figure><img src="/files/9q1bPhbLP7Zpw11AJcUs" alt=""><figcaption><p>ATOM/USK lending market Analytics</p></figcaption></figure>

Furthermore, the analytics page contains information at the bottom covering the most recent liquidations that occurred in that lending market.&#x20;

## External ORCA analytics&#x20;

On top of that, outside of the ORCA analytics page, the main lending market page contains additional information about the ratio of ORCA bids to the lending market's total locked collateral value, the lending market's total locked collateral value in USK, the total liquidation queue bid value in USK, the total amount of locked collateral (i.e. the total number of locked ATOM (LUNA/etc.) in the lending market), the user's total active bid amount in USK, the current collateral (ATOM/LUNA/etc.) price being used by the liquidation oracle, and a bar chart showing the number of times each premium column in that specific ORCA liquidation queue has been completely cleared due to a liquidation event.&#x20;


# USK Lending Markets

## Overview

### Purchasing USK

At the moment, all USK collateral, all isolated FIN margin, and some GHOST ORCA lending markets use USK as the bid denomination. As a result, users often need USK to bid on liquidated collateral at a discount. To understand the ins and outs of the ORCA liquidation process, please refer to the explanations in the [lending markets section](/dapps-and-infrastructure/orca/basics/lending-markets) as well as the provided ATOM liquidation example. USK can either be purchased on FIN by selling a variety of other assets including axlUSDC, ATOM, wBNB, wETH, DOT, LUNA, gPAXg, etc. for it, by minting it via the BLUE [USK mint UI](/dapps-and-infrastructure/blue/mint), or by borrowing against other compatible assets on GHOST (including [KUJI](/tokenomics/kuji-token)).&#x20;

### How to place bids

Once USK has been obtained, for a particular lending market, bids may be placed anywhere in the ORCA liquidation queue by choosing a desired liquidation discount at which to purchase the specific collateral associated with that ORCA lending market. To submit an ORCA bid, select the desired premium (discount), select the amount of USK to place a bid with, leave the 'auto-active my bid with SeaShanty' option selected or manually activate the bid at the end of this process (non-active bids will NOT purchase liquidated collateral at a discount), and then confirm acknowledgment that 'withdrawal of a successful bid will include a 0.5% fee (98% of ORCA fees are distributed to KUJI stakers and 2% go to the community pool). Finally, click place my bid to wrap up the process. Bids take a total of 10 minutes to activate. Sea Shanty which is a product by [Capybara Labs](/governance/capybara-labs), a community validator, activates ORCA bids automatically as long as the service is enabled when setting a bid.&#x20;

## ORCA Bid strategy&#x20;

Setting discount bids is a strategic process. Sometimes it might make sense to set several bids of different sizes at different premiums--sometimes it may make sense to set a large bid at an unlikely premium to attempt to profit greatly in the case of a black swan, often it may make sense to look at where users are the majority of bid premiums, and pick either the same premium of lower premiums to ensure that the active bids end up being used to purchase discounted collateral even if it is ultimately at a smaller discount. Part of the process of mastering how to set ORCA bids comes down to properly interpreting ORCA liquidation analytics which will be covered in the next section.

## Withdrawing liquidated collateral&#x20;

Once funds have been obtained after a successful liquidation event, simply click the withdraw button to withdraw purchased liquidated collateral minus the 0.5% withdrawal fee which goes to KUJI stakers.&#x20;


# Isolated FIN Margin

## Overview

Isolated FIN Margin is a type of margin product that allows leverage trading of up to 2.5X on certain FIN trading pairs. Margin is allowed on most [USK](/dapps-and-infrastructure/usk-stablecoin) collateral types when paired with USK on FIN. Currently margin is only unavailable for gPAXG (Paxos Gold bridged over to Kujira using Gravity Bridge). All margin liquidations are handled by ORCA. Read more specifics about how Isolated FIN margin works [here](/dapps-and-infrastructure/fin/how-to-use-fin/spot-and-margin-trade-ui/isolated-fin-margin).&#x20;

## Liquidation Mechanism

At the moment, based on the underlying mechanism for isolated FIN margin, ORCA liquidations for FIN margin are handled in the same queues and markets where USK collateral is liquidated and bidded on using USK. This is why FIN margin's relationship with ORCA can be understood as it simply being a subset of ORCA USK markets. This is because using FIN margin effectively just means minting USK in reverse and backing it immediately after. Read [here](/dapps-and-infrastructure/fin/how-to-use-fin/spot-and-margin-trade-ui/isolated-fin-margin#mechanism) for a complete explanation of this process. Due to the above, the isolated FIN margin ORCA markets literally double as the USK liquidation markets used for liquidating USK collateral. Read [here](/dapps-and-infrastructure/usk-stablecoin/technical-specifics) for more about how USK works and [here](/dapps-and-infrastructure/usk-stablecoin/how-to-mint-usk) for its connection to ORCA. &#x20;

&#x20;


# xAsset Lending Markets

## Overview

Although many lending markets on ORCA use USK. Since the launch of GHOST, there are ORCA markets with other bid denominations. Users must obtain those assets to bid on liquidated collateral at a discount in those markets. All of these markets have xAsset bid denominations. xAssets such as xUSK, xaxlUSDC, xKUJI, xATOM, etc. can be obtained by lending the corresponding assets (USK, axlUSDC, KUJI, ATOM, etc.) on [GHOST](/dapps-and-infrastructure/ghost-money-market).

xAsset lending markets can be separated into two subgroups: stablecoin lending markets & non-stablecoin lending markets. ORCA stablecoin lending markets operate identically to USK lending markets. The biggest difference is that xAssets accrue yield over time from GHOST borrow interest--so even if these markets stay stagnant in the short-term, you are earning yield from GHOST. However, the real fun begins with non-stablecoin lending markets.

### Sell Yield Bearing Assets up to 43% Above Local Market Tops

Non-stablecoin lending markets operate almost identically to USK lending markets with a major twist. Liquidating stablecoins at a discount by bidding with xAssets is equivalent to selling those yield bearing xAssets for stablecoins at a premium above the current market price.

For example, if you bid on USK with xKUJI at a 10% discount, you are actually attempting to sell yield bearing xKUJI at 11.1% above the market price. Since liquidations occur at local bottoms--in this case--you would effectively be selling (yield bearing) KUJI at 11.1% above a local market top. This unlocks many new possibilities.

Bidding at a 30% discount is equivalent to spending 30% fewer tokens worth of the denomination asset to buy $1 of the liquidated stablecoin. So if Y xATOM is $1, you would spend 0.7Y or $$\frac{7}{10}\text{Y}$$ xATOM to receive that dollar worth of stables. And you could spend Y xATOM to obtain $$ $\frac{10}{7} $$or $1.43 worth of stables. In other words, you're selling that xATOM 43% above the market price when an ATOM short position against USK is liquidated. &#x20;

## How to place bids

To understand the ins and outs of the ORCA liquidation process, please refer to the explanations in the [lending markets section](/dapps-and-infrastructure/orca/basics/lending-markets) as well as the provided ATOM liquidation example. Once the necessary bidding asset has been obtained, for a particular lending market, bids may be placed anywhere in the ORCA liquidation queue by choosing a desired liquidation discount at which to purchase the specific collateral associated with that ORCA lending market. To submit an ORCA bid, select the desired premium (discount), select the amount of the bidding asset to place a bid with, leave the 'auto-active my bid with SeaShanty' option selected or manually activate the bid at the end of this process (non-active bids will NOT purchase liquidated collateral at a discount), and then confirm acknowledgment that 'withdrawal of a successful bid will include a 0.5% fee (98% of ORCA fees are distributed to KUJI stakers and 2% go to the community pool). Finally, click place my bid to wrap up the process. Bids take a total of 10 minutes to activate. Sea Shanty which is a product by [Capybara Labs](/governance/capybara-labs), a community validator, activates ORCA bids automatically as long as the service is enabled when setting a bid.&#x20;

## ORCA bid strategy&#x20;

Setting discount bids is a strategic process. Sometimes it might make sense to set several bids of different sizes at different premiums--sometimes it may make sense to set a large bid at an unlikely premium to attempt to profit greatly in the case of a black swan, often it may make sense to look at where users are the majority of bid premiums, and pick either the same premium of lower premiums to ensure that the active bids end up being used to purchase discounted collateral even if it is ultimately at a smaller discount. Part of the process of mastering how to set ORCA bids comes down to properly interpreting ORCA liquidation analytics which will be covered in the next section.

## Withdrawing liquidated collateral&#x20;

Once funds have been obtained after a successful liquidation event, simply click the withdraw button to withdraw purchased liquidated collateral minus the 0.5% withdrawal fee which goes to KUJI stakers.&#x20;




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