Introducing sKUJI — The Best Way to Earn Kuji and Apex bAssets


The passing of our 3rd governance proposal brings about an incredibly exciting structure for KUJI staking. We’ve listened to the community and now that this vote has passed, we believe there is now a solution that can really benefit the Kujira community.

These changes create a system incentivizing long-term staking, while also simplifying the process. Let’s get into it.

Table of Contents

Quick recap

KUJI stakers now earn a share of the range of apex tokens generated across Kujira platforms ORCA & BELUGA. In return for depositing KUJI into the pool, you receive a freshly minted representation of your ownership — sKUJI.

Over time, the pool increases in value as bLUNA, bETH, aUST (and in due course bSOL, sATOM etc) are accrued and added through fees earned from users of the platforms.

Withdrawing your ownership means you receive an equal proportion of those assets, based on your sKUJI ownership, and the balances of these assets in the pool.

This first is asymmetrical, compared to a TerraSwap pair:


OUT : bLUNA, bETH, aUST, KUJI (and any other bASSETS to come)


Existing governance stakers

You need to migrate from the governance pool, and move to the sKUJI protocol revenue pool here. Just click the link to start the process. Between now and 12:00 UTC on Tuesday 1st March, you will need to migrate your existing governance stake to sKUJI in order to view your share of protocol revenue. There is no unstaking period. Only currently stakers will be able to bond during this time. At the end of it the reward balance will be transferred. Regular bonding will be unavailable until the end of this time.

For new stakers

Users who haven’t yet staked KUJI, bonding will be opened at 12:00 UTC on 1st March. After that point you can just go and bond your KUJI here.

New dashboard

We also have a new dashboard on our Blue app. You can view the total protocol revenue, your sKUJI value, and the value and amount of each apex asset reward accrued to your sKUJI. You can bond and unbond KUJI directly from here, and see all the important details about the $KUJI token; market cap, circulating supply, price and a graph detailing the token release schedule.

*PLEASE bear in mind that your bAsset rewards won’t reflect until the pool is populated on 12:00 UTC on Tuesday 1st March. You can see the rewards accrued in this wallet though:

A practical example

Let’s go through sKUJI in practical terms, starting from genesis of the pool.

Initial pool value

Person A and Person B stake 4000 and 6000 KUJI in the pool respectively. KUJI is valued at 0.75 UST at the time. The pool value is denominated in UST.

The amount of sKUJI that is minted when you stake is proportional to the total pool value in UST, the UST value of your deposit, and the total circulating sKUJI.

They are each minted 3000 and 4500 sKUJI respectively, and therefore own the pool in a 40% / 60% split. The pool currently has a balance of 10 000 KUJI.

At this point, if either staker unbonds, they receive the exact amount of KUJI they deposited.

Increasing pool value

Let’s assume the Kujira platform earns 10 bLUNA in fees, which are deposited into the pool. If person A unbonds their 40%, they are returned their initial 4000 KUJI, plus 4 bLUNA: Their fair share of the increase in the value of the pool during the time they owned a portion of it.

Now the pool has a balance of 6000 KUJI and 6 bLUNA. Let’s say bLUNA is valued at 69 UST, KUJI is still at 0.75. The total value of the pool is 4914 UST
(6000 KUJI x $0.75) + (6 bLUNA x $69).

Growing the pool

Person C comes along and stakes 5000 KUJI in the pool. This stake is currently worth 3750 UST (if 1 KUJI = $0.75), which brings the pool’s total value to $8664. After bonding, Person C’s ownership becomes 3434 sKUJI : 43.28% of the pool.

If Person C were to unbond immediately after staking, they would receive 3750 UST worth of assets, made up according to the split of the pool. Using our example, this is roughly 2.6 bLUNA and 4761 KUJI.

If they continue to stake, they will earn a share of all future fees added to the pool.


  1. How do I claim my share of the protocol revenue?
    Your share of Kujira protocol revenue is claimed by unbonding your KUJI. Unbonding takes 24 hours, after which time you can claim your KUJI and any of the apex assets you are owed from the pool.
  2. Can I partially unbond my KUJI?
    Yes, you can unbond any amount you like and you will receive the same portion of the apex assets.
  3. Can I re-bond immediately after unbonding, and will it affect my claim?
    You can bond your KUJI immediately after it is claimed. Your share of the protocol revenue will begin again from the time your KUJI is bonded.
  4. If I have been bonded for 1 month and someone bonds 10x the amount of KUJI as me and immediately unbonds, will they take a bigger share of the protocol revenue?
    No, the value of sKUJI is based on the value of the pool.
  5. Why is there a 24 hour unbonding period?
    This stops users and bots from using the reward pool as a DEX to swap assets.