Hi everyone,
Welcome to Rujira Weekly Recap, where we share all the interesting things that happened recently!
Cosmos v50
The THORChain v3.0 update, expected later this month, will bring significant upgrades, including the important Cosmos v50 update for the App Layer, enabling CosmWasm and IBC among others. While we still have to wait for the mainnet release, the devnet is already live and has allowed for @codehans1 to start cooking and share some exciting previews.
Curious about the connection between IBC, Cosmos v50, and the App Layer? @GrassRootsio has a great video explaining how it will work.
Introducing Secured Assets
Secured Assets (SAs) are native Cosmos SDK bank tokens backed 1:1 by native L1 tokens stored in TC’s Asgard Vaults. They are secured by 116 anonymous TC Node Operators, which enable trust-minimized and permissionless deposits of native L1 assets such as $BTC to get $sBTC on the App Layer and vice versa.
Effectively, Rujira will be the only place where you can access cross-chain DeFi with native assets, no more bridged or wrapped tokens.
SAs will unlock a range of features making Rujira competitive with CEXs, and creating a true multichain experience. You’ll be able to deposit native $BTC as collateral and borrow e.g. $USDC, all while keeping full control of your funds in your own wallet. Everything is decentralized and permissionless.
Thanks @BooneW for creating this great and informative post.
Overcollateralized BTC-backed stablecoin
As earlier teased during Binance Blockchain Week, it’s now official: a BTC-backed overcollateralized stablecoin is coming to Rujira and THORChain. With Kujira and USK, we’ve gained valuable insights into the importance of decentralized stablecoins and the challenges involved in their implementation. @codehans1, in collaboration with @jpthor, will build on these lessons as they work on the stablecoin post deployment of the initial core apps. Stay tuned for more details.
AutoRujira
AutoKujira has announced their rebranding to AutoRujira, together with a brand new icon and fresh look. With the move to Rujira, their mission will remain the same: simplify DeFi with automated solutions for everyone—from beginners to pros.
And to practice what they preach, they have announced the launch of a exciting new feature:
Migration
Over the past week, @cryptoslang1 has been working on the development of the Merge page, with some early previews shared by JPthor. The Merge process will occur in three simple steps:
- IBC transfer to the Cosmos Hub: Allow for transfer of KUJI, rKUJI WINK, NSTK, FZN and LVN to the Cosmos Hub via IBC. THORChain already has an existing integration with the Cosmos Hub, which is perfect for our migration.
- Migration to the App Layer: Allow for migration of KUJI, rKUJI WINK, NSTK, FZN and LVN from the Cosmos Hub to the THORChain App Layer.
- Merge into RUJI: Finally, KUJI, rKUJI, WINK, NSTK, FZN, and LVN will be consolidated into RUJI.
The exact timeline for enabling these steps will depend on several factors, but it is expected for Q1 next year. Meanwhile, this progress marks another milestone towards the Merge.
THORChain Burn
The proposal to adjust the SystemIncomeBurnRateBP parameter from 0.01% to 5% has been approved. This means that from now on, 5% of the THORChain System Income at the end of each block will be used to buy RUNE from the market and to burn it.
This aligns THORChain with the principles seen in Ethereum’s EIP-1559 fee burn mechanism, advancing its trajectory toward becoming “ultrasound money.”
With more affiliates integrating the THORChain ecosystem, and the upcoming launch of Rujira, economic activity is set to grow significantly—amplifying the volume of RUNE burned over time.
Curious about the burn statistics so far? Explore the details here: https://thorchain.net/insights/burn
🗓️ Upcoming Event
What: RUJI Spaces hosted by @RujiKast
When: Thursday 6 PM UTC/UK
Link: https://x.com/i/spaces/1PlJQbrWOlnxE
That’s it for this time, have a great week everyone!