Shade Community,
As a result of the recent events unfolding within the Kujira Ecosystem, Shade Protocol has moved to unbond its protocol-owned SHD <> KUJI liquidity (currently valued at $32k USD) that is deployed on ShadeSwap in order to protect the Shade Dao from experiencing significant impermanent loss during this period of extreme volatility. Shade Protocol has not sold any of the KUJI that it currently owns (as a result of Kujira Gov Prop #537), which currently amounts to ~29100 KUJI.
Additionally, as a result of the current USK depeg event, trading has been frozen in the SILK <> USK LP on ShadeSwap in order to protect liquidity providers. Liquidity providers retain the ability to withdraw funds at all times. Trading will resume in this pair once USK market rate deviation from peg has been significantly reduced.
Context for Kujira events: x.com
Shade Protocol does not custody any leveraged positions on behalf of any partners or the protocol.
We stand steadfast with Kujira as we collectively work to build the future of finance, and wish nothing but the best for it’s users, contributors and community during these tough times.
Onwards and Upwards,
Shade Protocol contributors